CDI Corp. Board of Directors Authorizes Stock Repurchase Program
Philadelphia, Pa. (December 27, 2000) -- CDI Corp. (NYSE: CDI) announced that
its Board of Directors today approved the repurchase of up to $20 million of the
company's outstanding common stock over a six-month period. Purchases will be
made from time to time depending upon the company's share price.
The repurchases will be accomplished through open market purchases and privately
negotiated transactions. There are currently approximately 19.1 million shares
of common stock outstanding. The company believes that, at current price levels,
the repurchase of its shares represents an attractive investment opportunity
which will benefit the company and its shareholders.
Company Information
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Philadelphia-based CDI Corp., including its Management Recruiters International
and Todays Staffing subsidiaries, comprises the world's largest search and
recruitment organization and is a global top 10 provider of staffing,
outsourcing and technical consulting services. In 1999, nearly 100,000 people
worked on company assignments, including specialists in information technology,
engineering and engineering support, and legal, administrative and office
support, and MRI placed another 35,000 people in a wide range of careers. In
1999, CDI had revenues of more than $1.6 billion. CDI and its franchisees
operate more than 1,325 offices in 18 countries. For more information about CDI
services and job opportunities, visit www.cdicorp.com.
Safe Harbor Statement
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Certain information in this news release contains forward-looking statements as
such term is defined in Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. Certain forward-looking statements
can be identified by the use of forward-looking terminology such as "believes,"
"expects," "may," "will," "should," "seeks," "approximately," "intends,"
"plans," "estimates," or "anticipates" or the negative thereof or other
comparable terminology, or by discussions of strategy, plans or intentions.
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Forward-looking statements involve risks and uncertainties that could cause
actual results to differ materially from those in the forward-looking
statements. These include risks and uncertainties such as competitive market
pressures, material changes in demand from larger customers, availability of
labor, the company's performance on contracts, changes in customers' attitudes
towards outsourcing, government policies or judicial decisions adverse to the
staffing industry, changes in economic conditions, unforeseen events associated
with the disposition of discontinued operations, delays or unexpected costs
associated with implementation of computer systems, delays or unexpected costs
in making modifications to existing software and converting to new software to
resolve issues related to Year 2000 and failure of third parties to provide Year
2000 compliant products and services. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of the date
hereof. The company assumes no obligation to update such information.
For more information, contact:
Greg Cowan
Executive Vice President, Chief Financial Officer
Tel: (215) 636-1207
E-mail: [email protected]
Tim Fitzpatrick
Vice President, Corporate Communications
Tel: (215) 636-1107
E-mail: [email protected]
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