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Tech Data Corporation (Nasdaq:TECD) today announced that its Board of Directors has authorized a share repurchase program of up to $100 million of the company’s common stock. Since 2005, the company has purchased $1.2 billion of Tech Data stock, buying back approximately 44 percent of shares issued.
“Our Board’s decision to authorize another $100 million repurchase program reflects the company’s strong financial performance and our confidence in the long term growth opportunities for Tech Data,” said Robert M. Dutkowsky, chief executive officer, Tech Data Corporation. “This program is consistent with our commitment over the last decade to return value to shareholders through share repurchases, while maintaining a strong capital structure and the flexibility to pursue strategic growth opportunities, both organically and through acquisitions that will help drive earnings per share growth and enhance shareholder value in the near and long term.”
The company’s share repurchases will be made on the open market, through block trades, through 10b5-1 plans or otherwise. The amount of shares purchased and the timing of the purchases will be based on regulatory requirements, working capital needs, general business conditions and other factors, including alternative investment opportunities. The company intends to hold the repurchased shares in treasury for general corporate purposes.
About Tech Data
Tech Data Corporation is one of the world’s largest wholesale distributors of technology products, services and solutions. Its advanced logistics capabilities and value added services enable 115,000 resellers to efficiently and cost effectively support the diverse technology needs of end users in more than 100 countries. Tech Data generated $27.7 billion in net sales for the fiscal year ended January 31, 2015.
