RESTON, Va.--(BUSINESS WIRE)--
MAXIMUS (NYSE: MMS), a leading provider of government services
worldwide, announced today that its Board of Directors has authorized a
$150 million increase to its share repurchase program.
In 2011, the MAXIMUS Board of Directors authorized the repurchase of up
to an aggregate of $125.0 million of the Company’s common stock, of
which $43.7 million remained available at June 18, 2014.
Under the authorization, the Company may also repurchase shares with the
proceeds from stock option exercises. MAXIMUS will purchase shares
opportunistically at prevailing market prices, through open market or
unsolicited negotiated transactions, depending upon market conditions.
Repurchased shares will be held in treasury and used for general
corporate purposes such as issuance under employee stock plans.
Richard A. Montoni, President and Chief Executive Officer of MAXIMUS,
commented, “Our solid financial position gives us the ability to
continue repurchasing our shares. This most recent increase to the
authorization demonstrates our ongoing commitment to deploy capital,
while maintaining the financial flexibility needed to continue to invest
and grow the business.”
MAXIMUS is a leading operator of government health and human services
programs in the United States, United Kingdom, Canada, Australia and
Saudi Arabia. The Company delivers business process services to improve
the cost effectiveness, efficiency and quality of government-sponsored
benefit programs, such as Medicaid, Medicare, Children's Health
Insurance Program (CHIP), Health Insurance BC (British Columbia), as
well as welfare-to-work and child support programs around the globe. The
Company's primary customer base includes federal, provincial, state,
county and municipal governments. Operating under its founding mission
of Helping Government Serve the People®, MAXIMUS has
approximately 11,000 employees worldwide. For more information, visit www.maximus.com.
Lisa Miles, 703-251-8637