AUTHORIZED TO PURCHASE UP TO 5 MILLION SHARES OF ITS COMMON STOCK
CLEVELAND, Feb. 24 /PRNewswire-FirstCall/ -- CBIZ, Inc. (NYSE: CBZ) today
announced that on February 19, 2009, the Board of Directors of CBIZ, Inc.
authorized the purchase of up to 5 million shares of its outstanding common
stock to be obtained in open market or privately negotiated purchases through
March 31, 2010. This authorization replaces the 5 million share authorization
currently in place which expires on March 31, 2009.
As of December 31, 2008, CBIZ had approximately 62.6 million shares of
diluted weighted average 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 financial services which include accounting and tax, internal audit,
merger and acquisition advisory, 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, healthcare consulting and medical practice management.
These services are provided through more than 140 Company offices in 36
states.
SOURCE CBIZ, Inc.
02/24/2009
CONTACT: Lori Novickis, Director, Corporate Relations, CBIZ, Inc.,
+1-216-447-9000
Web Site: http://www.cbiz.com
(CBZ)
