CBIZ Authorized to Purchase Up to 5 Million Shares of its Common Stock
February 10 2006 - 4:21PM
PR Newswire (US)
CLEVELAND, Feb. 10 /PRNewswire-FirstCall/ -- CBIZ, Inc.
(NASDAQ:CBIZ) today announced that on February 9, 2006, 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,
2007. As of January 31, 2006, CBIZ had approximately 74,255,043
shares of its common stock outstanding. CBIZ continues to generate
positive 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 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. is a provider of professional business services to
companies throughout the United States. As the largest benefits
specialist, one of the largest accounting, valuation and medical
practice management companies in the United States, CBIZ provides
integrated services in the following areas: accounting and tax;
employee benefits; wealth management; property and casualty
insurance; payroll; IS consulting; and HR consulting. CBIZ also
provides internal audit; Sarbanes-Oxley 404 compliance; valuation;
litigation advisory; government relations; commercial real estate
advisory; wholesale life and group insurance; healthcare
consulting; medical practice management; and capital advisory
services. 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/. First Call Analyst: FCMN Contact: 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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