Tech Data approves $100 million stock buyback

Tech Data Corp.'s board authorized a $100 million stock buyback Wednesday, signifying strengthened cash flow and confidence.

Since 2005, the Clearwater computer products distributor has completed $400 million in share repurchases.

"Our financial position and cash flow remain very strong and this program underscores the confidence our board has in Tech Data's long-term business opportunities," Tech Data chief executive Robert Dutkowsky said in a statement.

Beyond the repurchase program, Tech Data will continue to consider spending its cash on strategic acquisitions and investments in existing operations, Dutkowsky said.

Tech Data's stock in recent months has been trading comfortably above $40 a share, more than bouncing back from a precipitous drop in late 2008.

News of the buyback came after the close of market. Shares in Tech Data closed Wednesday at $42.36 apiece, up 5 cents.

Event connects vets, employers

Job-seeking veterans and their spouses can meet with companies at the RecruitMilitary Opportunity Expo on Thursday at the Tampa Bay Performing Arts Center, 1010 N. W.C. MacInnes Place, Tampa. The expo runs from 11 a.m. to 3 p.m., and is open to veterans who have civilian work experience, those transitioning from active duty to civilian life, members of the National Guard and reserves, and military spouses. A broad array of businesses and government agencies are expected to participate.