Item 5. Market for Our Common Equity and Related Stockholder Matters
Our Class A common stock is traded on the New York Stock Exchange ( NYSE ) under the symbol ACS. The following
table sets forth the high and low sales prices of our Class A common stock for the last two fiscal years as reported on the NYSE.
All share and per share information is presented giving effect to the two for one stock split of our Class A and Class B
common shares that occurred February 22, 2002.
Fiscal year ended June 30, 2003
Fiscal year ended June 30, 2002
On September 12, 2003, the last reported sales price of our Class A common stock as reported on the NYSE was $49.83 per
Except for the cash dividends paid by ACS Government Solutions Group, Inc. prior to its becoming part of our company by a
December 1997 merger, we have not paid any cash dividends to date on our common stock. We intend to continue to retain
earnings for use in the operation of our business and, therefore, do not anticipate paying any cash dividends in the foreseeable
future. Under the terms of our unsecured revolving credit agreement we are allowed to pay cash dividends. However, any cash
dividends paid must be included in our fixed charge covenant calculation under our unsecured revolving credit facility credit
agreement. Any future determination to pay dividends will be at the discretion of our Board of Directors and will be dependent
upon our financial condition, results of operations, contractual restrictions, capital requirements, business prospects and such
other factors as the Board of Directors deems relevant.
On September 2, 2003, subsequent to year end, we announced that our Board of Directors authorized a share repurchase
program of up to $500 million of our Class A common stock effective immediately. The program, which is open ended, will
allow us to repurchase our shares on the open market from time to time in accordance with the requirements of the SEC,
including shares that could be purchased pursuant to SEC Rule 10b5 1. The number of shares to be purchased and the timing
of purchases will be based on the level of cash and debt balances, general business conditions and other factors, including
alternative investment opportunities. We intend to fund the repurchase program from various sources, including, but not
limited to, cash flow from operations, borrowings under our existing revolving credit facility, and if consummated, proceeds
from the sale of the majority of our federal government business. Through September 12, 2003, we have repurchased
250,000 shares at a total cost of $12.6 million.