HMS Holdings Announces Use of Share Repurchase Authorization
NEW YORK--(BUSINESS WIRE)--
Holdings Corp. (NASDAQ: HMSY) today announced that its Board of
Directors has authorized management to repurchase shares of the
Company's common stock pursuant to a previously approved Share
Repurchase Plan. Under that Plan, the Company is authorized to
repurchase up to $10.6 million of the Company's common stock.
The timing and amount of shares repurchased will be determined by the
Company's management based on its evaluation of market conditions and
other factors. The program under which the repurchase will be made may
be suspended or discontinued at any time. Any repurchased shares will be
available for use in connection with its stock plans and for other
Commenting on the repurchase, Bill Lucia, Chief Executive Officer of
HMS, said, "The repurchase of the Company's shares reflects management's
confidence in our ability to generate cash while investing in innovation
and growth opportunities. We believe it is an excellent long-term
investment and demonstrates our continuing commitment to enhancing
About HMS Holdings Corp.
Holdings Corp. (NASDAQ: HMSY), through its subsidiaries, is the
nation's leader in coordination
of benefits and program
integrity services for healthcare payers. HMS's
health and human services programs in more than 40 states; commercial
programs, including commercial plans, employers,
and over 120 Medicaid
managed care plans; the Centers for Medicare and Medicaid
Services (CMS); and Veterans
Administration facilities. As a result of the company's services,
clients recovered over $2 billion in 2011, and saved nearly $7 billion
through the prevention of erroneous payments.
Safe Harbor Statement
This press release contains "forward-looking statements" within the
meaning of the U.S. Private Securities Litigation Reform Act of 1995.
Such statements give our expectations or forecasts of future events;
they do not relate strictly to historical or current facts.
Forward-looking statements can be identified by words such as
"anticipates," "estimates," "expects," "projects," "intends," "plans,"
"believes," "will," "target," "seeks," "forecast" and similar
expressions and references to guidance. In particular, these include
statements relating to future actions, business plans, objects and
prospects, and future operating or financial performance.
Forward-looking statements are based on our current expectations and
assumptions regarding our business, the economy and other future
conditions. Should known or unknown risks or uncertainties materialize,
or should underlying assumptions prove inaccurate, actual results could
differ materially from past results and those anticipated, estimated or
projected. We caution you therefore against relying on any of these
Factors that could cause or contribute to such differences include, but
are not limited to: government regulatory, political and budgetary
pressures that could affect the procurement practices and operations of
healthcare organizations; changes in the United States healthcare
environment, including as a result of the pending Supreme Court decision
on the ACA; the development by competitors of new or superior products
or services; the emergence of new competitors, or the development by our
clients of in-house capacity to perform the services we offer; all the
risks inherent in the development, introduction, and implementation of
new products and services; our ability to manage our growth and its
demands on our resources and infrastructure; our ability to successfully
integrate our acquisitions; our ability to retain clients or the loss of
one or more major clients; client dissatisfaction or early termination
of contracts triggering significant costs or liabilities; our compliance
with the covenants and obligations under the terms of our credit
facility and our ability to generate sufficient cash to cover our
interest and principal payments thereunder; variations in our results of
operations; negative results of government reviews, audits or
investigations to verify our compliance with contracts and applicable
laws and regulations; changing conditions in the healthcare industry
which could simplify the payment process and reduce the need for and
price of our services; our ability to continue to secure contracts
through the competitive bidding process and to accurately predict the
cost and time to complete such contracts; our failure to comply with
laws and regulations governing health data or to protect such data from
theft and misuse; and, our ability to maintain effective information
systems and protect them from damage or interruption. A further
description of these and other risks, uncertainties, and related matters
can be found in our Annual Report on Form 10-K for the fiscal year ended
December 31, 2011, which is available at www.hms.com
under the "Investor Relations" tab. Any forward-looking statements made
by us in this press release speak only as of the date of this release.
Factors or events that could cause actual results to differ may emerge
from time to time and it is not possible for us to predict all of them.
We undertake no obligation to publicly update forward-looking
statements, whether as a result of new information, future events or
otherwise, except as may be required by law.
HMS Holdings Corp.
Francesca Marraro (media relations)
Saenz (investor relations)
Source: HMS Holdings Corp.
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