CALABASAS, Calif.--(BUSINESS WIRE)--On Assignment, Inc. (NYSE: ASGN) announced today that its Board of
Directors approved a new stock repurchase program, under which the
Company may repurchase up to $150 million of its common stock over the
next two years. Under terms of the program, purchases can be made in the
open market or under a Rule 10b5-1 trading plan. This program is
effective immediately and supersedes the previous $100 million
repurchase authorization ($98 million was remaining under the
authorization). The stock repurchase program does not obligate the
Company to acquire any particular amount of the Company’s stock, and it
may be suspended at any time at the Company’s discretion.
Commenting on the stock repurchase program, Peter Damaris, President and
CEO of On Assignment, stated, “Since the acquisition of Creative Circle
in June 2015, we have reduced our leverage ratio from 3.8 times (ratio
of debt to trailing Adjusted earnings before interest, income taxes,
depreciation and amortization) to 2.8 times at the end of the preceding
quarter. The reduction in our leverage ratio reflects our strong free
cash flow generation (which we used to pay down debt). We are trending
to reduce our leverage ratio to below 2.5 times prior to the end of the
third quarter. We believe that the repurchase program is currently an
attractive way for us to return value to our stockholders and does not
preclude us from pursuing attractive business development opportunities.”
About On Assignment
On Assignment, Inc. (NYSE: ASGN), is a leading global provider of
in-demand, skilled professionals in the growing technology, and life
sciences sectors, where quality people are the key to success. The
Company goes beyond matching resumes with job descriptions to match
people they know into positions they understand for temporary,
contract-to-hire, and direct hire assignments. Clients recognize On
Assignment for their quality candidates, quick response, and successful
assignments. Professionals think of On Assignment as career-building
partners with the depth and breadth of experience to help them reach
their goals.
On Assignment, which is based in Calabasas, California, was founded in
1985 and went public in 1992. The Company has a network of branch
offices throughout the United States, Canada, United Kingdom, and
Europe. To learn more, visit http://www.onassignment.com.
Contact:
On Assignment, Inc.
Ed Pierce, 818-878-7900
Chief Financial Officer