Tech Data Announces $100 Million Increase in Share Repurchase Program

Tech Data Corporation TECD announced today that its Board of Directors has approved a $100 million increase to its existing share repurchase program announced in March 2011, resulting in a total share repurchase authorization of $200 million. Through May 31, 2011, the company repurchased approximately 1,542,000 shares of common stock at a cost of $75.7 million. Since 2005, the company has purchased $675 million of Tech Data stock, buying back 17.7 million shares to date. "The increase to our current share repurchase program reflects the company's strong financial performance and our confidence in its long-term growth prospects," said Robert M. Dutkowsky, chief executive officer, Tech Data Corporation. "Our healthy balance sheet and ample liquidity provide us the opportunity to continue to invest in growing our business, both organically and through acquisitions, while also creating value for our shareholders through share repurchases."