Oracle 2006 Annual Report Download - page 26

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Table of Contents
PART II
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases
of Equity Securities
Our common stock is traded on the NASDAQ Global Select Market under the symbol “ORCL” and has been
traded on NASDAQ since our initial public offering in 1986. According to the records of our transfer agent,
we had 21,443 stockholders of record as of May 31, 2007. The majority of our shares are held in
approximately 1.2 million customer accounts held by brokers and other institutions on behalf of stockholders.
However, we believe that the number of total stockholders is less than 1.2 million due to stockholders with
accounts at more than one brokerage. The following table sets forth the low and high sale price of our
common stock, based on the last daily sale, in each of our last eight fiscal quarters.
Fiscal 2007 Fiscal 2006
Low Sale High Sale Low Sale High Sale
Price Price Price Price
Fourth Quarter $ 16.37 $ 19.42 $ 12.42 $ 14.93
Third Quarter $ 16.29 $ 19.28 $ 12.18 $ 13.12
Second Quarter $ 15.50 $ 19.66 $ 11.98 $ 13.64
First Quarter $ 13.15 $ 15.81 $ 12.34 $ 14.05
Our policy has been to reinvest earnings to fund future growth, acquisitions and to repurchase our common
stock pursuant to a program approved by our Board of Directors. Accordingly, we have not paid cash
dividends and do not anticipate declaring cash dividends on our common stock in the foreseeable future,
although our Board of Directors regularly reviews this matter.
For equity compensation plan information, please refer to Item 12 in Part III of this Annual Report on
Form 10-K.
Stock Repurchase Programs
In 1992, our Board of Directors approved a program to repurchase shares of our common stock to reduce the
dilutive effect of our stock option and stock purchase plans. The Board has expanded the repurchase program
several times by either increasing the authorized number of shares to be repurchased or by authorizing a fixed
dollar amount expansion. From the inception of the stock repurchase program to May 31, 2007, a total of
2.0 billion shares have been repurchased for approximately $24.7 billion. In April 2007, our Board expanded
our repurchase program by $4.0 billion and, as of May 31, 2007, approximately $4.2 billion was available to
repurchase shares of our common stock pursuant to the stock repurchase program.
Our stock repurchase authorization does not have an expiration date and the pace of our repurchase activity
will depend on factors such as our working capital needs, our cash requirements for acquisitions, our debt
repayment obligations, our stock price, and economic and market conditions. Our stock repurchases may be
effected from time to time through open market purchases or pursuant to a Rule 10b5-1 plan. Our stock
repurchase program may be accelerated, suspended, delayed or discontinued at any time.
22
Source: ORACLE CORP, 10-K, June 29, 2007 Powered by Morningstar® Document Research℠