Summary
Verizon Communications Inc. announced on January 22, 2004, that its Board of Directors has authorized a new program to repurchase up to 80 million shares of its common stock. This new authorization supersedes any remaining capacity under a previous repurchase program, of which approximately 47.5 million shares were still available. The shares repurchased are generally intended to be used for funding employee benefit plans and the company's direct stock purchase plan. The repurchase program will be executed at the discretion of senior officers, considering market conditions and corporate needs, and is authorized to continue until the aggregate number of shares repurchased reaches 80 million or until February 28, 2006, whichever occurs first. This move signals management's confidence in the company's valuation and its commitment to returning value to shareholders.
Key Highlights
- 1Verizon's Board of Directors authorized a new common stock repurchase program of up to 80 million shares.
- 2This new authorization replaces any unused portion of a prior repurchase program.
- 3The repurchase program is discretionary and will be executed based on market conditions and corporate needs.
- 4Repurchased shares are primarily expected to be used for employee benefit plans and direct stock purchase plans.
- 5The authorization is valid until 80 million shares are repurchased or until February 28, 2006.
- 6As of December 31, 2003, approximately 2.77 billion shares of Verizon common stock were outstanding.