NEW YORK (
said late Tuesday its board has approved the buyback of an additional 20 million common shares.
The massive repurchase authorization, which the San Rafael, Calif.-based maker of 3D design software applications said is in addition to the 5.5 million common shares left under a prior program, represents almost 9% of the company's total outstanding shares of 226.5 million as of Oct. 31. The buyback is meant to help offset dilution from employee compensation plans, Autodesk said.
Autodesk also reaffirmed its previously disclosed outlooks for the fourth quarter of fiscal 2011, fiscal 2011 and fiscal 2012, and said Ken Bado, an executive vice president sales and services, will be leaving the company on Jan. 13.
The stock closed Tuesday's regular session at $38.92, up nearly 1%, on volume of 3.5 million. Year-to-date, the shares have gained almost 52%. Autodesk said it's repurchased roughly 7 million shares through the first three quarters of fiscal 2011 at an average price of $29.13.
Written by Michael Baron in New York.
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