SCOTTS VALLEY, Calif., Feb. 4 /CNW/ -- Seagate Technology (NYSE: STX)
today announced that its Board of Directors has approved an increase in its
quarterly dividend from $0.10 to $0.12 per share, effective with the dividend
expected to be paid to shareholders after the conclusion of the company's
third fiscal quarter of 2008.
Additionally, the Board of Directors has authorized the company to
repurchase up to an additional $2.5 billion of its outstanding common shares
over the next 24 months. This new share repurchase authorization continues our
commitment to enhancing shareholder value.
Seagate expects to fund the share repurchase through a combination of
cash on hand, future cash flow from operations and potential alternative
sources of financing. Share repurchases under this program may be made through
a variety of methods, which may include open market purchases, privately
negotiated transactions, block trades, accelerated share repurchase
transactions or otherwise, or by any combination of such methods. The timing
and actual number of shares repurchased will depend on a variety of factors
including the common share price, corporate and regulatory requirements and
other market and economic conditions. The share repurchase program may be
suspended or discontinued at any time.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements as defined in the
Securities Exchange Act of 1934 and is subject to the safe harbors created
therein. The forward-looking statements contained herein include, but are not
limited to, statements relating to the timing of, amounts purchased under,
funding and methods of implementation of Seagate's quarterly dividend and
share repurchase program. Actual events may differ materially from current
expectations. Such risks and uncertainties include, but are not limited to
risks associated with Seagate's ability to pay the quarterly dividend or to
repurchase shares under the share repurchase program. Forward-looking
statements are based on the beliefs and assumptions of Seagate's management
and on currently available information. Seagate undertakes no responsibility
to publicly update or revise any forward-looking statement.
Seagate is the worldwide leader in the design, manufacture and marketing
of hard disc drives, providing products for a wide-range of applications,
including Enterprise, Desktop, Mobile Computing, Consumer Electronics and
Branded Solutions. Seagate's business model leverages technology leadership
and world-class manufacturing to deliver industry-leading innovation and
quality to its global customers, with the goal of being the low cost producer
in all markets in which it participates. The company is committed to providing
award-winning products, customer support and reliability to meet the world's
growing demand for information storage. Seagate can be found around the globe
and at http://www.seagate.com.
Seagate, Seagate Technology and the Wave logo are U.S. registered
trademarks of Seagate Technology LLC.
For further information:
For further information: Media, Brian Ziel, +1-831-439-5429,
firstname.lastname@example.org, or Investors, Rod Cooper, +1-831-439-2371,
email@example.com, both of Seagate Technology LLC Web Site: