SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): March 6, 2000
CVS CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 1-1011 05-0494040
(State of incorporation) (Commission (IRS Employer
File no.) Identification No.)
One CVS Drive
Woonsocket, Rhode Island 02895
(Address of principal executive offices including zip code)
Registrant's telephone number, including area code:
(401) 765-1500
NOT APPLICABLE
(Former name or former address, if changed since last report)
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Item 5. Other Events.
On March 6, 2000, CVS Corporation, a Delaware corporation ("CVS"), issued
the press release attached hereto as Exhibit 99.1 announcing the authorization
by the Board of Directors of CVS of the purchase of its common stock. The
information contained in the press release is incorporated herein by reference.
Item 7(c). Exhibits.
Exhibit 99.1 Press release issued March 6, 2000
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
CVS CORPORATION
Date: March 7, 2000 By: /s/ David B. Rickard
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Name: David B. Rickard
Title: Executive Vice President
and Chief Financial Officer
FOR IMMEDIATE RELEASE
MARCH 6, 2000
Investor Contact: Media Contact:
Nancy Christal Todd Andrews
Vice President, Investor Relations Director, Corporate Communications
(914) 722-4704 (401) 770-5717
CVS ANNOUNCES STOCK BUYBACK
COMPANY'S STRONG FINANCIAL OUTLOOK AND
POSITIVE CASH FLOW ARE REASONS FOR PLAN
Woonsocket, R.I. - CVS Corporation (NYSE:CVS) announced today that its Board of
Directors has authorized the repurchase of up to $1 billion of its common stock.
Shares will be repurchased on the open market from time to time and the program
can be discontinued at any time. Repurchased shares will be used to fund
employee stock-based plans and the Company's treasury. The buyback program will
be funded from general operating revenues.
"Our stock repurchase plan represents a significant opportunity for us to invest
in the future of our company," said Tom Ryan, Chairman and CEO of CVS. "We have
always looked for investments that will make us a stronger business and increase
shareholder value, while continuing to generate significant free cash flow. By
repurchasing our stock, we are continuing our commitment to investing wisely in
our future, while maximizing the opportunity presented to us by the
extraordinary value of our stock price," said Ryan.
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