Avon Announces Increase in Share Buyback
August 02 2005 - 5:15PM
PR Newswire (US)
Company Intends to Repurchase an Additional $500 Million in Shares
Before Year End NEW YORK, Aug. 2 /PRNewswire-FirstCall/ -- Avon
Products, Inc. (NYSE:AVP) today announced that its Board of
Directors has authorized the company to buy back an additional $500
million of its common stock by the end of 2005, subject to market
conditions. The company expects to fund the new program through the
issuance of long-term debt. Avon said that the $500 million share
repurchase plan is in addition to the company's 2000-2005 buyback
program, which has a remaining authorization of approximately $80
million, and the $1 billion five-year share repurchase plan
announced in February 2005. The current share repurchase program is
expected to conclude in the third quarter. Upon completion, Avon's
remaining share repurchase authorization will now be $1.5 billion,
or almost 10% of the Company's equity market capitalization. Avon
also declared a regular quarterly dividend on its common stock of
$.165 per share, payable September 1, 2005, to shareholders of
record August 18, 2005. Avon is the world's leading direct seller
of beauty and related products, with $7.7 billion in annual
revenues. Avon markets to women around the world through 4.9
million independent sales Representatives. Avon product lines
include such recognizable brand names as Avon Color, Anew,
Skin-So-Soft, Avon Solutions, Advance Techniques Hair Care, Avon
Naturals, Mark, and Avon Wellness. Avon also markets an extensive
line of fashion jewelry and apparel. More information about Avon
and its products can be found on the company's web site
http://www.avoncompany.com/. DATASOURCE: Avon Products, Inc.
CONTACT: Media: Victor Beaudet, +1-212-282-5344, or Sharon Samuel,
+1-212-282-5322; Investors: Renee Johansen or Rob Foresti,
+1-212-282-5320; all for Avon Products, Inc. Web site:
http://www.avon.com/ http://www.avoncompany.com/ Company News
On-Call: http://www.prnewswire.com/comp/079575.html
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