CSC Board Approves Stock Repurchase
News Release -- December 13, 2010
$1 Billion Authorized for Share Repurchase
FALLS CHURCH, Va., Dec. 13 – CSC (NYSE: CSC) today announced that its board of directors approved a new share repurchase program authorizing up to $1 billion in share repurchases of the company’s outstanding common stock. CSC expects to implement the program through purchases made in open market transactions in compliance with Securities and Exchange Commission Rule 10b-18, subject to market conditions, and applicable state and federal legal requirements. Share repurchases will be funded with available cash. The timing, volume, and nature of share repurchases will be at the discretion of management, and may be suspended or discontinued at any time. CSC’s board has not established an end date for the new repurchase program.
“CSC believes that its shares represent an attractive investment opportunity,” said Michael W. Laphen, CSC, chairman, president and chief executive officer. “This announcement reflects CSC's continuing focus on generating shareholder value and is another step in that process.”
CSC is a global leader in providing technology-enabled solutions and services through three primary lines of business. These include Business Solutions and Services, the Managed Services Sector and the North American Public Sector. CSC’s advanced capabilities include system design and integration, information technology and business process outsourcing, applications software development, Web and application hosting, mission support and management consulting. The company has been recognized as a leader in the industry, including being named by FORTUNE Magazine as one of the World’s Most Admired Companies for Information Technology Services (2010). Headquartered in Falls Church, Va., CSC has approximately 94,000 employees and reported revenue of $16.1 billion for the 12 months ended October 1, 2010. For more information, visit the company’s website at www.dxc.technology.