CBIZ Board Approves Continuation of Stock Purchase Plan
February 13 2007 - 7:25AM
PR Newswire (US)
Authorized to purchase up to 5 million shares of its common stock
CLEVELAND, Feb. 13 /PRNewswire-FirstCall/ -- CBIZ, Inc.
(NASDAQ:CBIZ) today announced that on February 8, 2007, the Board
of Directors of CBIZ, Inc. authorized the purchase of up to
5,000,000 shares of its outstanding common stock to be obtained in
open market or privately negotiated purchases through March 31,
2008. As of January 31, 2006, CBIZ had approximately 66.6 million
shares of its common stock outstanding. CBIZ continues to generate
significant cash flow from operations. This cash flow will be
deployed to fund the continued growth of operations, fund future
acquisitions, and to repurchase shares of common stock as
authorized by the Board of Directors. CBIZ's Board of Directors
believes that the repurchase plan is a prudent use of the Company's
financial resources, and that investing in its own shares is an
attractive use of capital and an efficient means to provide value
to CBIZ stockholders. CBIZ anticipates that it will obtain all of
the funds necessary to purchase shares under the repurchase
program, and to pay related fees and expenses, from operating cash
flow and by borrowing under its current credit facility. This
authorization allows such purchases to the extent permitted under
the Company's current or any future credit facility, without
further amendment. CBIZ, Inc. provides professional business
services that help clients better manage their finances, employees
and technology. As the largest benefits specialist, one of the
largest accounting, valuation and medical practice management
companies in the United States, CBIZ provides its clients with
integrated financial services which include accounting and tax,
internal audit, Sarbanes-Oxley 404 compliance, merger and
acquisition, and valuation. Employee services include group
benefits, property and casualty insurance, payroll, HR consulting
and wealth management. CBIZ also provides information technology,
hardware and software solutions, government relations, healthcare
consulting and medical practice management. These services are
provided throughout a network of more than 140 Company offices in
34 states and the District of Columbia. For further information
regarding CBIZ, call our Investor Relations Office at (216)
447-9000 or visit our web site at http://www.cbiz.com/. DATASOURCE:
CBIZ, Inc. CONTACT: Lori Novickis, Director, Corporate Relations of
CBIZ, Inc., +1-216-447-9000 Web site: http://www.cbiz.com/
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