NEW YORK - Verizon Communications Inc. (NYSE:VZ) announced today that its Board of Directors has authorized the corporation to repurchase up to 100 million shares of its common stock.
The board also determined that no additional shares may be acquired under a previously approved program to repurchase up to 100 million shares. Under the previous program, which was due to end Feb. 28, 2008, approval remained to purchase approximately 43 million shares.
Approximately 2.9 billion shares of Verizon common stock are outstanding.
Under the plan approved today by the board, Verizon's senior officers have the option to repurchase shares for the corporation over time, with the amount and timing of repurchases depending on market conditions and corporate needs. The company may also, from time to time, enter into a Rule 10b5-1 plan to facilitate repurchases of its shares under this authorization.
The authorization to repurchase shares terminates when the aggregate number of shares repurchased reaches 100 million or at the close of business on Feb. 28, 2010, whichever is earlier.
Verizon Communications Inc. (NYSE:VZ), headquartered in New York, is a leader in delivering broadband and other wireline and wireless communication innovations to mass market, business, government and wholesale customers. Verizon Wireless operates America's most reliable wireless network, serving more than 59 million customers nationwide. Verizon's Wireline operations include Verizon Business, which operates one of the most expansive wholly owned global IP networks, and Verizon Telecom, which is deploying the nation's most advanced fiber-optic network to deliver the benefits of converged communications, information and entertainment services to customers. A Dow 30 company, Verizon has a diverse workforce of approximately 242,000 and last year generated consolidated operating revenues of more than $88 billion. For more information, visit www.verizon.com.