|[March 31, 2014]
AT&T Approves New 300 Million Share Repurchase Authorization
DALLAS --(Business Wire)--
The board of directors of AT&T
Inc. (NYSE:T) has authorized the repurchase of up to 300 million
shares, representing approximately 6 percent of AT&T (News - Alert) common shares
outstanding, with no expiration date. This authorization is in addition
to three other 300 million share repurchase authorizations approved by
the board of directors in December 2010, July 2012 and March 2013. The
company completed repurchases under the 2012 share authorization last
"The board's authorization reaffirms our confidence in the strength of
the business and our commitment to returning value to our shareholders
while investing in our networks and operations," said Randall
Stephenson, AT&T chairman and chief executive officer.
Under the March 2013 300 million share authorization, AT&T repurchased
about 175 million of its shares through March 28, 2014. Since the
company began buying back shares in 2012, AT&T has repurchased 775
million of its shares, or approximately 13 percent of shares outstanding.
The company expects to maintain a net-debt-to-adjusted-EBITDA1
ratio in the 1.8 range or lower. Future repurchase decisions will be
AT&T products and services are provided or offered by subsidiaries
and affiliates of AT&T Inc. under the AT&T brand and not by AT&T Inc.
1EBITDA is earnings before income taxes, depreciation and
amortization. Adjusted EITDA excludes the impact of non-operational or
one-time items in order to better represent AT&T's operational
performance. Net-debt-to-adjusted-EBITDA is expressed as the ratio of
adjusted EBITDA to net debt, which is calculated as the sum of current
and long-term debt, less cash and cash equivalents. Reconciliations for
EBITDA, adjusted EBITDA and net-debt-to-adjusted-EBITDA are provided
with AT&T's quarterly results.
AT&T Inc. (NYSE:T) is a premier communications holding company and one
of the most honored companies in the world. Its subsidiaries and
affiliates - AT&T operating companies - are the providers of AT&T
services in the United States and internationally. With a powerful array
of network resources that includes the nation's most reliable 4G LTE (News - Alert)
network, AT&T is a leading provider of wireless, Wi-Fi, high speed
Internet, voice and cloud-based services. A leader in mobile Internet,
AT&T also offers the best wireless coverage worldwide of any U.S.
carrier, offering the most wireless phones that work in the most
countries. It also offers advanced TV service with the AT&T U-verse®
brand. The company's suite of IP-based business communications services
is one of the most advanced in the world.
Reliability claim based on data transfer completion rates on nationwide
4G LTE networks. LTE is a trademark of ETSI. 4G LTE not available
Additional information about AT&T Inc. and the products and services
provided by AT&T subsidiaries and affiliates is available at http://www.att.com/aboutus
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© 2014 AT&T Intellectual Property. All rights reserved. AT&T,
the AT&T logo and all other marks contained herein are trademarks of
AT&T Intellectual Property and/or AT&T affiliated companies. All other
marks contained herein are the property of their respective owners.
Cautionary Language Concerning Forward-Looking Statements
Information set forth in this news release contains financial
estimates and other forward-looking statements that are subject to risks
and uncertainties, and actual results may differ materially. A
discussion of factors that may affect future results is contained in
AT&T's filings with the Securities and Exchange Commission. AT&T
disclaims any obligation to update or revise statements contained in
this news release based on new information or otherwise.
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