BOSTON, Sept. 14, 2015
/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
$200 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 June 30, 2015, the Company had cash and cash
equivalents of approximately $207
million and availability under an existing line of credit of
$250 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 PAREXEL International
PAREXEL International Corporation is a leading global
biopharmaceutical services organization, providing a broad range of
expertise-based contract research, consulting, medical
communications, and technology solutions and 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 provides advanced
technology solutions, including medical imaging, to facilitate the
clinical development process. Headquartered near Boston, Massachusetts, PAREXEL has offices in
80 locations in 51 countries around the world, and had
approximately 18,660 employees in the fourth quarter. For more
information about PAREXEL International visit www.PAREXEL.com.
PAREXEL and PAREXEL Informatics are trademarks or registered
trademarks of PAREXEL International Corporation or its
affiliates.
This release contains "forward-looking" statements regarding
future results and events, including, without limitation,
statements regarding 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
may differ materially from the results discussed in the
forward-looking statements contained in this release.
Important factors that might cause such a difference include, but
are not limited to, risks associated with: actual operating
performance; actual expense savings and other operating
improvements resulting from restructurings, including expense
savings from the $30 – $45 million restructuring charge disclosed in the
press release dated June 23, 2015;
the loss, modification, or delay of contracts which would, among
other things, adversely impact the Company's recognition of revenue
included in backlog; the Company's dependence on certain industries
and clients; the Company's ability to win new business, manage
growth and costs, and attract and retain employees; the Company's
ability to complete additional acquisitions, and to integrate newly
acquired businesses including the acquisitions of ClinIntel Limited
and Quantum Solutions India, or enter into new lines of business;
the impact on the Company's business of government regulation of
the drug, medical device and biotechnology industry;
consolidation within the pharmaceutical industry and competition
within the biopharmaceutical services industry; the potential for
significant liability to clients and third parties; the potential
adverse impact of health care reform; and the effects of foreign
currency exchange rate fluctuations and other international
economic, political, and other risks. Such factors and
others are discussed more fully in the section entitled "Risk
Factors" of the Company's Annual Report on Form 10-K for the fiscal
year ended June 30, 2015 as filed
with the Securities and Exchange Commission on August 25, 2015, 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:
Ingo Bank, Senior Vice President
and Chief Financial Officer
Investor Relations
IR@PAREXEL.com+1-781-434-4118
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SOURCE PAREXEL International Corporation