Palm Announces Stock Buyback Program
Palm today announced that its board of directors has approved a stock buyback program of up to $250 million of its common stock. The share repurchase will be funded using the company's existing cash balance and future cash flows.
The share repurchases will occur through open market purchases, privately negotiated transactions and/or transactions structured through investment banking institutions as permitted by securities laws and other legal requirements. The program allows the company to repurchase its shares at its discretion. Market conditions will influence the timing of the buyback and the number of shares repurchased.
At the end of the first quarter of fiscal year 2007, Palm had cash, cash equivalents and short-term investments of $527.9 million and 103.6 million common shares outstanding.