CLEARWATER, Fla., May 30, 2012 (GLOBE NEWSWIRE) -- Tech Data Corporation (Nasdaq:TECD), a leading distributor of IT products, announced today that its Board of Directors has authorized a share repurchase program of up to $100 million of the company's common stock. Since 2005, the company has purchased $1 billion of Tech Data stock, buying back 24.5 million shares to date.
"The $100 million share repurchase authorization reflects the confidence held by our Board and our management team in the financial performance and long-term growth prospects for Tech Data," said Robert M. Dutkowsky, chief executive officer, Tech Data Corporation. "This program is consistent with our commitment to enhance shareholder value while maintaining a strong capital structure and the flexibility to pursue strategic investments that are in-line with our return on capital requirements."
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 regulatory requirements, working capital needs, general business conditions and other factors, including alternative investment opportunities. The company intends to hold the repurchased shares in treasury for general corporate purposes.
Cautionary Statement
The matters discussed herein may contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from expectations. Certain of these risks are set forth in the company's periodic filings with the Securities and Exchange Commission, including the company's most recent Form 10-K and Form 10-Q, copies of which can be obtained at the company's Investor Relations website at www.techdata.com.
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 $26.5 billion in net sales for the fiscal year ended January 31, 2012 and is ranked 109th on the Fortune 500®. To learn more, visit www.techdata.com.
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