ATLANTA, Dec. 10, 2012 /PRNewswire/ -- Teradata Corporation (NYSE: TDC), the leading analytic data solutions company, today announced that its board of directors has authorized an additional $300 million for share repurchases under its general open market share repurchase program.
The prior $300 million authorized in February of 2012 has been used to purchase 3.5 million shares of Teradata's stock during 2012, largely in the fourth quarter of the year. The company has approximately $81 million remaining on the February 2012 authorization. The company also has an ongoing anti-dilution offset repurchase program under which it repurchases common stock in the open market to offset employee stock purchases and option exercises under the company's various employee benefit plans. In total, the company has repurchased 4.3 million shares in 2012, again largely during the fourth quarter of 2012.
Since commencement of the company's share repurchase programs, Teradata has purchased 25 million shares of its common stock, utilizing approximately $835 million from previously authorized share repurchase programs."The additional $300 million authorized by Teradata's board of directors for stock repurchases reflects our continued confidence in Teradata's ability to generate attractive cash from operations well in excess of the capital needed to invest in the future growth of our business," said Steve Scheppmann, executive vice president and chief financial officer of Teradata. "Teradata's strong financial position, with limited debt and attractive cash from operations, affords us the opportunity to drive incremental shareholder returns through share-repurchase activity." The stock is anticipated to be repurchased periodically on an ongoing basis in open market transactions at management's discretion, in accordance with applicable securities rules regarding issuer repurchases. The increased share repurchase authorization is effective immediately and expires on January 30, 2015. Shares will be repurchased in the open market at times and in amounts considered appropriate by the company based on factors including price and market conditions.