Brocade Raises Authorization Of Share Buyback To $1 Bln - Quick Facts

(RTTNews) - Brocade(BRCD), Wednesday said it increased the authorization to repurchase its common stock from $308 million to $1 billion, following an expanded capital allocation strategy. Since the beginning of third quarter of 2011, the company has repurchased $581 million common shares, reducing the average diluted shares outstanding by nearly 10 percent. The company said that the timing and amount of repurchase transactions under the program will depend on market conditions, corporate business and financial considerations, and regulatory limitations. "As Brocade focuses our investments in strategic areas of our business and as we achieve greater operational efficiency, we expect improved profitability and higher levels of free cash flow as a result," said Lloyd Carney, Brocade CEO.