SAN JOSE, Calif., September 23, 2003 -- Cisco Systems, Inc. today announced that at a regularly scheduled meeting of its board of directors, the board authorized up to $7 billion in additional repurchases of its common stock with no termination date. The board had previously authorized up to $13 billion in stock repurchases.
"We continue to evaluate the most effective use of our cash," said Dennis Powell, senior vice president and chief financial officer, Cisco Systems. "Today, we believe the stock repurchase program, along with ongoing strategic investments and a strong cash balance, are in the best interest of our shareholders."
Under the Cisco stock repurchase program, purchases may be made in the open market, through block trades or otherwise. Depending on market conditions and other factors, purchases may be commenced or suspended at any time or from time-to-time without prior notice.
Cisco announced the stock repurchase program in September 2001, when the board approved the repurchase of up to $3 billion of Cisco common stock. In August 2002, the board extended the program by an additional $5 billion. In March 2003, the board increased the program by an additional $5 billion with no termination date. As of July 26, 2003, the company had repurchased and retired 548 million shares of Cisco common stock for an aggregate purchase price of $7.8 billion since inception of the program, and the remaining authorized amount for stock repurchases under the program was $5.2 billion.