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Dell Authorized to Buy Back $10 Billion in Stock

AP
Tuesday, 4 Dec 2007 | 1:19 PM ET

rong>Dell is reviving plans to buy back shares in the company and will begin to repurchase $10 billion in common stock this week, chairman and Chief Executive Officer Michael Dell said.

Dell
AP
Dell

Dell had suspended its buyback program in August 2006 until it could file a backlog of earnings reports with the Securities and Exchange Commission.

Chief Financial Officer Don Carty said there was no timeframe for the repurchase plan. He said the company has $15 billion in cash and is generating another $1 billion per quarter that could be put toward the repurchase.

As of Oct. 19, Dell had about 2.24 billion shares outstanding.

"Dell is committed to a long-term share repurchase program as part of an overall capital allocation plan that supports growth and also returns value to shareholders," Dell said in a statement.

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