Contact Information: Contacts: Heather Dickinson Cisco Corporate Communications 212-714-4350 hdickins@cisco.com Marisa Ross Cisco Investor Relations 408-527-9830 mariross@cisco.com
SAN JOSE, CA--(Marketwire - July 26, 2007) - Cisco (NASDAQ : CSCO ) announced that at a
regularly scheduled meeting of its board of directors today, the board
authorized up to $5 billion in additional repurchases of its common stock.
Cisco's board had previously authorized up to $47 billion in stock
repurchases. There is no fixed termination date for the repurchase program.
"Cisco's business strategy is to make investments for growth," said Dennis
Powell, chief financial officer, Cisco. "The company believes that its
available cash provides flexibility to make strategic investments in the
business, including R&D and acquisitions, as well as repurchase shares.
Today's decision to increase its share buyback program allows the company
to continue to return cash to shareholders."
Since the inception of the repurchase program in September 2001 through the
close of Cisco's third quarter fiscal year 2007 on April 28, 2007, the
company had repurchased and retired 2.2 billion shares at an average price
of $19.20 per share for an aggregate purchase price of $41.7 billion, with
a remaining authorized amount of $5.3 billion.
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