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This excerpt taken from the GPS 8-K filed Feb 25, 2010. Share Repurchases During the fourth quarter, the company repurchased about 19 million shares for a total of $413 million. For fiscal year 2009, the company repurchased about 24 million shares for a total of $510 million. In a separate release today, the company announced that its Board of Directors authorized an additional $1 billion share repurchase program. This excerpt taken from the GPS 8-K filed Nov 19, 2009. Share Repurchases During the third quarter, the company repurchased approximately 4.1 million shares for $91 million. Approximately 0.6 million of the total 4.1 million shares were repurchased from individual members of the Fisher family as part of previously announced purchase agreements with them. In a separate release today, the company announced that its board of directors authorized an additional $500 million share repurchase program, and that it has entered into new purchase agreements with members of the Fisher family. The company expects that about $20 million (approximately 4 percent) of the $500 million share repurchase program, will be purchased from these Fisher family members. This excerpt taken from the GPS 8-K filed Aug 20, 2009. Share Repurchases The company announced that it will likely resume share repurchases in the third quarter of fiscal year 2009. This excerpt taken from the GPS 10-Q filed Jun 9, 2009. Note 6. Share Repurchases Share repurchases are as follows:
In February 2008, our Board of Directors authorized $1 billion for share repurchases, of which $750 million was utilized through May 2, 2009. In connection with this authorization, we entered into purchase agreements with individual members of the Fisher family. We expect that approximately $158 million (approximately 16 percent) of the $1 billion share repurchase program will be purchased from the Fisher family members (related party transactions) under these purchase agreements. The shares are purchased at the same weighted-average market price that we pay for share repurchases in the open market. During the thirteen weeks ended May 2, 2009 and May 3, 2008, approximately 0.1 million shares and 1.8 million shares, respectively, were repurchased for $1 million and $34 million, respectively, from the Fisher family. All of the share repurchases were paid for as of May 2, 2009.
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Table of ContentsThis excerpt taken from the GPS 10-K filed Mar 27, 2009. Share Repurchases Share repurchases are as follows:
In fiscal 2006, the Board of Directors authorized share repurchases of $1.3 billion, which were fully utilized in fiscal 2006 and 2007. In August 2007, the Board of Directors authorized $1.5 billion for share repurchases which was fully utilized in fiscal 2007. In February 2008, the Board of Directors authorized $1 billion for additional share repurchases, of which $745 million was utilized through January 31, 2009. In connection with the fiscal 2007 and 2008 authorizations, we also entered into purchase agreements with individual members of the Fisher family. The Fisher family shares are purchased (related party transactions) at the same weighted average market price that we pay for share repurchases in the open market. The purchase agreements may be terminated upon 15 business days notice by the Company or individual Fisher family members. During fiscal 2008 and 2007, approximately 7 million and 13 million shares, respectively, were repurchased for $117 million and $249 million, respectively, from the Fisher family subject to these agreements. In total, we expect that approximately $158 million, or 16%, of the $1 billion share repurchase authorization will be purchased from the Fisher family under these agreements. All except $40 million of total share repurchases were paid for as of January 31, 2009. Of the $40 million accrual, $21 million was payable to Fisher family members as of January 31, 2009. This excerpt taken from the GPS 8-K filed Feb 26, 2009. Share Repurchases During the fourth quarter, the company repurchased 12.2 million shares for a total of $146 million. For fiscal year 2008, the company repurchased 45.6 million shares for a total of $745 million. This excerpt taken from the GPS 8-K filed Nov 20, 2008. Share Repurchases During the third quarter, the company repurchased 5.7 million shares for a total of $100 million. Approximately 0.9 million of these 5.7 million shares were repurchased from individual members of the Fisher family as part of the company’s previously announced purchase agreements with them. Year-to-date, the company has repurchased 33.4 million shares for a total of $600 million. This excerpt taken from the GPS 8-K filed Aug 21, 2008. Share Repurchases During the second quarter, the company repurchased 16.3 million shares for a total of $284 million, approximately 2.6 million of the total 16.3 million shares were repurchased from individual members of the Fisher family as part of previously announced purchase agreements with them. This excerpt taken from the GPS 8-K filed May 22, 2008. Share Repurchases During the first quarter, the company repurchased about 11 million shares for a total of $216 million. This excerpt taken from the GPS 8-K filed Feb 28, 2008. Share Repurchases During the fourth quarter, the company completed its $1.5 billion share repurchase program and repurchased about 30 million shares for a total of $613 million in the quarter. In a separate press release today, the company announced that its board of directors authorized an additional $1 billion share repurchase program, and that it has entered into purchase agreements with individual members of the Fisher family whose ownership represents approximately 16 percent of the company’s outstanding shares. The company expects that about $158 million (approximately 16 percent) of the $1 billion share repurchase program will be purchased from these Fisher family members. This excerpt taken from the GPS 8-K filed Aug 23, 2007. Share Repurchases During the second quarter, the company repurchased 11 million shares for $200 million, thereby completing a $750 million share repurchase authorization which was announced in August 2006. In a separate press release today, the company announced that its board of directors authorized an additional $1.5 billion share repurchase program, and that it has entered into purchase agreements with individual members of the Fisher family whose ownership represents approximately 17 percent of the company’s outstanding shares. The company expects that about $250 million (approximately 17 percent) of the $1.5 billion share repurchase program will be purchased from these Fisher family members. This excerpt taken from the GPS 8-K filed Mar 1, 2007. Share Repurchases After repurchasing about 14 million shares for $279 million during the fourth quarter, the company had utilized about $550 million of its $750 million share repurchase authorization. At the end of the fourth quarter, the company’s outstanding shares were 814 million. These excerpts taken from the GPS 8-K filed Aug 3, 2006. IN SHARE REPURCHASES SAN FRANCISCO – August 3, 2006 – The board of directors of Gap Inc. (NYSE: GPS) has authorized an additional $750 million for its ongoing share repurchase program. “This announcement reflects the company’s continued commitment to return excess cash to shareholders through a combination of dividends and share repurchases,” said Paul Pressler, Gap Inc. chief executive officer. As of August 3, 2006, the company had successfully repurchased about 174 million shares for $3.5 billion since October 2004. With today’s announcement, share repurchase authorizations total $4.25 billion over that period. Under the new $750 million share repurchase authorization, shares may be repurchased over the next 12 months. The company may repurchase shares of its common stock on the open market at times and prices considered appropriate by management. Repurchasing may take place through brokers and dealers or in privately negotiated transactions, and may be made under a Rule 10b5-1 plan.
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