DAYTON, Ohio, Dec. 8 /PRNewswire/ -- NCR Corporation's Board of Directors has authorized a systematic stock repurchase program related to its Employee Stock Purchase Plan and employee stock option plans. This program is in addition to the stock repurchase programs authorized in April and October 1999, of which $181 million remained at the end of this year's third quarter.
The systematic stock repurchase program will be funded by the proceeds from the purchase of shares under the company's Employee Stock Purchase Plan and the exercise of options pursuant to the company's stock option plans. Recent activity in these areas has aggregated approximately $100 million annually. The stock will be repurchased on an ongoing basis from time to time in the open market or through privately negotiated transactions at management's discretion. Repurchased shares will be added to NCR's authorized, but unissued shares.
Commenting on the initiative, David Bearman, NCR's chief financial officer, said, "As with most technology companies, we use equity to attract, incent and retain people. However, we are also mindful of the dilution impact and we will proactively use NCR's strong operating cash flows to manage the potential numbers of shares outstanding."
About NCR Corporation
NCR Corporation (NYSE: NCR) is a US$6.2 billion leader in providing Relationship Technology(TM) solutions to customers worldwide in the retail, financial, communications, manufacturing, travel and transportation, and insurance markets. NCR's Relationship Technology solutions include privacy- enabled Teradata(R) warehouses and customer relationship management (CRM) applications, store automation and automated teller machines (ATMs). The company's business solutions are built on the foundation of its long- established industry knowledge and consulting expertise, value-adding software, global customer support services, a complete line of consumable and media products, and leading edge hardware technology. NCR employs 31,900 in 130 countries, and is a component stock of the Standard & Poor's 500 Index. More information about NCR and its solutions may be found at www.ncr.com .
NOTE TO INVESTORS:
This news release contains forward-looking statements, including statements as to anticipated or expected results, beliefs, opinions, and future financial performance. These forward-looking statements are based on current expectations and assumptions and involve risks and uncertainties that could cause NCR's actual results to differ materially.
In addition to the factors discussed in this release, other risks and uncertainties include the timely development, production or acquisition, and market acceptance of new and existing products and services; shifts in market demands; continued competitive factors and pricing pressures; short product- cycles and rapidly changing technologies; turnover of workforce and the ability to attract and retain skilled employees; tax rates; ability to execute the company's business plan; general economic and business conditions; and other factors detailed from time to time in the company's Securities and Exchange Commission reports and the company's annual reports to stockholders. The Company does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
NCR and Teradata are trademarks or registered trademarks of NCR Corporation in the United States and other countries. SOURCE NCR Corporation
CONTACT: Media, John Hourigan, 937-445-2078 or john.hourigan@ncr.com or Investor, Gregg Swearingen, 937-445-4700 or gregg.swearingen@ncr.com both of NCR Corporation/
