CBIZ (CBZ) Renews 5M Stock Buyback Plan

February 8, 2013 1:56 PM EST
On February 6, 2013, the Board of CBIZ, Inc. (NYSE: CBZ) authorized the continuation of the Company’s Share Repurchase Program, which has been renewed annually for the past nine years. This authorization renews the 5 million share authorization currently in place which expires on March 31, 2013. The Board of Directors of the Company has authorized the purchase of up to 5 million additional shares of its outstanding common stock to be obtained in open market or privately negotiated purchases through March 31, 2014.

As of December 31, 2012, CBIZ had approximately 50.4 million shares of its common stock outstanding. 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.

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