Qualcomm Incorporated (NASDAQ: QCOM) today announced that it has repurchased and retired approximately 29 million shares of common stock during July and August 2007 for approximately $1.1 billion under its $3.0 billion stock repurchase program. Approximately $1.5 billion remains authorized for repurchase in future periods, net of put options outstanding, under the stock repurchase program announced on May 22, 2007.
“We are pleased to have repurchased shares at what, we believe, is a significant discount to the long term intrinsic value of the Company's businesses,” said Dr. Paul E. Jacobs, chief executive officer of Qualcomm. “Our continued business execution, strong balance sheet and positive cash flows enable us to return capital to stockholders while making substantial investments in new technologies and future growth opportunities.”
Since fiscal 2003, Qualcomm has returned approximately $6.3 billion of capital to stockholders, including approximately $2.3 billion in dividends and approximately $4.0 billion through the repurchase of approximately 101 million shares of its common stock.
The current stock repurchase program has no expiration date. The timing of stock repurchases and the number of shares of common stock to be repurchased will depend upon prevailing market conditions and other factors. Repurchases under this program will be made using the Company's cash resources and may be commenced or suspended at any time or from time-to-time at management's discretion without prior notice. Repurchases may be made in the open market, through 10b5-1 programs, in privately negotiated transactions, or through the use of derivative securities. The Company had approximately 1.6 billion shares of common stock outstanding as of August 24, 2007.
Qualcomm Incorporated (www.qualcomm.com) is a leader in developing and delivering innovative digital wireless communications products and services based on CDMA and other advanced technologies. Headquartered in San Diego, Calif., Qualcomm is included in the S&P 500 Index and is a 2007 FORTUNE 500® company traded on The Nasdaq Stock Market® under the ticker symbol QCOM.