CHICAGO, April 1, 2008 /PRNewswire-FirstCall/ -- Heidrick & Struggles International, Inc. (NASDAQ:HSII), the world's premier executive search and leadership consulting firm, today announced that it has completed the repurchase of $50 million in common stock under its May 2007 authorization. Under this program, the company repurchased 1.4 million shares for a total cost of $50 million, at an average price of $35.62 per share.
With the completion of this most recent program, the company will begin repurchasing shares under a $50 million program authorized by the Board of Directors in February 2008. The company intends, from time to time, as business conditions warrant, to continue to purchase common stock in open market transactions or in negotiated or block trades. No time limit has been set for completion of this program.
Since September 2005, the company has repurchased more than 4 million shares of its common stock at an aggregate cost of $150 million. The company currently has approximately 17.3 million common shares outstanding.
About Heidrick & Struggles International, Inc.
Heidrick & Struggles International, Inc. is the world's premier provider of senior-level executive search and leadership consulting services, including talent management, board building, executive on-boarding and M&A effectiveness. For more than 50 years, we have focused on quality service and built strong leadership teams through our relationships with clients and individuals worldwide. Today, Heidrick & Struggles leadership experts operate from principal business centers in North America, Latin America, Europe and Asia Pacific. For more information about Heidrick & Struggles, please visit http://www.heidrick.com/.
Safe Harbor Statement This press release contains forward-looking statements. The forward-looking statements are based on current expectations, estimates, forecasts and projections about the industry in which we operate and management's beliefs and assumptions. Forward-looking statements may be identified by the use of words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "projects," "forecasts," and similar expressions. Forward-looking statements are not guarantees of future performance and involve certain known and unknown risks, uncertainties and assumptions that are difficult to predict. Actual outcomes and results may differ materially from what is expressed, forecasted or implied in the forward-looking statements. Factors that may affect the outcome of the forward-looking statements include, among other things: our ability to attract and retain qualified executive search consultants; the condition of the economies in the United States, Europe, or elsewhere; social or political instability in markets where we operate; the impact of foreign currency exchange rate fluctuations; price competition; the ability to forecast, on a quarterly basis, variable compensation accruals that ultimately are determined based on the achievement of annual results; an inability to sublease or assign unused office space; our ability to realize our tax loss carryforwards; the timing of any deferred tax asset valuation allowance reversals; the mix of profit and loss by country; an impairment of our goodwill and other intangible assets; and delays in the development and/or implementation of new technology and systems. Our reports filed with the U.S. Securities and Exchange Commission also include information on factors that may affect the outcome of forward-looking statements. We undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. DATASOURCE: Heidrick & Struggles International, Inc.
CONTACT: Investors & Analysts, Julie Creed, VP, Investor Relations, +1-312-496-1774, , or Media, Eric Sodorff, Director, Corporate Communications, +1-312-496-1613, , both of Heidrick & Struggles International, Inc.
Web site: http://www.heidrick.com/
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