Deere Announces $1 Billion Share-Repurchase Program
MOLINE, Ill., Dec. 1, 2004 -- The Deere & Company board of directors today authorized the repurchase of up to $1 billion of Deere common stock.
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"Today's action recognizes the success of our efforts to build a better business and provide superior returns to investors," said Robert W. Lane, chairman and chief executive officer. "It is reflective of Deere's strong financial condition and our confidence in the company's future direction."
Deere's repurchase announcement is the latest in a series of steps to deploy cash in a manner that provides long-term value to shareholders. In recent months, the company repurchased 3 million shares of stock under a previous authorization and, earlier in the year, increased the quarterly dividend rate by 27 percent.
Under the plan announced today, repurchases of Deere stock will be made from time to time, at the company's discretion, in the open market and through privately negotiated transactions. Deere had about 247 million shares outstanding at the end of fiscal 2004.
In addition, the board also declared a quarterly dividend of 28 cents per share, payable February 1, 2005, to stockholders of record on December 31, 2004. The dividend rate is unchanged from the previous quarter.
SAFE HARBOR STATEMENT
This document includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements, including projections regarding the repurchase of common stock, are based on current expectations and are subject to uncertainty and changes in circumstances. More detailed information about risks and uncertainties is contained in Deere & Company filings with the Securities and Exchange Commission.
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