facebook
twitter
rss
account
search
search
 

Office Depot to buy back stock

Sept. 16, 2004 at 12:32 PM   |   Comments

DELRAY BEACH, Fla., Sept. 16 (UPI) -- Office Depot of Delray Beach, Fla., said Thursday its directors authorized the repurchase of up to $500 million of its common stock.

The company said the repurchase will be made over the next 12 to 24 months.

Bruce Nelson, Office Depot's chairman and chief executive officer, said, "We continue to believe that our company is significantly undervalued relative to its future prospects for sales growth, profitability and free cash flow generation.

Purchases will be in the open market and block trades will be permitted. Purchases will be transacted through one or more brokerage firms to be determined by the company's management.

Office Depot has 901 retail stores in addition to a national business-to-business delivery network.

Topics: Bruce Nelson
© 2004 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Destroyers with ballistic missile defense capability heading to Japan Destroyers with ballistic missile defense capability heading to Japan
2
Brazil, Argentina to strenghten aerospace cooperation; talk Gripen deal Brazil, Argentina to strenghten aerospace cooperation; talk Gripen deal
3
Maker of Camel cigarettes bans smoking in workplace Maker of Camel cigarettes bans smoking in workplace
4
Little girls drop F-bombs for feminism in new FCKH8 video Little girls drop F-bombs for feminism in new FCKH8 video
5
Europe must drop the euro, Germany abandon mercantilism Europe must drop the euro, Germany abandon mercantilism
Trending News
Around the Web
x
Feedback