Corporate Report: June 10

Tech Data increases stock buy-back plan
The board of directors of Clearwater-based Tech Data Corp. approved a $100 million increase to its existing share repurchase program. The company now plans to spend up to a total of $200 million buying back existing stock.

Through May 31, the company repurchased 1,542,000 shares of common stock at a cost of $75.7 million. Since 2005, the company has purchased $675 million of Tech Data stock, buying back 17.7 million shares.

“The increase to our current share repurchase program reflects the company's strong financial performance and our confidence in its long-term growth prospects,” Robert Dutkowsky, CEO of Tech Data, says in a press release. “Our healthy balance sheet and ample liquidity provide us the opportunity to continue to invest in growing our business, both organically and through acquisitions, while also creating value for our shareholders through share repurchases.”