SOURCE: Cisco

Cisco

November 18, 2010 21:35 ET

Cisco Authorizes up to $10 Billion in Additional Stock Repurchases

SAN JOSE, CA--(Marketwire - November 18, 2010) - Cisco (NASDAQ: CSCO) announced that at a regularly scheduled meeting of its board of directors today, the board authorized up to $10 billion in additional repurchases of its common stock. Cisco's board had previously authorized up to $72 billion in stock repurchases. There is no fixed termination date for the repurchase program.

"Today's decision to increase Cisco's stock repurchase program is part of our continued commitment to return cash to shareholders, which also includes our plan to issue a dividend this fiscal year," said Frank Calderoni, chief financial officer, Cisco. "We are confident in our strategy, product portfolio and ability to capture and lead new markets."

From the inception of the repurchase program in September 2001 through the close of Cisco's first quarter fiscal year 2011 on October 30, 2010, the company had repurchased and retired 3.2 billion shares at an average price of $20.83 per share for an aggregate purchase price of approximately $67.5 billion, with a remaining authorized amount of $4.5 billion.

About Cisco

Cisco (NASDAQ: CSCO) is the worldwide leader in networking that transforms how people connect, communicate and collaborate. Information about Cisco can be found at http://www.cisco.com. For ongoing news, visit http://newsroom.cisco.com.

This release may be deemed to contain forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, among other things, statements regarding future events (such as statements regarding a dividend, the return of cash to shareholders, and Cisco's ability to capture and lead new markets) and the future financial performance of Cisco that involve risks and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results due to a variety of factors, including: business and economic conditions and growth trends in the networking industry, our customer markets and various geographic regions; global economic conditions and uncertainties in the geopolitical environment; overall information technology spending; the growth and evolution of the Internet and levels of capital spending on Internet-based systems; variations in customer demand for products and services, including sales to the service provider market and other customer markets; the return on our investments in certain market adjacencies and geographical locations; the timing of orders and manufacturing and customer lead times; changes in customer order patterns or customer mix; insufficient, excess or obsolete inventory; variability of component costs; variations in sales channels, product costs or mix of products sold; our ability to successfully acquire businesses and technologies and to successfully integrate and operate these acquired businesses and technologies; increased competition in our product and service markets, including the data center; dependence on the introduction and market acceptance of new product offerings and standards; rapid technological and market change; manufacturing and sourcing risks; product defects and returns; litigation involving patents, intellectual property, antitrust, shareholder and other matters, and governmental investigations; natural catastrophic events; a pandemic or epidemic; our ability to achieve the benefits anticipated from our investments in sales and engineering activities; our ability to recruit and retain key personnel; our ability to manage financial risk, and to manage expenses during economic downturns; risks related to the global nature of our operations, including our operations in emerging markets; currency fluctuations and other international factors; changes in provision for income taxes, including changes in tax laws and regulations or adverse outcomes resulting from examinations of our income tax returns; potential volatility in operating results; and other factors listed in Cisco's most recent report on Form 10-K. Any projections in this release are based on limited information currently available to Cisco, which is subject to change. Although any such projections and the factors influencing them will likely change, Cisco will not necessarily update the information. Such information speaks only as of the date of this release.

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