|Oct 30, 2012, 03:21 PM||#1|
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IBM Board Announces Quarterly Cash Dividend; Authorizes $5 Billion Stock Repurchase
The IBM (NYSE: IBM) board of directors today declared a regular quarterly cash dividend of $0.85 per common share, payable December 10, 2012 to stockholders of record November 9, 2012. With the payment of the December 10 dividend, IBM will have paid consecutive quarterly dividends every year since 1916.
The board today also authorized $5 billion in additional funds for use in the company's stock repurchase program. IBM said it will repurchase shares on the open market or in private transactions from time to time, depending on market conditions.
This amount is in addition to approximately $6.7 billion remaining at the end of September 2012 from a prior authorization. With this new authorization, IBM will have approximately $11.7 billion for its stock repurchase program. IBM expects to request additional share repurchase authorization at the April 2013 board meeting.
Virginia M. Rometty, IBM chairman, president and chief executive officer said
"Our strategy to deliver high value solutions drives profit, earnings per share and cash growth. We have achieved outstanding shareholder returns over the last decade and we are positioned well for the future."
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