JCPenney offering share repurchase program

by PegNews wire

PLANO — J. C. Penney's board of directors has approved a new $400 million common stock repurchase program. The Company expects to complete the repurchase program through open market purchases of shares of its common stock by the end of fiscal 2007.

Shares acquired through this program are expected to essentially offset new shares issued in connection with the exercise of employee stock options. The impact of the new repurchase program was anticipated in the Company's initial guidance for full year 2007 earnings per share from continuing operations provided in conjunction with its fourth quarter earnings release.

The board declared a quarterly dividend on its common stock of $0.20 per share -- an increase of 11 percent from the Company's current quarterly dividend. The dividend is payable May 1, 2007, to stockholders of record at the close of business on April 10, 2007.

Source: JC Penney