Sysco 2010 Annual Report Download - page 34
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Please find page 34 of the 2010 Sysco annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.As of July 3, 2010, our fleet of approximately 8,800 delivery vehicles consisted of tractor and trailer combinations, vans and panel trucks, most
of which are either wholly or partially refrigerated for the transportation of frozen or perishable foods. We own approximately 89% of these vehicles
and lease the remainder.
Item 3. Legal Proceedings
We are engaged in various legal proceedings which have arisen in the normal course of business but have not been fully adjudicated. These
proceedings, in our opinion, will not have a material adverse effect upon our consolidated financial position or results of operations when ultimately
concluded.
PART II
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Repurchases of Equity Securities
The principal market for Sysco’s common stock (SYY) is the New York Stock Exchange.The table below sets forth the high and low sales prices
per share for our common stock as reported on the New York Stock Exchange Composite Tape and the cash dividends declared for the periods
indicated.
High Low
Dividends
Declared
Per Share
Common Stock Prices
Fiscal 2009:
First Quarter ......................................................... $ 35.00 $ 26.81 $ 0.22
Second Quarter ....................................................... 33.40 20.74 0.24
Third Quarter ........................................................ 24.81 19.39 0.24
Fourth Quarter ....................................................... 24.84 21.26 0.24
Fiscal 2010:
First Quarter ......................................................... $ 26.10 $ 21.38 $ 0.24
Second Quarter ....................................................... 29.48 24.24 0.25
Third Quarter ........................................................ 29.58 26.99 0.25
Fourth Quarter ....................................................... 31.99 28.13 0.25
The number of record owners of Sysco’s common stock as of August 18, 2010 was 14,992.
We made the following share repurchases during the fourth quarter of fiscal 2010:
ISSUER PURCHASES OF EQUITY SECURITIES
Period
(a) Total Number
of Shares Purchased
(1)
(b) Average Price
Paid Per Share
(c) Total Number
of Shares
Purchased
as Part of
Publicly Announced
Plans or Programs
(d) Maximum Number
of Shares that May
Yet Be Purchased Under
the Plans or Programs
Month #1
March 28 — April 24 .............. 537,331 $ 29.80 533,700 7,317,900
Month #2
April 25 — May 22 . . .............. 1,072,389 30.53 1,061,758 6,256,142
Month #3
May 23 — July 03 . . .............. 2,872,541 30.24 2,869,542 3,386,600
Total . . ......................... 4,482,261 $ 30.26 4,465,000 3,386,600
(1)
The total number of shares purchased includes 3,631, 10,631 and 2,999 shares tendered by individuals in connection with stock option exercises
in Month #1, Month #2 and Month #3, respectively. All other shares were purchased pursuant to the publicly announced program described
below.
On September 22, 2008, we announced that the Board of Directors approved the repurchase of 20,000,000 shares. Pursuant to the repurchase
program, shares may be acquired in the open market or in privately negotiated transactions at the company’s discretion, subject to market conditions
and other factors. On August 27, 2010, the Board of Directors approved a new share repurchase program covering an additional 20,000,000 shares.
In July 2004, the Board of Directors authorized us to enter into agreements from time to time to extend our ongoing repurchase program to
include repurchases during company announced “blackout periods” of such securities in compliance with Rule 10b5-1 promulgated under the
Exchange Act.
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