FPIC Insurance Group, Inc. Announces Extension of Stock Buyback Program.JACKSONVILLE, Fla.--(BUSINESS WIRE)--July 7, 1999-- FPIC FPIC First Professionals Insurance Company (Jacksonville, FL) FPIC Field Programmable Interconnect FPIC Federal Partnership for Interoperable Communications FPIC Field Programmable Interconnect Chip Insurance Group, Inc. (Nasdaq: FPIC) ("FPIC") announced that its Board of Directors approved the extension of FPIC's Stock Buyback Stock buyback A corporation's purchase of its own outstanding stock, usually in order to raise the company's earnings per share. stock buyback See buyback. Program for an additional 12 months. The Board of Directors, on July 11, 1998, had previously authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: the Company to repurchase up to 500,000 shares of its common stock on the open market for a period of twelve months. As of July 1, 1999, 71,000 shares have been repurchased. Shares will be repurchased on the open market at the discretion of management. "In spite of the success our stock has enjoyed since the public offering, we still consider FPIC an excellent long-term investment," said William R. Russell, President and Chief Executive Officer of FPIC. He also added: "This 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 another example of our commitment to implement strategies that will enhance shareholder value." About the Company FPIC Insurance Group, Inc. and its affiliates have developed a variety of insurance products for participants in the health care industry. These products include: medical professional liability insurance for medical professionals; managed care liability insurance; professional and comprehensive general liability insurance for health care facilities; medicare and medicaid Medicare and Medicaid U.S. government programs in effect since 1966. Medicare covers most people 65 or older and those with long-term disabilities. Part A, a hospital insurance plan, also pays for home health visits and hospice care. fraud and abuse defense coverages; AHCA/OSHA insurance coverage; provider stop loss insurance and third-party administration services. The web address for FPIC Insurance Group, Inc. is: http://www.fpic.com "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. " Statement under 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 This news release contains historical information, as well as 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 are based on FPIC Insurance Group, Inc.'s estimates and expectations of future events. Associated with this are certain risks and uncertainties that could cause actual results to materially differ from those reflected in the forward-looking statements. FPIC's financial position and results of operations are subject to fluctuations due to a variety of factors. Unexpected changes in loss trends in any period could have a materially adverse effect on the company. Reevaluations of loss and loss adjustment expense (LAE) reserves could result in an increase or decrease in reserves and a corresponding adjustment to earnings. (LAE reserves are costs associated with the settlement of claims.) In light of the many uncertainties associated with the forward-looking statement information, historical results of operations are not necessarily indicative of future earnings nor should such information be regarded as a representation by FPIC, or any person associated with FPIC, that FPIC's objectives will be met. |
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