SEATTLE--(BUSINESS WIRE)--Nov. 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.
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.
Source: Starbucks Corporation
Starbucks Corporation
Investor Relations:
JoAnn
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or
Media:
Haley
Drage, 206-318-7100
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