Starbucks Announces Additional Stock Repurchase Authorization
SEATTLE -- November 15, 2012
Starbucks Corporation (NASDAQ: SBUX) today announced that its Board of
Directors has authorized the repurchase of up to 25 million shares of the
Company’s common stock. This authorization is in addition to the 12.1 million
shares that remained available at fiscal year-end 2012 for repurchase under an
existing authorization. Since the Company’s initial share repurchase program
was authorized in September of 2001, Starbucks has repurchased a total of 184
million shares at a cost of $5.1 billion under authorized programs through
September 30, 2012.
“This additional authorization to repurchase stock reflects the continued
strength of Starbucks balance sheet as well as our strong ongoing operating
cash flow to both support the global growth in the business and return value
to our shareholders through the payment of quarterly dividends and share
repurchases,” stated Troy Alstead, chief financial officer.
Shares will be repurchased in the open market at times and amounts considered
appropriate by the Company based on factors including price and market
conditions. Additionally, the Company’s Board of Directors has authorized that
purchases can be made under Rule 10b5-1 of the Securities Exchange Act of
1934. A Rule 10b5-1 plan allows Starbucks to repurchase its shares during
periods when the Company would normally not be active in the market due to its
own internal trading blackout periods. All such purchases must be made
according to a predefined plan that is established when the Starbucks plan
administrator is not aware of material non-public information about Starbucks.
Since 1971, Starbucks Coffee Company has been committed to ethically sourcing
and roasting the highest quality arabica coffee in the world. Today, with
stores around the globe, the company is the premier roaster and retailer of
specialty coffee in the world. Through our unwavering commitment to excellence
and our guiding principles, we bring the unique Starbucks Experience to life
for every customer through every cup. To share in the experience, please visit
us in our stores or online at www.starbucks.com.
© 2012 Starbucks Coffee Company. All rights reserved.
JoAnn DeGrande, 206-318-7118
Haley Drage, 206-318-7100
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