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4/18/12

Apple - Press Info - Apple Announces Plans to Initiate Dividend and Share Repurchase Program
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Apple Announces Plans to InitiateDividend and Share Repurchase Program
Expe cts to Spe nd $45 Billion Ove r Thre e Ye ars
CUPERTINO, California—March 19, 2012—Apple® today announced plans to initiate a dividend and share repurchaseprogram commencing later this year. Subject to declaration by the Board of Directors, the Company plans to initiate a quarterly dividend of $2.65 per share sometime in the fourth quarter of its fiscal2012, which begins on July 1, 2012. Additionally, the Company’s Board of Directors has authorized a $10 billion share repurchase program commencing in the

Company’s fiscal 2013, which begins onSeptember 30, 2012. The repurchase program is expected to be executed over three years, with the primary objective of neutralizing the impact of dilution from future employee equity grants and employeestock purchase programs. “We have used some of our cash to make great investments in our business through increased research and development, acquisitions, new retail store openings, strategicprepayments and capital expenditures in our supply chain, and building out our infrastructure. You’ll see more of all of these in the future,” said Tim Cook, Apple’s CEO. “Even with these investments, we canmaintain a war chest for strategic opportunities and have plenty of cash to run our business. So we are going to initiate a dividend and share repurchase program.” “Combining dividends, sharerepurchases, and cash used to net-share-settle vesting RSUs, we anticipate utilizing approximately $45 billion of domestic cash in the first three years of our programs,” said Peter Oppenheimer, Apple’s CFO.“We are extremely confident in our future and see tremendous opportunities ahead.” Apple will provide live streaming of a conference call to discuss its plans beginning at 6:00 a.m. PDT on Monday,...