MONROE, La., Aug. 21 /PRNewswire-FirstCall/ -- CenturyTel, Inc.
(NYSE: CTL) announced today that its board of directors authorized the
repurchase of up to $750 million of its common stock. The Company anticipates
purchasing shares in the open market, depending upon market factors and other
conditions. The program will expire on September 30, 2009, unless extended by
the board.
The board of directors also approved CenturyTel's regular quarterly cash
dividend of $.065, payable on September 17, 2007, to shareholders of record on
September 4, 2007.
"CenturyTel has returned more then $2.1 billion to shareholders through
share repurchases and cash dividends since early 2004," said Glen F. Post III,
chairman and chief executive officer. "This repurchase program, which at
today's closing price represents approximately 15% of shares outstanding as of
August 20, 2007, further exhibits the Company's commitment to return a
substantial portion of its available cash to shareholders. We remain confident
in our ability to generate strong cash flows to support appropriate levels of
investment in our business while also repurchasing shares under this new
program."
This press release includes certain forward-looking statements. Actual
results may differ materially from those in the forward-looking statements.
Factors that could affect actual results include but are not limited to the
possibility of unforeseen near-term cash requirements, changes in the trading
price of CenturyTel's securities, changes in general market, economic or
industry conditions impacting the ability or willingness of the Company to
repurchase stock, or other risks referenced from time to time in the Company's
filings with the Securities and Exchange Commission. You should not place
undue reliance on these forward-looking statements, which speak only as of the
date of this press release.
CenturyTel (NYSE: CTL) is a leading provider of communications, high speed
Internet and entertainment services in small-to-mid-size cities through our
broadband and fiber transport networks. Included in the S&P 500 Index,
CenturyTel delivers advanced communications with a personal touch to customers
in 25 states. Visit us at http://www.centurytel.com.
SOURCE CenturyTel, Inc.
Contact: Investors, Tony Davis of CenturyTel, Inc., +1-318-388-9525, tony.davis@centurytel.com