CLEARWATER, Fla., Dec. 4, 2014 (GLOBE NEWSWIRE) -- Tech Data Corporation (Nasdaq:TECD) today announced 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 $1.1 billion of Tech Data stock, buying back approximately 41 percent of shares issued.
"Our Board's decision to authorize a $100 million repurchase program demonstrates our confidence in the long-term growth prospects for Tech Data and our commitment to returning value to our shareholders," said Robert M. Dutkowsky, chief executive officer, Tech Data Corporation. "We believe the use of our strong balance sheet and ample liquidity to buy back our stock, continue to invest in organic growth initiatives, and selectively pursue strategic opportunities will help drive solid earnings per share growth in the near and long term."
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.
About Tech Data
Tech Data Corporation is one of the world's largest wholesale distributors of technology products, services and solutions. Its advanced logistics capabilities and value added services enable 115,000 resellers to efficiently and cost effectively support the diverse technology needs of end users in more than 100 countries. Tech Data generated $26.8 billion in net sales for the fiscal year ended January 31, 2014. It is ranked No. 111 on the Fortune 500® and one of Fortune's "World's Most Admired Companies." To learn more, visit www.techdata.com, or follow us on Facebook and Twitter.
CONTACT: Jeffery P. Howells, Executive Vice President and Chief Financial Officer 727-538-7825 (firstname.lastname@example.org) Arleen Quinones, Vice President, Investor Relations and Corporate Communications 727-532-8866 (email@example.com)
Source:Tech Data Corporation