CSRA Completes Separation From CSC; Board Approves $400 Mln Share Buyback

(RTTNews) - CSRA Inc. (CSRA), the U.S. public sector business of Computer Sciences Corp. (CSC), said it has completed the separation from CSC and is is now an independent public company trading on the New York Stock Exchange or NYSE under the ticker symbol "CSRA."

Members of the CSC and CSRA leadership teams will ring the NYSE Opening Bell Monday morning to mark the milestone.

CSC and CSRA said they each paid concurrent special cash dividends, which in the aggregate totaled $10.50 per share. Of that $10.50 per share dividend, $2.25 was paid by CSC and $8.25 was paid by CSRA.

Payment of each portion of the special dividend was made to holders of CSC common stock on the record date who received shares of CSRA common stock in the distribution.

The two companies' boards declared regular quarterly dividends of $0.14 per CSC share and $0.10 per CSRA share, aggregating to a 4 percent increase over previous CSC quarterly dividend.

The CSC dividend of $0.14 per share will be paid on January 26, 2016 to CSC stockholders of record at the close of business on January 5, 2016. The first quarterly dividend by CSRA of $0.10 per share will be paid on January 26, 2016 to CSRA stockholders of record at the close of business on January 5, 2016.

CSRA also said its board has authorized a share repurchase plan of up to $400 million over three years, through March 31, 2019.