PRGX Global, Inc. Announces an Increase in its Stock Repurchase Program
ATLANTA, March 27, 2014 (GLOBE NEWSWIRE) -- PRGX Global, Inc. (Nasdaq:PRGX),
the world's leading provider of recovery audit services and the pioneer in
Profit Discovery^TM, announced today that the Board of Directors has approved
a $10 million increase in its stock repurchase program, bringing the total
amount of its common stock that the Company may repurchase under the program
to $20 million.
"PRGX Global has a very strong balance sheet with over $40 million in cash and
no debt," said Pat Dills, the Company's Chairman."The Board strongly believes
that our stock repurchase program represents an attractive use of our capital
and is in the best interests of our shareholders."
The Board's authorization allows the Company to repurchase stock through March
31, 2015.The timing and amount of any repurchases, if any, will depend upon
the Company's stock price, economic and market conditions, regulatory
requirements, and other corporate considerations.The Company may initiate,
suspend or discontinue purchases under the stock repurchase program at any
time.The Company currently has approximately 29.9 million shares of common
About PRGX Global, Inc.
Headquartered in Atlanta, Georgia, PRGX Global, Inc. is the world's leading
provider of recovery audit services. With over 1,600 employees, the Company
operates and serves clients in more than 30 countries and provides its
services to over 75% of the top 20 global retailers. PRGX is also pioneering
Profit Discovery, a unique combination of audit, analytics and advisory
services that improves client financial performance. For additional
information, please visit PRGX at www.prgx.com.
Forward Looking Statements
In addition to historical information, this press release includes certain
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Such statements include both implied and
express statements regarding the use of the Company's capital for the stock
repurchase program. Such forward looking statements are not guarantees of
future performance and are subject to risks, uncertainties and other factors
that may cause the actual results, performance or achievements of the Company
to differ materially from the historical results or from any results expressed
or implied by such forward-looking statements. Risks that could affect the
Company's future performance include the risks inherent with the use of the
Company's capital to repurchase stock, including revenue that does not meet
expectations or justify costs incurred, the Company's ability to develop
material sources of new revenue in addition to revenue from its core recovery
audit services, changes in the market for the Company's services, the
Company's ability to retain and attract qualified personnel, changes to
Medicare and Medicaid recovery audit contractor programs and the Company's
decision to withdraw from the rebid of the Medicare RAC program contracts, the
Company's ability to integrate recent and future acquisitions, uncertainty in
the credit markets, the Company's ability to maintain compliance with its
financial covenants, client bankruptcies, loss of major clients, and other
risks generally applicable to the Company's business. For a discussion of
other risk factors that may impact the Company's business, please see the
Company's filings with the Securities and Exchange Commission, including its
Form 10-K filed on March 14, 2014. The Company disclaims any obligation or
duty to update or modify these forward-looking statements.
CONTACT: PRGX Global, Inc.
Robert B. Lee, Chief Financial Officer and Treasurer
600 Galleria Parkway, Suite 100
Atlanta, GA 30339
PRGX Global, Inc. Logo
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