On Assignment Announces New $150 Million Stock Repurchase Program
June 13 2016 - 8:30AM
Business Wire
On Assignment, Inc. (NYSE: ASGN) announced today that its Board
of Directors approved a new stock repurchase program, under which
the Company may repurchase up to $150 million of its common stock
over the next two years. Under terms of the program, purchases can
be made in the open market or under a Rule 10b5-1 trading plan.
This program is effective immediately and supersedes the previous
$100 million repurchase authorization ($98 million was remaining
under the authorization). The stock repurchase program does not
obligate the Company to acquire any particular amount of the
Company’s stock, and it may be suspended at any time at the
Company’s discretion.
Commenting on the stock repurchase program, Peter Damaris,
President and CEO of On Assignment, stated, “Since the acquisition
of Creative Circle in June 2015, we have reduced our leverage ratio
from 3.8 times (ratio of debt to trailing Adjusted earnings before
interest, income taxes, depreciation and amortization) to 2.8 times
at the end of the preceding quarter. The reduction in our leverage
ratio reflects our strong free cash flow generation (which we used
to pay down debt). We are trending to reduce our leverage ratio to
below 2.5 times prior to the end of the third quarter. We believe
that the repurchase program is currently an attractive way for us
to return value to our stockholders and does not preclude us from
pursuing attractive business development opportunities.”
About On Assignment
On Assignment, Inc. (NYSE: ASGN), is a leading global provider
of in-demand, skilled professionals in the growing technology, and
life sciences sectors, where quality people are the key to
success. The Company goes beyond matching resumes with
job descriptions to match people they know into positions they
understand for temporary, contract-to-hire, and direct hire
assignments. Clients recognize On Assignment for their quality
candidates, quick response, and successful assignments.
Professionals think of On Assignment as career-building partners
with the depth and breadth of experience to help them reach their
goals.
On Assignment, which is based in Calabasas, California, was
founded in 1985 and went public in 1992. The Company has a network
of branch offices throughout the United States, Canada, United
Kingdom, and Europe. To learn more, visit
http://www.onassignment.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20160613005193/en/
On Assignment, Inc.Ed Pierce, 818-878-7900Chief Financial
Officer
ASGN (NYSE:ASGN)
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