Insperity Secures $100 Million Credit Facility and Expands Stock Repurchase Authorization
19 Septiembre 2011 - 7:00AM
Business Wire
Insperity, Inc. (NYSE:NSP), a leading provider of human
resources and business performance solutions for America’s best
businesses, announced that it has entered into a $100 million
four-year revolving credit facility. The facility is available for
general corporate purposes, including acquisitions. Amegy Bank
serves as the agent for the lenders and Bank of America and
Woodforest National Bank will also participate in the facility. The
credit facility, which matures on Sept. 15, 2015, is subject to
various covenants that are customary for facilities of this
nature.
Separately, Insperity’s board of directors has authorized an
expansion of its stock repurchase program by an additional 1
million shares. Insperity has repurchased 539,000 shares since June
30, 2011, and as a result of the expansion now has 1,481,278 shares
available for repurchase. Purchases may be made from time to time
in the open market or in privately negotiated transactions. The
company intends to adopt Rule 10b5-1 prearranged stock trading
plans to facilitate the repurchase of its common stock during times
it would not otherwise be in the market due to self-imposed trading
blackout periods or possible possession of nonpublic
information.
Insperity, a trusted advisor to America’s best businesses for
more than 25 years, provides an array of human resources and
business solutions designed to help improve business performance.
InsperityTM Business Performance Advisors offer the most
comprehensive Workforce OptimizationTM solution in the marketplace
that delivers administrative relief, better benefits, reduced
liabilities and a systematic way to improve productivity.
Additional offerings include MidMarket SolutionsTM, Performance
Management, Expense Management, Time and Attendance, Organizational
Planning, Recruiting Services, Employment Screening, Retirement
Services, Insurance Services and Technology Services. Insperity
business performance solutions support more than 100,000 businesses
with over 2 million employees. With 2010 revenues in excess of $1.7
billion, Insperity operates in 56 offices throughout the United
States. For more information, visit http://www.insperity.com.
The statements contained herein that are not historical facts
are forward-looking statements within the meaning of the federal
securities laws (Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934). You can
identify such forward-looking statements by the words “expects,”
“intends,” “plans,” “projects,” “believes,” “estimates,” “likely,”
“possibly,” “probably,” “goal,” “opportunity,” “objective,”
“target,” “assume,” “outlook,” “guidance,” “predicts,” “appears,”
“indicator” and similar expressions. Forward-looking statements
involve a number of risks and uncertainties. In the normal course
of business, Insperity, Inc., in an effort to help keep our
stockholders and the public informed about our operations, may from
time to time issue such forward-looking statements, either orally
or in writing. Generally, these statements relate to business plans
or strategies, projected or anticipated benefits or other
consequences of such plans or strategies, or projections involving
anticipated revenues, earnings, unit growth, profit per worksite
employee, pricing, operating expenses or other aspects of operating
results. We base the forward-looking statements on our
expectations, estimates and projections at the time such statements
are made. These statements are not guarantees of future performance
and involve risks and uncertainties that we cannot predict. In
addition, we have based many of these forward-looking statements on
assumptions about future events that may prove to be inaccurate.
Therefore, the actual results of the future events described in
such forward-looking statements could differ materially from those
stated in such forward-looking statements. Among the factors that
could cause actual results to differ materially are: (i) continued
effects of the economic recession and general economic conditions;
(ii) regulatory and tax developments and possible adverse
application of various federal, state and local regulations; (iii)
the ability to secure competitive replacement contracts for health
insurance and workers’ compensation contracts at expiration of
current contracts; (iv) increases in health insurance costs and
workers’ compensation rates and underlying claims trends, health
care reform, financial solvency of workers’ compensation carriers
and other insurers, state unemployment tax rates, liabilities for
employee and client actions or payroll-related claims; (v) failure
to manage growth of our operations and the effectiveness of our
sales and marketing efforts; (vi) changes in the competitive
environment in the PEO industry, including the entrance of new
competitors and our ability to renew or replace client companies;
(vii) our liability for worksite employee payroll, payroll taxes
and benefits costs; (viii) our liability for disclosure of
sensitive or private information; (ix) our ability to integrate or
realize expected return on our Adjacent Business Strategy,
including acquisitions; and (x) an adverse final judgment or
settlement of claims against Insperity. These factors are discussed
in further detail in Insperity’s filings with the U.S. Securities
and Exchange Commission. Any of these factors, or a combination of
such factors, could materially affect the results of our operations
and whether forward-looking statements we make ultimately prove to
be accurate.
Except to the extent otherwise required by federal securities
law, we do not undertake any obligation to update our
forward-looking statements to reflect events or circumstances after
the date they are made or to reflect the occurrence of
unanticipated events.
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