CLEARWATER, Fla., June 1, 2011 (GLOBE NEWSWIRE) -- Tech Data Corporation (Nasdaq:TECD), a leading distributor of IT products, announced today that its Board of Directors has approved a $100 million increase to its existing share repurchase program announced in March 2011, resulting in a total share repurchase authorization of $200 million. Through May 31, 2011, the company repurchased approximately 1,542,000 shares of common stock at a cost of $75.7 million. Since 2005, the company has purchased $675 million of Tech Data stock, buying back 17.7 million shares to date.
"The increase to our current share repurchase program reflects the company's strong financial performance and our confidence in its long-term growth prospects," said Robert M. Dutkowsky, chief executive officer, Tech Data Corporation. "Our healthy balance sheet and ample liquidity provide us the opportunity to continue to invest in growing our business, both organically and through acquisitions, while also creating value for our shareholders through share repurchases."
The company's share repurchases will be made on the open market, through block trades, through 10b5-1 plans or otherwise. The amount of shares purchased and the timing of the purchases will be based on working capital requirements, general business conditions and other factors, including alternative investment opportunities. The company intends to hold the repurchased shares in treasury for general corporate purposes.
Forward-Looking Statements
Certain matters discussed in this news release are forward-looking statements, based on the company's current expectations that involve a number of risks and uncertainties. Factors that could cause actual results to differ materially include the following: global economic instability, competition, narrow margins, dependence on information systems, acquisitions and dispositions, exposure to natural disasters, war and terrorism, dependence on independent shipping companies, impact of policy changes, labor strikes, risk of declines in inventory value, product availability, vendor terms and conditions, loss of significant customers, customer credit exposure, need for liquidity and capital resources; fluctuations in interest rates, foreign currency exchange rates; exposure to foreign markets, changes in income tax and other regulatory legislation, potential adverse effects of litigation; changes in accounting rules, and the volatility of common stock price. Additional discussion of these and other factors affecting the company's business and prospects is contained in the company's periodic filings with the Securities and Exchange Commission, copies of which can be obtained at the company's Investor Relations website at www.techdata.com. All information in this release is as of June 1, 2011. The company undertakes no duty to update any forward-looking statements herein to actual results or changes in the company's expectations.
About Tech Data
Tech Data Corporation (Nasdaq:TECD) is one of the world's largest wholesale distributors of technology products. Its advanced logistics capabilities and value added services enable 125,000 resellers in more than 100 countries to efficiently and cost effectively support the diverse technology needs of end users. Tech Data generated $24.4 billion in net sales for the fiscal year ended January 31, 2011 and is ranked 109th on the Fortune 500®. To learn more, visit www.techdata.com.