BOSTON, June 2, 2014 /PRNewswire/ -- PAREXEL
International Corporation (Nasdaq: PRXL) announced today that its
Board of Directors has approved a stock repurchase program
authorizing the repurchase of up to $150
million of the Company's common stock. There is no set
expiration date for the program.
The Company intends to use cash on hand, cash generated from
operations, existing credit facilities or other financing to fund
the share repurchase program. As of March 31, 2014, the Company had cash and cash
equivalents of approximately $299
million and availability under an existing line of credit of
$290 million.
The program does not obligate the Company to acquire any
particular amount of common stock, and it could be modified,
extended, suspended or discontinued at any time.
The timing and amount of repurchases will be determined by
PAREXEL's management based on a variety of factors such as trading
price, corporate requirements, and overall market conditions, and
will be subject to applicable legal requirements including federal
and state securities laws. Purchases will be made in open
market transactions effected through a broker-dealer at prevailing
market prices, in block trades, or in privately negotiated
transactions. Shares may also be purchased pursuant to a
trading plan meeting the requirements of Rule 10b5-1 under the
Securities Exchange Act of 1934, as amended, which would permit
shares to be repurchased when the Company might otherwise be
precluded from doing so under insider trading laws.
Mr. Josef von Rickenbach,
Chairman and CEO of PAREXEL stated, "We are committed to optimizing
the capital structure of the Company and to creating and enhancing
shareholder value. We're pleased that the strength of our
business fundamentals allows us to demonstrate our confidence
through this stock repurchase program. We remain positive
about the long-term growth and profitability opportunities that lie
ahead of us, and look forward to keeping shareholders apprised of
our progress."
About the Company
PAREXEL International Corporation is a leading global
bio/pharmaceutical services organization, providing a broad range
of knowledge-based contract research, consulting, and medical
communications services to the worldwide pharmaceutical,
biotechnology and medical device industries. Committed to providing
solutions that expedite time-to-market and peak-market penetration,
PAREXEL has developed significant expertise across the development
and commercialization continuum, from drug development and
regulatory consulting to clinical pharmacology, clinical trials
management, medical education and reimbursement. PAREXEL
Informatics, Inc., a subsidiary of PAREXEL, provides advanced
technology solutions, including medical imaging, to facilitate the
clinical development process. Headquartered near Boston, Massachusetts, PAREXEL operates in 75
locations throughout 50 countries around the world, and has
approximately 15,335 employees. For more information about PAREXEL
International visit www.PAREXEL.com.
PAREXEL is a registered trademark of PAREXEL International
Corporation, and Perceptive Informatics is a trademark of
Perceptive Informatics, Inc. All other names or marks may be
registered trademarks or trademarks of PAREXEL International
Corporation, Perceptive Informatics, Inc. or their respective
owners and are hereby acknowledged.
This release contains "forward-looking" statements regarding
future results and events, including, without limitation,
statements regarding the Company's intention to repurchase shares
of its common stock from time to time under the stock repurchase
program, the intended use of any repurchased shares, the source of
funding for the stock repurchase program, and the Company's
expected financial results, future growth and customer
demand. For this purpose, any statements contained
herein that are not statements of historical fact may be deemed
forward-looking statements. Without limiting the foregoing,
the words "believes," "anticipates," "plans," "expects," "intends,"
"appears," "estimates," "projects," "will," "would," "could,"
"should," "targets," and similar expressions are also
intended to identify forward-looking statements. The
forward-looking statements in this release involve a number of
risks and uncertainties. The Company's actual future results
and actual events may differ significantly from those suggested or
indicated in the forward-looking statements contained in this
release. Important factors that might cause such a difference
include, but are not limited to, the market price of the Company's
stock prevailing from time to time, the nature of other investment
opportunities presented to the Company from time to time, the
Company's cash flow from operations, general economic conditions
and other factors discussed more fully in the section entitled
"Risk Factors" of the Company's Quarterly Report on Form 10-Q for
the quarter ended March 31, 2014 as
filed with the SEC on May 2, 2014,
which "Risk Factors" discussion is incorporated by reference in
this press release. The Company specifically disclaims any
obligation to update these forward-looking statements in the
future. These forward-looking statements should not be relied
upon as representing the Company's estimates or views as of any
date subsequent to the date of this press release.
CONTACTS:
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Ingo Bank, Senior
Vice President and Chief Financial Officer
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Jill Baker,
Corporate Vice President of Investor Relations
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+1-781-434-4118
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SOURCE PAREXEL International Corporation