The Board of Directors of Century Business Services, Inc. has authorized a stock repurchase plan for up to one million shares of stock over the next six months.
The stock is expected to be used for future corporate acquisitions and for strengthening its employee stock plan. Over 95 million shares of CBIZ stock are currently outstanding.
CBIZ indicates that this plan does not require them to repurchase any stock, but merely gives management the leeway needed to pursue strategic objectives.
"Given our current financial condition and at current share price, we believe that purchasing our stock will be a very prudent use of our funds," stated CEO Steven Gerard.