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Stamford, CT. (August 1, 2002) - Gartner, Inc. (NYSE: IT and ITB), the world's leading technology research and advisory firm, announced today that its Board of Directors has authorized the purchase of up to $50 million of Gartner Class A and Class B common stock. The extension is in addition to the $18 million that remains under a previous repurchase program of $75 million announced last July. As of June 30, 2002, the Company had acquired a total of 5,294,209 shares of its outstanding common stock at a cost of approximately $57 million.
Michael D. Fleisher, Gartner chairman and chief executive officer, said, "This expanded buyback program reflects our confidence in our ability to continue to deliver strong, consistent cash flow and a very healthy balance sheet. We firmly believe that purchasing our shares is an excellent use of capital and underscores our commitment to the best interests of our shareholders."
Repurchases will be made from time to time over the next two years through open market purchases, through block trades or otherwise. Repurchases are subject to the availability of stock, prevailing market conditions, the trading price of the stock, and the Company's financial performance. Repurchases will be funded from cash flow from operations and possible borrowings under the Company's existing credit facility. Repurchases will be made proportionately between shares of the two classes of common stock. As of June 30, 2002, there are 52.1 million shares of Gartner Class A common stock and 31.1 million shares of Gartner Class B common stock outstanding.
About Gartner
Gartner, Inc. is a research and advisory firm that helps more than 10,500 clients understand technology and drive business growth. Gartner's businesses consist of Gartner Research, Gartner Consulting, Gartner Measurement and Gartner Events. Founded in 1979, Gartner is headquartered in Stamford, Connecticut, and has 4,000 associates, including 1,200 research analysts and consultants, in more than 90 locations worldwide. Fiscal 2001 revenue totaled $963 million. For more information, visit www.gartner.com.
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