Coventry Health Care Initiates Share Repurchase Program.Business Editors/Health & Medical Writers BETHESDA, Md.--(BUSINESS WIRE)--Dec. 20, 1999 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
Stock repurchases may be made from time to time at prevailing prices in the open market, by block purchase, or in private transactions. Coventry currently has approximately 64.3 million diluted shares of common stock outstanding. "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. "At today's stock price, dedicating a portion of free cash to share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. is a prudent way to enhance shareholder value without disrupting our continuing progress in building the Company." Coventry Health Care is a managed health care company based in Bethesda, Maryland operating health plans under the names Coventry Health & Life Insurance Company, Principal Health Care, HealthAmerica, HealthAssurance, HealthCare USA, Group Health Plan, Southern Health and Carelink. 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 Risk and Medicaid to 1.5 million members in a broad cross section of employer and government-funded groups in 15 markets throughout the Midwest, Mid-Atlantic and Southeast United States. More information is available on the Internet at http://www.cvty.com. The Company will make stock purchases in compliance with SEC Rule 10b-18. There is no commitment or obligation on the part of Coventry to purchase any particular number of shares and the program may be suspended at any time at the Company's discretion. This press release contains forward-looking statements made pursuant to the 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. 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 described in the Company's Annual Report on Form 10-K for the year ended December 31, 1998 filed with the Securities and Exchange Commission. |
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