WD Repurchases $500 Million of Common Stock
As of February 1, 2008, the company had 222 million shares outstanding.
This is a Press Release edited by StorageNewsletter.com on April 4, 2008 at 2:57 pmWestern Digital Corp announced authorization of a $500 million increase in its common stock repurchase program.
Since May 2004, under previous authorizations totaling $250 million, the company has repurchased approximately 16.57 million shares at an average price of $14.94 per share for approximately $247.5 million. The $500 million increase in the repurchase authorization under the common stock repurchase program is effective immediately and extends the program by five years. The amount of purchases will depend on market conditions and corporate considerations. Share repurchases will be made on the open market.
“We continue to believe that Western Digital’s stock is a compelling investment, based on our strengthened business model, our strategy and the industry’s strong growth prospects,” said John Coyne, WD president and chief executive officer. “Our sustained strong performance continues to generate substantial free cash flow even while we continue to invest in our technology, operations and integration of the recently-acquired Komag media operations into our business. The additional authorization reflects our confidence in the company’s financial strength, its future and our commitment to enhancing shareholder value.”
As reported in the company’s Form 10-Q filed with the SEC for our second fiscal quarter ended December 28, 2007, as of February 1, 2008, the company had approximately 222 million shares outstanding. The company may suspend or discontinue the stock repurchase program at any time.
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