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 DiscoveryTM, 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 stock outstanding.
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 770.779.3900 600 Galleria Parkway, Suite 100 Atlanta, GA 30339
Source:PRGX Global, Inc.