Labor Ready Announces New $75 Million Stock Repurchase Authorization
January 31 2007 - 4:20PM
Business Wire
Labor Ready, Inc. (NYSE:LRW) today announced that its Board of
Directors has authorized the repurchase of up to an additional $75
million worth of Labor Ready common stock in either open market or
private transactions. The company also announced that it
repurchased 1.6 million shares of Labor Ready common stock during
the fourth quarter of 2006 for $29 million. In 2006, the company
repurchased a total of 4.2 million of its outstanding shares for a
total of $89 million. The company has $13 million of common stock
remaining for repurchase under a previous authorization. The new
$75 million authorization combined with the existing $13 million
authorization provides for the repurchase of up to $88 million
worth of the company�s common stock, which the company plans to
complete by the end of 2007. The statements regarding our stock
repurchase plans may constitute forward-looking statements within
the meaning of the federal securities laws. While we believe that
the statements are reasonable, they are subject to risks and
uncertainties, and our actual repurchases may differ due to,
unexpected requirements for cash, including for acquisitions,
changes in Labor Ready�s business prospects, the market price of
Labor Ready�s stock, unexpected changes in the financial market
conditions, and any other factors listed or discussed in the
reports filed by Labor Ready with the Securities and Exchange
Commission under the Securities Exchange Act of 1934. Labor Ready
does not undertake, and expressly disclaims any obligation, to
update or alter its statements whether as a result of new
information, future events or otherwise, except as required by law.
About Labor Ready Labor Ready is an international provider of
temporary employees for manual labor, light industrial and skilled
construction trades, operating under the brand names of Labor
Ready, Labour Ready, Workforce, Spartan Staffing, and CLP
Resources. Labor Ready�s customers are primarily small to mid-sized
businesses in the construction, warehousing, hospitality,
landscaping, transportation, light manufacturing, retail,
wholesale, facilities and sanitation industries. Annually, Labor
Ready serves more than 300,000 customers and puts approximately
600,000 people to work through its more than 900 branch offices in
the United States, Canada, and the United Kingdom. For additional
information, visit Labor Ready�s website at www.laborready.com.
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