Exhibit 99.1
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News Release |
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| Compaq Computer Corporation |
P.O. Box 692000 |
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| Public Relations Department |
Houston, Texas 77269-2000
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Tel 281-514-0484 |
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Fax 281-514-4583 |
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http://www.compaq.com |
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For Immediate
Release
Compaq Board Authorizes $1 Billion in Share Repurchases
and Declares Quarterly
Cash Dividend
HOUSTON, Dec. 1,
2000 – Compaq Computer Corporation Board of Directors today
authorized the company to repurchase up to $1 billion of Compaq common shares.
Compaq said it plans to buy the shares on the open market from time to time,
depending on market conditions. Compaq announced that its systematic repurchase
program, initiated in 1998, has been suspended while the program authorized
today is in effect.
“At
current price levels, we believe Compaq’s stock offers a tremendous
investment opportunity for the company,” said Michael Capellas, Chairman
and Chief Executive Officer.
The
Compaq Board of Directors has also declared a regular quarterly cash dividend of
$0.025 per common share, payable on January 19, 2001 to stockholders of record
on December 29, 2000.
About Compaq
Compaq
Computer Corporation, a Fortune Global 100 company, is the largest supplier of
computing systems in the world. Compaq designs, develops, manufactures and
markets hardware, software, solutions, and services, including industry-leading
enterprise computing solutions, fault-tolerant business-critical solutions, and
communications products, commercial desktop and portable products, and consumer
PCs.
Compaq
products and services are sold in more than 200 countries directly to
businesses, through a network of authorized Compaq marketing partners, and
directly to businesses and consumers through Compaq’s e-commerce Web site
at http://www.compaq.com/. Compaq markets its products and services
primarily to customers from the business, home, government, and education
sectors. Customer support and information about Compaq and its products and
services are available at http://www.compaq.com/.
This press release may
contain forward-looking statements based on current expectations that involve a
number of risks and uncertainties. The potential risks and uncertainties that
could cause actual results to differ materially include: component shortages,
delays in the implementation of changes in delivery models, increased
competitive environment and pricing pressures, delays in product rollout
schedules, slow acceptance for new form factors, employee retention, disruptions
related to restructuring actions, the financial condition of resellers, delays
in new systems implementation, operational inefficiencies related to sales
cycles, equity investment volatility, and emerging market political or economic
instability. Further information on the factors that could affect Compaq’s
financial results is included in Compaq’s Securities and Exchange
Commission (SEC) filings, including the latest Annual Report on Form 10-K and
the report on Form 10-Q.
For further
editorial information, contact:
Compaq Computer Corporation
Arch Currid
281-514-0484
[email protected]
