Sun Microsystems Announces $1 Billion Share Repurchase AuthorizationSANTA CLARA, CA August 1, 2008 Sun Microsystems, Inc. (NASDAQ: JAVA) today announced that its Board of Directors authorized the repurchase of up to $1 billion of the company's outstanding common shares.
"The Board's approval of the additional share repurchase program reflects its confidence in the continued growth of Sun's business and an ongoing commitment to increase shareholder value," said Jonathan Schwartz, CEO of Sun Microsystems. "With $3.3 billion in cash and marketable debt securities, we have maintained a strong balance sheet and feel confident that this program will allow us to further pursue strategic opportunities for growth." The stock repurchase authorization does not have an expiration date and the pace of repurchase activity will depend on factors such as levels of cash generation from operations, cash requirements for acquisitions, repayment of debt, current stock price, and other factors. Sun may repurchase shares from time to time on the open market or in private transactions, including structured transactions. The stock repurchase program may be modified or discontinued at any time. The repurchase plan announced today is in addition to the $3 billion share repurchase program announced in Sun's fourth quarter of fiscal 2007. There is currently $36 million remaining of the $3 billion prior share repurchase program. About Sun Microsystems, Inc.Sun Microsystems develops the technologies that power the global marketplace. Guided by a singular vision -- "The Network is the Computer" -- Sun drives network participation through shared innovation, community development and open source leadership. Sun can be found in more than 100 countries and on the Web at http://sun.com.
Sun, Sun Microsystems, the Sun logo and The Network Is The Computer are trademarks or registered trademarks of Sun Microsystems, Inc. or its subsidiaries in the United States and other countries.
Press Release Finder
|
| ||||||
|
|
