Insperity secures $100 million credit facility and expands stock
repurchase authorization
Houston--(business wire)--insperity, inc. (nyse:nsp), a leading provider of human resources and business performance solutions for america’s best businesses, announced that it has entered into a $100 million four-year revolving credit facility. the facility is available for general corporate purposes, including acquisitions. amegy bank serves as the agent for the lenders and bank of america and woodforest national bank will also participate in the facility. the credit facility, which matures on sept. 15, 2015, is subject to various covenants that are customary for facilities of this nature. separately, insperity’s board of directors has authorized an expansion of its stock repurchase program by an additional 1 million shares. insperity has repurchased 539,000 shares since june 30, 2011, and as a result of the expansion now has 1,481,278 shares available for repurchase. purchases may be made from time to time in the open market or in privately negotiated transactions. the company intends to adopt rule 10b5-1 prearranged stock trading plans to facilitate the repurchase of its common stock during times it would not otherwise be in the market due to self-imposed trading blackout periods or possible possession of nonpublic information. insperity, a trusted advisor to america’s best businesses for more than 25 years, provides an array of human resources and business solutions designed to help improve business performance. insperitytm business performance advisors offer the most comprehensive workforce optimizationtm solution in the marketplace that delivers administrative relief, better benefits, reduced liabilities and a systematic way to improve productivity. additional offerings include midmarket solutionstm, performance management, expense management, time and attendance, organizational planning, recruiting services, employment screening, retirement services, insurance services and technology services. insperity business performance solutions support more than 100,000 businesses with over 2 million employees. with 2010 revenues in excess of $1.7 billion, insperity operates in 56 offices throughout the united states. for more information, visit http://www.insperity.com. the statements contained herein that are not historical facts are forward-looking statements within the meaning of the federal securities laws (section 27a of the securities act of 1933 and section 21e of the securities exchange act of 1934). you can identify such forward-looking statements by the words “expects,” “intends,” “plans,” “projects,” “believes,” “estimates,” “likely,” “possibly,” “probably,” “goal,” “opportunity,” “objective,” “target,” “assume,” “outlook,” “guidance,” “predicts,” “appears,” “indicator” and similar expressions. forward-looking statements involve a number of risks and uncertainties. in the normal course of business, insperity, inc., in an effort to help keep our stockholders and the public informed about our operations, may from time to time issue such forward-looking statements, either orally or in writing. generally, these statements relate to business plans or strategies, projected or anticipated benefits or other consequences of such plans or strategies, or projections involving anticipated revenues, earnings, unit growth, profit per worksite employee, pricing, operating expenses or other aspects of operating results. we base the forward-looking statements on our expectations, estimates and projections at the time such statements are made. these statements are not guarantees of future performance and involve risks and uncertainties that we cannot predict. in addition, we have based many of these forward-looking statements on assumptions about future events that may prove to be inaccurate. therefore, the actual results of the future events described in such forward-looking statements could differ materially from those stated in such forward-looking statements. among the factors that could cause actual results to differ materially are: (i) continued effects of the economic recession and general economic conditions; (ii) regulatory and tax developments and possible adverse application of various federal, state and local regulations; (iii) the ability to secure competitive replacement contracts for health insurance and workers’ compensation contracts at expiration of current contracts; (iv) increases in health insurance costs and workers’ compensation rates and underlying claims trends, health care reform, financial solvency of workers’ compensation carriers and other insurers, state unemployment tax rates, liabilities for employee and client actions or payroll-related claims; (v) failure to manage growth of our operations and the effectiveness of our sales and marketing efforts; (vi) changes in the competitive environment in the peo industry, including the entrance of new competitors and our ability to renew or replace client companies; (vii) our liability for worksite employee payroll, payroll taxes and benefits costs; (viii) our liability for disclosure of sensitive or private information; (ix) our ability to integrate or realize expected return on our adjacent business strategy, including acquisitions; and (x) an adverse final judgment or settlement of claims against insperity. these factors are discussed in further detail in insperity’s filings with the u.s. securities and exchange commission. any of these factors, or a combination of such factors, could materially affect the results of our operations and whether forward-looking statements we make ultimately prove to be accurate. except to the extent otherwise required by federal securities law, we do not undertake any obligation to update our forward-looking statements to reflect events or circumstances after the date they are made or to reflect the occurrence of unanticipated events.
