HOUSTON, Sept. 22, 2008 (GLOBE NEWSWIRE) -- SYSCO Corporation (NYSE:SYY), the world's largest foodservice marketer and distributor, announced today that its Board of Directors has approved a 20-million-share repurchase program.
The approved program is SYSCO's fifteenth share repurchase program since fiscal 1992. SYSCO's previously approved 20-million-share repurchase program from July 2007 has approximately 3.0 million shares remaining. These remaining shares will be repurchased prior to the initiation of the new program. Under the new repurchase program, shares will be acquired in the open market or in privately negotiated transactions at the Company's discretion, subject to market conditions and other factors, and in accordance with applicable laws, rules and regulations. The Company may use 10b5-1 plans from time to time in connection with its repurchases.
"Our share repurchase program is one important part, in addition to investing in our business and returning cash to shareholders through dividend payments, of utilizing cash flow from operations," said Bill DeLaney, SYSCO's executive vice president and chief financial officer. "For the last 16 years, we have returned a total of approximately $9.4 billion to shareholders, consisting of approximately $5.8 billion in share repurchases and approximately $3.6 billion in dividend payouts."
SYSCO is the global leader in selling, marketing and distributing food products to restaurants, healthcare and educational facilities, lodging establishments and other customers who prepare meals away from home. Its family of products also includes equipment and supplies for the foodservice and hospitality industries. The company operates 180 distribution facilities serving more than 400,000 customers. For the fiscal year 2008 that ended June 28, 2008, the company generated more than $37 billion in sales. For more information about SYSCO visit the company's Internet home page at www.sysco.com.
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