Tektronix, Inc. announced today that its Board of Directors authorized an incremental $300 million to repurchase shares of common stock in the open market. Since this share repurchase program was initiated in January 2000, including today's authorization, the board has authorized $1,250 million for share repurchase -- approximately $760 million of which has been used. The incremental authorization announced today brings the total available repurchase authority to approximately $490 million.
"Increasing the authorization for share repurchases reflects the Board's confidence in the company's ability to continue to grow earnings and generate operating cash flow," said Rick Wills, Tektronix Chairman and CEO. "The share buyback program, as well as our quarterly dividend, is consistent with our stated objective to return excess free cash to shareholders."
Statements and information in this press release that relate to future events or results (including the Company's statements and expectations regarding earnings growth and cash flow), are based on the Company's current expectations. They constitute forward-looking statements subject to a number of risk factors, which could cause actual results to differ materially from those currently expected or desired. Those factors include: worldwide geopolitical and economic conditions; current and future business conditions in the electronics, communications, computer and advanced technologies industries; changes in order rates and customer cancellations, including changes in seasonal buying habits; competitive factors, including pricing pressures, loss of key employees, technological developments and new products offered by competitors; changes in product and sales mix, and the related effects on gross margins; customer acceptance of large orders with delayed acceptance criteria; the Company's ability to deliver a timely flow of competitive new products, and market acceptance of these products; the availability of parts and supplies from third-party suppliers on a timely basis and at reasonable prices; risks associated with compliance with the "Restriction of Hazardous Substances" worldwide regulatory provisions, including the associated conversion of current and future product designs and manufacturing processes to procure or produce lead-free products, and with export regulations; inventory risks due to changes in market demand or the Company's business strategies; changes in effective tax rates; currency fluctuations; and the ability to develop effective sales channels. Further information on factors that could cause actual results to differ from those anticipated is included in filings made by the Company from time-to-time with the Securities and Exchange Commission, including but not limited to annual reports on Form 10-K and the quarterly reports on Form 10-Q.
Tektronix is a leading supplier of test, measurement, and monitoring products, solutions and services for the communications, computer, and semiconductor industries -- as well as military/aerospace, consumer electronics, education and a broad range of other industries worldwide. With 60 years of experience, Tektronix enables its customers to design, build, deploy, and manage next-generation global communications networks, advanced and pervasive technologies. Headquartered in Beaverton, Oregon, Tektronix has operations in 19 countries worldwide. Tektronix' Web address is www.tektronix.com.
SOURCE: Tektronix, Inc.
CONTACT: Media, Alisha Goff, +1-503-627-7075, or
email@example.com, or Analysts, Paul Oldham, +1-503-627-4027, or
Web site: http://www.tektronix.com/
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