|Autodesk Increases Share Repurchase Program Authorization|
|Tuesday, 19 June 2012 06:47|
Autodesk, Inc. today announced that its Board of Directors has approved the repurchase of up to 30 million shares of the company's common stock, in addition to the approximately 12 million shares that remained at the end of the first quarter of fiscal 2013 under previously authorized share repurchase programs. The repurchase plan provides Autodesk with the authorization to cover dilution and reduce shares outstanding over time.
"This new authorization brings our aggregate share repurchase ability to approximately $1.4 billion using yesterday's closing price," said Mark Hawkins, Autodesk executive vice president, chief financial officer. "With strong cash generation and a cash and investments balance of approximately $1.8 billion at the end of last quarter, we are committed to share repurchase as a key element of our capital allocation."
The share repurchase authorization does not have an expiration date and the pace and timing of repurchases will depend on factors such as cash generation from operations, the volume of employee stock plan activity, cash requirements for acquisitions, economic and market conditions, stock price and legal and regulatory requirements.
In fiscal 2012, Autodesk repurchased approximately 9.7 million shares of its common stock at an average price of $33.71 per share.