PHILADELPHIA, Jan. 25, 2016 /PRNewswire/ -- CDI Corp. (NYSE: CDI) (the "Company") a provider of client-focused engineering, information technology and staffing solutions, today announced that its Board of Directors has approved a stock repurchase program (the "Program"). Under the Program, CDI is authorized to repurchase up to $20 million of its common stock from time to time and at prices considered appropriate by the company. The stock repurchases may be made via privately negotiated transactions, open market purchases, block trades or by other means at management's discretion in compliance with applicable securities laws. The timing of repurchases and number of shares of common stock to be purchased will depend upon market conditions and other factors. The company is not required to repurchase any specific number of shares and the Program may be modified, suspended or discontinued at any time without prior notice. The Program will remain in effect until fully utilized or until modified, suspended or discontinued.
In connection with the new repurchase program, the Board also approved the elimination of the company's dividend, currently at a quarterly rate of $0.13 per share.
"Our capital allocation strategy reaffirms our commitment to increase shareholder value and our confidence in the financial strength and underlying value of CDI," said Scott J. Freidheim, Chief Executive Officer and President.
CDI Corp. (NYSE: CDI) provides engineering, information technology and staffing solutions. Our customers operate in a variety of industries, ranging from Oil, Gas & Chemicals to Aerospace & Industrial Equipment, and High Technology, and include corporate, federal, state and municipal entities. We serve customers through offices and delivery centers in the United States, Canada and the United Kingdom. We also provide staffing services through our global MRINetwork® of franchisees. Learn more at www.cdicorp.com
Caution Concerning Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements that address expectations or projections about the future are forward-looking statements. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions that are difficult to predict. Because these forward-looking statements are based on estimates and assumptions that are subject to significant business, economic and competitive uncertainties, many of which are beyond our control or are subject to change, actual outcomes and results may differ materially from what is expressed or forecasted in these forward-looking statements. Detailed information about these risks, uncertainties and assumptions may be found in our filings with the SEC, particularly in the "Risk Factors" section of our Form 10-K and the "Management's Discussion and Analysis of Financial Condition and Results of Operations" section of our Form 10-Ks and Form 10-Qs. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. We assume no obligation to update such statements, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE CDI Corp.