Since 2005, Tellabs has repurchased 50.9 million shares at a cost of $513.9 million (about 12% of shares outstanding).  Tellabs plans to use about half of its nearly $1.4 billion in cash, cash equivalents and marketable securities for the program.

In addition, the company announced that Krish A. Prabhu, Tellabs president, chief executive officer and member of the Board, has informed the board of his decision to resign from these positions by March 1, 2008.

Tellabs advances telecommunications networks to meet the evolving needs of users.

###

PAYOUT YIELD ANALYSIS

At $8 per share, the $776 million repurchase authorization will buy back 97 million shares or 22% of the 439 million shares outstanding.

The company has almost $4 per share of cash on the balance sheet, so the $776 million repurchase is easily within reach, the only question is the timing.

The company’s repurchase activity has been inconsistent.  Tellabs repurchased $272 million of stock in 2006 and only $21 million net of options programs in the first 9 months of 2007.

Assuming that the company averages $275 milllion per year going forward, the projected Total Payout will be $0.63 per share.   At an $8 share price, the projected Total Payout Yield would be 7.9%. 

- Payout Yield Staff

Boeing has bought approximately $8 billion of its stock since resuming repurchases during 2004. This new plan follows the $3 billion buy back that the board approved in August 2006. The company is nearing completion of the repurchases authorized under that plan.

The company cited strong financial performance as the basis for both the repurchase and continued investment in growth and productivity.

###

PAYOUT YIELD ANALYSIS

The company did not provide specific details on the timing of the  repurchase. Therefore, we estimate that the buyback pattern will continue at rate of approximately $2 billion per year.  With 775 million shares outstanding, the repurchase promises to return $2.58 per share per year.

Combined with the annualized dividend of $1.40, the Total Payout is projected to be $3.98 per share over the next 4 quarters.  At a share price of $98, the Total Payout Yield is projected to be 4.1%.

- Payout Yield Staff

###

PAYOUT YIELD ANALYSIS

In July, Rohm and Haas announced an accelerated share repurchase (ASR) program of $1 billion and a target of 195 million shares outstanding by the end of the third quarter. According to the 10Q filed today, the company spent a net $1.4 billion in the first nine months of 2007 to repurchase 23 million shares net of options exercised. The number of common shares outstanding as of September 30 was 195.8 million, down from 218.8 million at the beginning of the year.

Also according to the 10Q, if the volume-weighted price of the stock for the term of the ASR remains the same as in September, then the counterparty (Goldman Sachs) will owe the company an additional 2.6 million shares.

- Payout Yield Staff

The company provided no details on timing or funding of the program.

Founded in 1866, The Sherwin-Williams Company is a world leader in the manufacture, development, distribution and sale of coatings and related products to professional, industrial, commercial and retail customers.

###

PAYOUT YIELD ANALYSIS

With 131 million shares outstanding and a $63 share price, the 30 million share repurchase represents a 23% share reduction or a return to shareholders of $1.9 billion or $14 per share.

Based on the company’s track record and current operating cash flow, we estimate that the company will repurchase a minimum of $300 million per year and return $2.29 per share for the forseeable future.  This rate can go higher if management decides to return a higher percentage of operating cash flow or borrow to accelerate the buyback program.

Combined with the annualized dividend of $1.26, the Total Payout is projected to be $3.55 per share over the next 4 quarters.  At a share price of $63, the Total Payout Yield is projected to be 5.6%.

- Payout Yield Staff

Hartmarx produces and markets business, casual and golf apparel.

###

PAYOUT YIELD ANALYSIS

The 3 million share repurchase represents 8% of the company’s current outstanding share count of 37 million. Based on the 2 years that it took the company to complete the last authorization and approximate annual operating cash flow of $20 - 25 million, we project that the company could comfortably complete this repurchase program at a rate of 1.5 million shares or approximately $7.5 million per year.

However, options and restricted stock grants have mostly offset the effect of previous repurchase programs. For example, despite near completion of the 2005 repurchase program, the average diluted share count for the third quarter of 2007 remained almost the same as the prior year count. (See the August 31, 2007 10Q at www.sec.gov)

Assuming no change in company practices and with no dividend in place, we project a Net Total Payout of $0 and Total Payout Yield of 0% over the next 4 quarters.

- Payout Yield Staff

UnitedHealth Group (www.unitedhealthgroup.com) is a diversified health and well-being company dedicated to making health care work better.

###

PAYOUT YIELD ANALYSIS

The $7 billion repurchase projection, or $5.6 billion on an annualized basis, would be well ahead of the $2 billion completed in 2005 and 2006.  However, with almost $14 billion of cash and investments on the balance sheet, the company will not have a problem stepping up the pace of the stock buyback program.

With 1.32 billion shares outstanding, the $5.6 billion annualized repurchase will return $4.24 per share to shareholders.  Combined with an annualized dividend of $0.03 per share, the Total Payout is projected to be $4.27 per share over the next 4 quarters.  At a share price of $48, the Total Payout Yield is projected to be 8.9%.

- Payout Yield Staff

A prior authorization to repurchase ten million shares dated June 13, 2005, has 1.4 million shares remaining.  No timetable was established for the  new repurchase.

Worthington Industries is a leading diversified metal processing company with annual sales of nearly $3 billion.

###

PAYOUT YIELD ANALYSIS

At a share price of $23, the 11.4 million share repurchase promises to return $262 million to shareholders over what will likely be a 2 year period or at a rate of $131 million per year.  With 85 million shares outstanding, the repurchase will return $1.54 per share per year.  Combined with the annualized divdidend of $0.68, the Total Payout is projected to be $2.22 with a Total Payout Yield of 9.7%.

- Payout Yield Staff 

No set timetable was established for the share repurchase program.

###

PAYOUT YIELD ANALYSIS

Although $15 billion sounds like a lot, the program will likely extend over 3 years based on past performance.  That fact, combined with the company’s nearly $200 billion market cap and forward dividend yield of 2.5% makes the predicted Total Payout Yield less than 5%.

- Payout Yield Staff 

The latest action is in addition to an existing $1.5 billion share repurchase program announced in March 2006. The company has repurchased more than $1 billion under its existing $1.5 billion plan.

Last week, the Board of Directors also declared a quarterly dividend of 38 cents per share of common stock. The dividend is payable on November 12, 2007 to shareholders of record at the close of business on October 1, 2007.

Air Products serves customers in industrial, energy, technology and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services.

###

Payout Yield Analysis

With 216 million shares outstanding, the combined share repurchase authorization of $1.5 billion will return $6.94 per share. Combined with the $1.52 annual dividend, the Total Payout Yield will be $8.46 per share if the share repurchases are completed in the next 4 quarters. At $93 per share, the Total Payout Yield will be 9.1%.

- Payout Yield Staff