ABR Information Services board authorizes repurchase of common stock.PALM HARBOR, Fla.--(BUSINESS WIRE)--Nov. 20, 1996--ABR Information Services See Information Systems. , Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ABRX) announced today that its Board of Directors has authorized the repurchase of up to 1.0 million shares of the Company's outstanding common stock over the next three months. Purchases are expected to be effected from time to time in the open market or pursuant to privately negotiated transactions. "We believe that a common stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program, given our present cash position as well as the current market price of our common stock, provides us with an excellent opportunity to enhance returns to our shareholders," said ABR (1) (AutoBaud Rate detect) The analysis of the first characters of a message to determine its transmission speed and number of start and stop bits. (2) (Available Bit R Chairman of the Board, President and Chief Executive Officer James E. MacDougald. "We remain confident in the long-term potential of ABR and believe that an investment in our own shares at the present time is in the best interests of our shareholders," MacDougald added. ABR currently has approximately 13.6 million shares of common stock outstanding. Any shares repurchased by ABR will be returned to the status of authorized but unissued shares and will be available for future issuances. ABR Information Services, Inc. provides comprehensive benefits administration, compliance and information services to employers seeking to outsource their benefits administration functions. The Company believes it is one of the largest benefits outsourcing firms in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , serving more than 21,000 employers with a total employee population exceeding 6.0 million. ABR's customers include Fortune 500 companies, insurance companies, and other employers in various industries. CONTACT: ABR Information Services, Palm Harbor James E. MacDougald Chairman of the Board, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. 813/785-2819 |
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