Northrop Grumman Buys Over 11.5 Million Shares in Accelerated Share Repurchase
07 Mars 2006 - 1:00PM
PR Newswire (US)
LOS ANGELES, March 7 /PRNewswire-FirstCall/ -- Northrop Grumman
Corporation (NYSE:NOC) has entered into a $750 million accelerated
share repurchase (ASR) agreement with Credit Suisse, New York
Branch. Under the agreement, the company repurchased 11,577,647
shares of Northrop Grumman common stock from Credit Suisse at a
price per share of $64.78. Credit Suisse plans to purchase an
equivalent number of shares in the open market, and Northrop
Grumman may receive or be required to remit a price adjustment
based upon the volume weighted average price of Northrop Grumman
common shares purchased by Credit Suisse. "This new ASR marks the
completion of more than 80 percent of the $1.5 billion share
repurchase program we announced last October," said Ronald D.
Sugar, Northrop Grumman's chairman, chief executive officer and
president. "This agreement reduces shares outstanding by an
immediate and substantial amount and demonstrates our continued
commitment to a balanced cash deployment strategy." This ASR
follows an earlier agreement announced on November 7, 2005 under
which Northrop Grumman repurchased 9.1 million shares and which is
now complete. Northrop Grumman's average repurchase price under the
first ASR was approximately $59.05 per share. Including today's
announcement, the company has repurchased approximately 53 million
shares of its common stock for $3 billion since it began
repurchasing its shares in August 2003. Northrop Grumman
Corporation is a global defense company headquartered in Los
Angeles, Calif. Northrop Grumman provides technologically advanced,
innovative products, services and solutions in systems integration,
defense electronics, information technology, advanced aircraft,
shipbuilding and space technology. With approximately 125,000
employees and operations in all 50 states and 25 countries,
Northrop Grumman serves U.S. and international military, government
and commercial customers. Note: Certain statements and assumptions
in this release contain or are based on "forward-looking"
information that Northrop Grumman Corporation (the "Company")
believes to be within the definition in the Private Securities
Litigation Reform Act of 1995 and involve risks and uncertainties,
and include, among others, statements in the future tense, and all
statements accompanied by terms such as "plans," "expects," "may,"
or variations thereof. This information reflects the Company's best
estimates when made, but the company expressly disclaims any duty
to update this information if new data becomes available or plans
or estimates change after the date of this release. Such
"forward-looking" information includes, among other things,
statements regarding the ASR program, including Credit Suisse's
ability to purchase equivalent shares in the open market and any
possible price adjustment, the ability to complete the repurchase
program over a certain period and the expected benefits of the
repurchase program. The Company's operations are subject to various
additional risks and uncertainties and other risk factors set out
in the Company's filings from time to time with the Securities and
Exchange Commission, including, without limitation, Company reports
on Form 10-K and Form 10-Q. 0306-94 DATASOURCE: Northrop Grumman
Corporation CONTACT: Thomas Henson (Media), +1-310-201-3458, or
Gaston Kent (Investors), +1-310-201-3423, both of Northrop Grumman
Corporation Web site: http://www.northropgrumman.com/
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