L-3 Communications Announces $500 Million Share Repurchase Program
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NEW YORK--L-3 Communications Holdings Inc. (NYSE: LLL) announced today that its Board of Directors has approved a share repurchase program, authorizing the company to repurchase up to $500 million of the company's common stock over the next two years.
"In addition to our regular dividend, which we instituted three years ago, the repurchase program further demonstrates our commitment to return value to our shareholders," said Michael T. Strianese, L-3's President, Chief Executive Officer and Chief Financial Officer.
Repurchases under the program may be made through open market purchases, private transactions, transactions structured through investment banking institutions or any combination thereof, in accordance with applicable federal securities laws. The timing of repurchases and the exact number of shares of common stock to be purchased will be determined by the company's management and will depend upon market conditions and other factors. The program will be funded using the company's cash on hand and cash generated from operations. The program may be extended, suspended or discontinued at any time.
Headquartered in New York City, L-3 Communications Holdings Inc. is a leading provider of Intelligence, Surveillance and Reconnaissance (ISR) systems, secure communications systems, aircraft modernization, training and government services. The company is a leading merchant supplier of a broad array of high technology products, including guidance and navigation, sensors, scanners, fuzes, data links, propulsion systems, simulators, avionics, electro optics, satellite communications, electrical power equipment, encryption, signal intelligence, antennas and microwave components. L-3 Communications Holdings Inc. also supports a variety of Homeland Security initiatives with products and services. Its customers include the Department of Defense, Department of Homeland Security, selected U.S. Government intelligence agencies and aerospace prime contractors.
To learn more about L-3 Communications, please visit the company's web site at www.L-3Com.com.
L-3 Communications
Cynthia Swain, 212-697-1111
Vice President, Corporate Communications
or
Financial Dynamics
Investors: Eric Boyriven, Alexandra Tramont
Media: Evan Goetz
212-850-5600
