HOUSTON, Feb. 18, 2005 (PRIMEZONE) -- SYSCO Corporation (NYSE:SYY) today announced that its Board of Directors approved a 20-million-share repurchase program and declared a regular quarterly cash dividend of $0.15 per share, payable on April 22, 2005, to common shareholders of record at the close of business on April 1, 2005.
Richard J. Schnieders, SYSCO's chairman and chief executive officer, said, "The approval of the share buyback program and the declaration of our 140th consecutive quarterly dividend payout is a direct reflection on the strong cash flow generated by our operations. We continue to strategically invest in growth strategies such as our National Supply Chain project, acquisitions, fold-outs and our technology systems, and at the same time are capable of rewarding our valued shareholders."
Mr. Schnieders added that the approved share repurchase program is SYSCO's twelfth such program since fiscal 1992. SYSCO has completed ten of those prior programs and the eleventh, a 20-million-share repurchase program that was approved in September 2003, has less than five million shares remaining. These shares will be repurchased prior to the initiation of the new program. Under the new share repurchase program, shares will be acquired in the open market or in privately negotiated transactions at the Company's discretion, subject to market conditions and other factors, and in accordance with applicable laws, rules and regulations.
"We are proud of our consistent performance record with respect to our share repurchase programs," Mr. Schnieders added. "Since 1992 SYSCO has returned approximately $5.7 billion dollars to shareholders. That includes approximately $3.8 billion to purchase 243 million shares and $1.9 billion in dividend payouts during the same time period."
SYSCO is the largest foodservice marketing and distribution organization in North America, generating sales of $30.0 billion for calendar year 2004. The company's 156 distribution locations in the United States and Canada provide food and related products and services to approximately 400,000 restaurants, healthcare and educational facilities, lodging establishments and other foodservice customers. For the first 26 weeks of fiscal 2005, which ended January 1, 2005, the company reported sales of $14.7 billion and net earnings of $458.6 million. For more information about SYSCO visit the company's home page at www.sysco.com.
The SYSCO Corporation logo is available at: http://media.primezone.com/prs/single/?pkgid=747