Eastman Kodak (EK) Announces $1B Buyback
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Eastman Kodak Company (NYSE: EK) announced today that its Board of Directors has authorized a stock repurchase program totaling as much as $1.0 billion of the company's outstanding common stock. At recent prices, the purchase of $1.0 billion of Kodak stock would represent approximately 25% of the shares outstanding.
The company also announced that it has received a tax refund from the U.S. Internal Revenue Service of $581 million. The refund is related to the audit of certain claims filed for tax years 1993-1998, and is composed of a refund of past federal income taxes paid of $306 million and $275 million of interest earned on the refund.
The company plans to fund the majority of the stock repurchase program, which is authorized through the end of 2009, from the tax refund, with the remainder to come from available cash on hand.
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