UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report October 29, 2003
Commission file number 1-10948
OFFICE DEPOT, INC.
| Delaware | 59-2663954 | |
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| (State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
| 2200 Old Germantown Road, Delray Beach, Florida | 33445 | |
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| (Address of principal executive offices) | (Zip Code) |
(561) 438-4800
Former name or former address, if changed since last report: N/A
ITEM 5. OTHER EVENTS
| 1. | Press release dated October 29, 2003 announcing a stock repurchase program providing for the repurchase of up to $50 million of the Company’s common stock over the next twelve months. A copy of the press release is attached hereto as exhibit 99.1 and incorporated by this reference herein. |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| OFFICE DEPOT, INC. | ||
| Date: October 29, 2003 | By: /s/ DAVID C. FANNIN | |
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David C. Fannin Executive Vice President and General Counsel |
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NEWS RELEASE |
| CONTACT: |
Eileen H. Dunn Investor Relations/Public Relations 561/438-4930 edunn@officedepot.com |
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Brian Levine Public Relations 561/438-2895 blevine@officedepot.com |
OFFICE DEPOT ANNOUNCES NEW STOCK REPURCHASE PROGRAM
Company’s Board of Directors Authorizes up to $50 Million Buyback per Year
Delray Beach, Fla. — October 29, 2003 — Office Depot, Inc. (NYSE: ODP) today announced that its Board of Directors has authorized the Company to repurchase up to $50 million of its common stock over the next twelve months.
Bruce Nelson, Chairman and CEO of Office Depot, commented, “Office Depot’s long-term prospects for revenue and earnings growth are strong. We see substantial value in our stock price over the long term as we continue to grow and invest in our business.”
Purchases will be made in the open market or through privately negotiated transactions and made in accordance with all applicable securities laws. Purchases will be transacted through a number of brokerage firms.
Mr. Nelson also noted, “The repurchased shares will be added to the Company’s Treasury Shares and will be used to meet the Company’s near term requirements for its stock option and other benefit plans.”
About Office Depot
No one sells more office products to more customers in more countries than Office Depot. The company, founded in 1986 and headquartered in Delray Beach, FL, conducts business in 22 countries and employs nearly 50,000 people worldwide.
Operating under the Office Depot, Viking Office Products, Viking Direct, 4Sure.com and Guilbert brand names, Office Depot is an industry leader in every distribution channel — from retail stores and contract delivery to catalogs and e-commerce. The company is home to a number of award-winning web sites, including http://www.espanol.officedepot.com/ one of the first fully functional, Spanish-language retail sites.
In North America, Office Depot has more than 870 retail stores in addition to a national business-to-business delivery network supported by 22 delivery centers, more than 60 local sales offices and 13 regional call centers.
The company’s common stock is traded on the New York Stock Exchange under the symbol ODP and is included in the S&P 500 Index.