Booz Allen Hamilton Holding Corporation, the parent company of management and technology consulting firm Booz Allen Hamilton Inc., today announced that its Board of Directors has approved a $30 million share repurchase program, to be funded from cash on hand.
"We continue to look at a number of options for use of our current cash holdings, and believe a share repurchase program provides flexibility to enhance shareholder value relative to our stock price," said Chairman, Chief Executive Officer, and President Ralph W. Shrader.
Under the share repurchase program, Booz Allen is authorized to repurchase up to $30 million of its outstanding shares of common stock. Any share repurchases made pursuant to the program will be made from time to time in the open market, in privately negotiated transactions or otherwise. The timing and amount of any share repurchases will be subject to market conditions and other factors as determined by the Company from time to time. The share repurchase program may be suspended, modified or discontinued at any time at the Company's discretion without prior notice.
About Booz Allen Hamilton
Booz Allen Hamilton is a leading provider of management and technology consulting services to the U.S. government in defense, intelligence, and civil markets, and to major corporations, institutions, and not-for-profit organizations. Booz Allen is headquartered in McLean, Virginia, employs more than 25,000 people, and had revenue of $5.59 billion for the 12 months ended March 31, 2011.