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the model we developed for 10% or greater growth in
earnings per share did not anticipate continuing
contributions from Mosby Matthew Bender, and the
proceeds will give us a large body of resources to
invest to accelerate the Company’s growth.
* * * * * * *
CAPITALIZATION
Introduction
The new three year plan has five principal
capitalization policies:
1) Continue an active share repurchase plan,
buying shares when repurchase is the best
investment of our financial resources
* * * * * * *
5) Invest our cash flow and other capital
resources according to the following
priorities:
• Internally in products and services
that build our established
operations
• Attractive acquisitions that add to
or are complimentary [sic] to
existing businesses
• Opportunistically in common stock
repurchase
• Dividends
Our plan provides sufficient cash flow and other
resources to cover all of these applications. In
practice (and in the absence of a Mosby-Matthew Bender
transaction) for the plan period, the application of
these policies is expected to result in the following
actions:
• Repurchases of * * * 4 million in 1998 and 3
million in each of 1999 and 2000 for an aggregate
of $570 million
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