Coventry Health Care Announces Increased Authorization to Repurchase Shares.Business Editors/Health & Medical Writers BETHESDA, Md.--(BUSINESS WIRE)--Aug. 13, 2002 Coventry Health Care Coventry Health Care, Inc. (Coventry) (NYSE: CVH) is a managed health care company in the United States. On February 8th of 2007 Coventry agreed to acquire Concentra's Workers Compensation Managed Care Services Businesses. External links
See: New York Stock Exchange :CVH CVH Helicopter Carrier CVH Compound-valve-angle Hemispherical Combustion-chamber (Ford cylinder head design and family of engines) CVH Compound Valve Angle Hemispheral Combustion Chamber CVH continuous venous hemodialysis ) announced today that its Board of Directors has increased the number of shares of its common stock that the Company is authorized to repurchase by 3.0 million shares. The Company originally initiated a 5% stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program in December of 1999 for 3.3 million shares and has repurchased approximately 2.1 million shares under that program through June 30, 2002. With the approved increase, the Company is now authorized to repurchase 4.2 million additional shares under the program. "Coventry Health Care's earnings performance this year has been the best in its history," said Allen F. Wise, president and chief executive officer of Coventry. "Our outstanding performance has afforded us the opportunity to repurchase shares in addition to funding our acquisition strategy. We believe using a portion of free cash to repurchase shares is a prudent way to enhance shareholder value without disrupting our continuing progress in building the Company." Stock repurchases may be made from time to time at prevailing prices in the open market, by block purchase, or in private transactions. The Company will make the repurchases in compliance with SEC Rule 10b-18. There is no commitment or obligation on the part of the Company to purchase any particular number of shares and the program may be suspended at any time at its discretion. The Company currently has approximately 59.9 million shares of common stock outstanding. This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These statements relate to future events or future financial performance and may be significantly impacted by certain risks and uncertainties, including those described in the Company's Annual Report on Form 10-K for the year ended December 31, 2001 filed with the Securities and Exchange Commission. Coventry Health Care is a managed health care company based in Bethesda, Maryland operating health plans and insurance companies under the names Coventry Health Care, Coventry Health and Life, Carelink Health Plans, Group Health Plan, HealthAmerica, HealthAssurance, HealthCare USA, Southern Health and WellPath. The Company provides a full range of managed care products and services, including HMO HMO health maintenance organization. HMO n. A corporation that is financed by insurance premiums and has member physicians and professional staff who provide curative and preventive medicine within certain financial, , PPO PPO abbr. preferred provider organization PPO Managed care Preferred provider organization, see there Infectious disease Pleuropneumonia-like organism, see there , POS (1) See point of sale and packet over SONET. (2) "Parent over shoulder." See digispeak. POS - point of sale , Medicare+Choice and Medicaid, to 1.9 million members in a broad cross section of employer and government-funded groups in 12 markets throughout the Midwest, Mid-Atlantic and Southeast United States. More information is available on the Internet at http://www.cvty.com. |
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