SAN JOSE, Calif., Nov. 18, 2010 - Cisco announced that at a regularly scheduled meeting of its board of directors today, the board authorized up to $10 billion in additional repurchases of its common stock. Cisco's board had previously authorized up to $72 billion in stock repurchases. There is no fixed termination date for the repurchase program.
"Today's decision to increase Cisco's stock repurchase program is part of our continued commitment to return cash to shareholders, which also includes our plan to issue a dividend this fiscal year," said Frank Calderoni, chief financial officer, Cisco. "We are confident in our strategy, product portfolio and ability to capture and lead new markets."
From the inception of the repurchase program in September 2001 through the close of Cisco's first quarter fiscal year 2011 on October 30, 2010, the company had repurchased and retired 3.2 billion shares at an average price of $20.83 per share for an aggregate purchase price of approximately $67.5 billion, with a remaining authorized amount of $4.5 billion.
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