Last checked at 28 Apr 2009 14:36
The IBM (NYSE: IBM) board of directors today declared a regular quarterly cash dividend of $0.55 per common share, payable June 10, 2009 to stockholders of record May 8, 2009.
Today's dividend declaration represents an increase of $0.05, or 10 percent higher than the prior quarterly dividend of $0.50 per common share.
IBM has increased its quarterly dividend by 175 percent since 2006. This is the 14th year in a row that IBM has increased its quarterly cash dividend.
With the payment of the June 10 dividend, IBM will have paid consecutive quarterly dividends every year since 1916.
The board today also authorized $3 billion in additional funds for use in the company's stock repurchase program. IBM said it will repurchase shares on the open market or in private transactions from time to time, depending on market conditions.
This amount is in addition to approximately $3.7 billion remaining at the end of March from a prior authorization. With this new authorization, IBM will have approximately $6.7 billion for its stock repurchase program.
"IBM's model of profitable growth and strong cash flow enables the company to continue to deliver value to our shareholders. We demonstrated this commitment by returning $2.5 billion in the first quarter through dividends and share repurchase, and our continued solid performance allows us to increase shareholder return, as we are doing today" said Samuel J. Palmisano, IBM chairman, president and chief executive officer.
| IBM |
| Doug Shelton, 914-255-8115 |
| doshelton@us.ibm.com |
Copyright Business Wire 2009