Tech Data Announces $100 Million Increase in Share Repurchase Program
CLEARWATER, Fla.--(BUSINESS WIRE)--Mar 7, 2019--Tech Data (Nasdaq: TECD) (the “Company”) today announced that its Board of Directors has approved a $100 million increase to its existing share repurchase program announced on October 2, 2018, resulting in a total share repurchase authorization of $300 million. Through January 31, 2019, the Company repurchased approximately 1,429,000 shares of its common stock at a cost of $107 million.
“The Board’s authorization of an additional $100 million share repurchase program reflects our continued confidence in Tech Data’s growth opportunities and our commitment to enhancing shareholder value,” said Rich Hume, chief executive officer. “Our strong balance sheet and cash flows enable us to return cash to shareholders through share repurchases, while maintaining the ability to invest in strategic opportunities that will drive long-term profitable growth.”
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 working capital requirements, general business conditions and other factors, including alternative investment opportunities. The Company intends to hold the repurchased shares in treasury for general corporate purposes.
Certain statements in this communication may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements, including statements regarding Tech Data’s plans, objectives, expectations and intentions, Tech Data’s financial results and estimates and/or business prospects, involve a number of risks and uncertainties, and actual results could differ materially from those projected. These forward looking statements are based on current expectations, estimates, forecasts and projections about the operating environment, economies and markets in which Tech Data operates, and the beliefs and assumptions of our management. Words such as “expects,” “anticipates,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” variations of such words, and similar expressions are intended to identify such forward looking statements. In addition, any statements that refer to projections of Tech Data’s future financial performance, our anticipated growth and trends in our businesses, and other characterizations of future events or circumstances, are forward looking statements. These forward looking statements are only predictions and are subject to risks, uncertainties, and assumptions. Therefore, actual results may differ materially and adversely from those expressed in any forward looking statements.
For additional information with respect to risks and other factors which could occur, see Tech Data’s Annual Report on Form 10-K for the year ended January 31, 2018, including Part I, Item 1A, “Risk Factors” therein, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other securities filings with the Securities and Exchange Commission (the “SEC”) that are available at the SEC’s website at www.sec.gov and other securities regulators. Readers are cautioned not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Many of these factors are beyond Tech Data’s control. Unless otherwise required by applicable securities laws, Tech Data disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Tech Data undertakes no duty to update any forward looking statements contained herein to reflect actual results or changes in Tech Data’s expectations.
About Tech Data
Tech Data connects the world with the power of technology. Our end-to-end portfolio of products, services and solutions, highly specialized skills, and expertise in next-generation technologies enable channel partners to bring to market the products and solutions the world needs to connect, grow and advance. Tech Data is ranked No. 83 on the Fortune 500 ® and has been named one of Fortune’s “World’s Most Admired Companies” for 10 straight years. To find out more, visit www.techdata.com or follow us on Twitter, LinkedIn and Facebook.
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CONTACT: Investor Contacts:
Arleen Quiñones, Corporate Vice President, Investor Relations and Corporate Communications
Bobby Eagle, External Communications Director
KEYWORD: UNITED STATES NORTH AMERICA FLORIDA
INDUSTRY KEYWORD: TECHNOLOGY CONSUMER ELECTRONICS DATA MANAGEMENT HARDWARE INTERNET NETWORKS SOFTWARE AUDIO/VIDEO TELECOMMUNICATIONS NANOTECHNOLOGY PHOTOGRAPHY SATELLITE SECURITY SEMICONDUCTOR MOBILE/WIRELESS
SOURCE: Tech Data
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PUB: 03/07/2019 05:59 AM/DISC: 03/07/2019 05:59 AM