Staples, Inc. (ticker: SPLS, exchange: NASDAQ Global Market (.O))
News Release -
Staples, Inc. Announces New $1.5 Billion Share Repurchase
Authorization and Third Quarter 2011 Dividend
FRAMINGHAM, Mass., Sep 13, 2011 (BUSINESS WIRE) --
Inc. (Nasdaq: SPLS) announced today that its Board of Directors
approved a new program authorizing the company to repurchase $1.5
billion of its shares. This program replaces the previous $1.5 billion
program announced in June 2007 that had $295 million of remaining
authorization as of July 30, 2011.
Under this program, the company will repurchase shares in both open
market and privately negotiated transactions. The company's management
will determine the timing and amount of the transactions based on its
evaluation of market conditions and other factors. Repurchases may also
be made under a Rule 10b5-1 plan, which permits the company to
repurchase shares when it otherwise would be precluded from doing so
under insider trading laws. The repurchase program may be suspended or
discontinued at any time and has no expiration date. Any repurchased
shares will be available for use in connection with the company's stock
plans and for other corporate purposes.
The company also announced that its Board of Directors has declared a
quarterly cash dividend on Staples, Inc. common stock of $0.10 per
share. The dividend is payable on October 13, 2011, to shareholders of
record on September 23, 2011.
Staples is the world's largest office products company and a trusted
source for office solutions. The company provides products, services and
expertise in office supplies, copy & print, technology, facilities and
breakroom, and furniture. Staples invented the office superstore concept
in 1986 and now has annual sales of $25 billion, ranking second in the
world in eCommerce sales. With 90,000 associates worldwide, Staples
operates in 26 countries throughout North and South America, Europe,
Asia and Australia, making it easy for businesses of all sizes and
consumers. The company is headquartered outside Boston. More information
about Staples (Nasdaq: SPLS) is available at www.staples.com/media.
SOURCE: Staples, Inc.
Owen Davis, 508-253-8468
Laurel Lefebvre, 4080
Kevin Barry, 508-253-1487