Exhibit 99.1
TIFFANY & CO.
NEWS RELEASE
Fifth Avenue & 57th Street Contacts:
New York, N.Y. 10022 ---------
James N. Fernandez
(212)230-5315
Mark L. Aaron
(212)230-5301
TIFFANY EXPANDS ITS SHARE REPURCHASE PROGRAM;
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BOARD INCREASES AUTHORIZATION BY $700 MILLION
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New York, N.Y., August 31, 2006 - Tiffany & Co. (NYSE: TIF) today reported that
its Board of Directors has extended the expiration date of the Company's current
share repurchase program and has authorized a substantial increase in the amount
of shares that may be repurchased.
The program has been extended and is now scheduled to expire in December 2009.
In addition, the Board has authorized the Company to repurchase up to an
additional $700 million of the Company's common stock.
The current repurchase program was authorized in March 2005 to repurchase up to
$400 million of the Company's common stock and was scheduled to expire in March
2007. Through July 31, 2006, the Company had spent approximately $287 million to
repurchase 8,254,326 shares of its common stock at an average cost of $34.82 per
share.
The Board's latest action will enable the Company to repurchase up to $813
million of the Company's common stock from this date forward. Tiffany had
approximately 138 million shares of common stock outstanding at July 31, 2006.
Michael J. Kowalski, chairman and chief executive officer, said, "The Board has
confidence in Tiffany's growth potential and ability to maintain financial
strength, and believes this action represents an appropriate way to return
excess capital to shareholders."
Company Description
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Tiffany & Co. operates jewelry and specialty retail stores and manufactures
products through its subsidiary corporations. Its principal subsidiary is
Tiffany and Company. The Company operates TIFFANY & CO. retail stores and
boutiques in the Americas, Asia-Pacific and Europe and engages in direct selling
through Internet, catalog and business gift operations. Other operations include
consolidated results from ventures operated under trademarks or tradenames other
than TIFFANY & CO. For additional information, please visit www.tiffany.com or
call our shareholder information line at 800-TIF-0110.
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This document contains certain "forward-looking" statements concerning the
Company's objectives and expectations. Actual results might differ materially
from those projected in the forward-looking statements. Information concerning
risk factors that could cause actual results to differ materially is set forth
in the Company's 2005 Annual Report on Form 10-K and in other reports filed with
the Securities and Exchange Commission. The Company undertakes no obligation to
update or revise any forward-looking statements to reflect subsequent events or
circumstances.
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