Sysco Announces 20-Million-Share Repurchase Program

HOUSTON, September 12, 2003 -- SYSCO Corporation (SYY) , North America's largest foodservice marketer and distributor, today announced its Board of Directors has approved a 20-million-share repurchase program and declared a regular quarterly cash dividend of $0.11 per share, payable on Oct. 24, 2003, to common shareholders of record at the close of business on Oct. 3, 2003.

Richard J. Schnieders, SYSCO's chairman and chief executive officer, said, "The decision by the Board to approve the share buyback and the current quarterly dividend payout signifies their confidence that SYSCO can continue to generate significant cash flow after investing sufficient capital to grow our business."

Mr. Schnieders noted that the approved share repurchase program is SYSCO's eleventh such program since fiscal 1992. SYSCO has completed nine of those prior programs and the tenth, a 20-million-share repurchase program that was approved in July 2002, has approximately 9 million shares remaining.

"We are proud of our solid performance record with respect to our previously announced share buybacks," Mr. Schnieders added. "Since 1992 SYSCO has invested approximately $3 billion to purchase approximately 219 million shares. That investment, coupled with dividend payouts of approximately $1.4 billion during the same time period, has resulted in $4.4 billion dollars returned to shareholders since 1992."

SYSCO is the largest foodservice marketing and distribution organization in North America. The company's 145 distribution locations in the United States and Canada provide food and related products and services to approximately 420,000 restaurants, healthcare and educational facilities, lodging establishments and other foodservice customers. For fiscal year 2003, which ended June 28, 2003, the company reported sales of $26.1 billion and net earnings of $778.3 million.