Convergys Corporation Announces Repurchase of Common Stock.Business Editors CINCINNATI--(BUSINESS WIRE)--April 22, 2003 Convergys Corporation (NYSE NYSE See: New York Stock Exchange :CVG CVG Convergys Corp CVG Corporación Venezolana de Guayana CVG Clear Vertical Grain (woodworking) CVG Carrier Group CVG Corporacion Venezolana de Guyana CVG Comprehensive Video Group (South Hackensack, NJ, USA) ), the global leader in integrated billing, employee care, and customer care services, announced today that its Board of Directors has authorized the company to repurchase up to 10 million additional common shares from time to time as market and business conditions warrant. This authorization is in addition to the 10 million-share repurchase the board authorized on February 25, 2003. Convergys has repurchased about 7.1 million shares from the February authorization as of April 21, 2003. As of April 21, 2003, Convergys had approximately 173.9 million common shares outstanding, of which 24.9 million shares were held in treasury. "The Board's action today in granting this discretionary authority is based on its belief that in recent months our shares have been undervalued Undervalued A stock or other security that is trading below its true value. Notes: The difficulty is knowing what the "true" value actually is. Analysts will usually recommend an undervalued stock with a strong buy rating. by the market and represent an attractive investment," said Steve Rolls, Convergys' Chief Financial Officer. "The repurchase program is also consistent with our continuing objective of building and delivering value to our shareowners and confirms our confidence and enthusiasm for our strategic outlook and continued profitable growth. Our fundamentals are strong and we are aggressively pursuing the opportunities that the changing billing, customer care, and employee care markets present." "SAFE HARBOR Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " NOTE: Information included in this news release may contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve potential risks for Convergys Corporation. The future results of Convergys could differ materially from those discussed herein. Factors that could cause or contribute to such differences include, but are not limited to, the loss of a significant client or significant business from a client, difficulties in completing a contract or implementing its provisions, or completing or implementing an acquisition, potential terrorist activities and the United States' response thereto, and competitive and other factors disclosed in the Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2002, filed with the SEC by Convergys Corporation. The company has no current intention of updating any forward-looking statements that may be included herein. ABOUT CONVERGYS Convergys Corporation (NYSE:CVG), a member of the S&P 500 and the Forbes' Platinum 400, is the global leader in integrated billing, employee care, and customer care services provided through outsourcing or licensing. We serve top companies in telecommunications, Internet, cable and broadband services See broadband and broadband service provider. , technology, financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , and other industries in more than 40 countries. We also provide integrated, outsourced, human resource services to leading companies across a broad range of industries. We bring together world-class resources, software, and expertise to help create valuable relationships between our clients and their customers and their employees. This commitment is validated by the more than 1.5 million individual bills our software produces each day to support more than 120 million subscribers, and by the more than 1.7 million separate customer and employee contacts we manage each day, both live and via electronic interaction. Convergys(r) employs more than 44,000 people in 45 customer contact centers and in our data centers and other offices 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. , Canada, Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. , Europe, the Middle East, and Asia. Convergys is on the net at www.convergys.com, and has world headquarters in Cincinnati. (Convergys and the Convergys logo are registered trademarks of Convergys Corporation.) |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion