The company spent $5.5 billion in the third quarter alone on share repurchases.

He said the company might have to make additional share repurchases or take other steps.

It also has a greater legal authority to conduct share repurchases of its own stock.

British American also emphasized that it had made some share repurchases in the first half of the year.

"In the absence of those needs," he said, "we would return the money through share repurchases."

As for buybacks, major media companies are increasing their share repurchase programs.

Like merger activity, corporate share repurchases are at an all-time high.

But when the stock becomes cheap, there is no money to be spared for share repurchases.

But this year, the company said its long-term incentive plan would no longer be adjusted for the impact of share repurchases.

Over the course of 2003, they did a share repurchase, announced plans to split the stock and have increased the dividend.

"The proceeds of the sale provide additional funds that will be used to fund further share repurchases."

They note that many companies - exact statistics are hard to come by - use share repurchases to get money to shareholders.

There are two ways to distribute cash to shareholders: share repurchases or dividends.

"They're delaying the share repurchases; there may be more negative findings - they've really lost credibility on the Street."

Higher share repurchases, in turn, significantly lowered the research and development expenditures that are important for raising productivity.

The company also used those proceeds to buy back stock, bringing the total share repurchases to 37 percent of Household's common shares outstanding.

But during the year corporate America bought - via share repurchases and takeovers - $159.2 billion of shares.

Corporations have announced $28.2 billion of share repurchases.

The company said the increased share repurchase is part of a previously announced plan to buy back $25 billion of its own shares by 2008.

Most companies in the midst of mergers offer only coded hints as to future share repurchases to increase the stock price.

To help pay for the transaction, Xerox said it would suspend its vigorous share repurchase program.

Such companies are expected to create new products and services that should generate earnings growth, rather than buying growth by share repurchases.

It makes significant share repurchases, he added, and reinvests to enhance the company's dominant market positions.

Part of the revival has come from a surge in the number of share repurchases by listed companies.

Of course, share repurchases are not new.