HP Authorizes Additional $4 Billion for Share Repurchases
Press release from the issuing company
PALO ALTO, Calif.--Aug. 25, 2005-- The board of directors of HP today authorized an additional $4 billion for future repurchases of its outstanding shares of common stock.
The company intends to offset dilution from the issuance of shares under employee benefit plans, as well as to use the authorization to repurchase shares opportunistically as a means of returning cash to its shareholders.
In the three fiscal quarters ended July 31, HP repurchased $2.1 billion of its shares, with approximately $0.8 billion of repurchase authorization remaining under the $3 billion repurchase program approved in September 2004.
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