TMP Worldwide Announces Share Repurchase Plan
NEW YORK, Sep 3, 2002 (BUSINESS WIRE) -- TMP Worldwide Inc. (NASDAQ: TMPW), the world's leading supplier of human capital solutions, including the pre-eminent Internet career portal Monster(R), today announced that its Board of Directors has approved a share repurchase plan.
Under the terms of the plan, TMP Worldwide is authorized to repurchase up to five million shares of common stock. The company intends to purchase the shares from time-to-time on the open market as conditions warrant. The Board has authorized these purchases to occur over a period of 18 months. As of September 2, the Company had approximately 111.7 million shares outstanding, including 4,762,000 shares of Class B common stock.
Andrew J. McKelvey, Chairman and CEO of TMP Worldwide, said, "Our financial position affords us the capability to repurchase shares and enhance TMP's overall shareholder value. Further, the share repurchase program announced today is a testament to our commitment to and confidence in the long-term growth prospects of TMP Worldwide."
About TMP Worldwide
Founded in 1967, TMP Worldwide Inc., with more than 8,500 employees in 33 countries, is the online recruitment leader, the world's largest Recruitment Advertising agency network, and one of the world's largest Executive Search & Executive Selection agencies. TMP Worldwide, headquartered in New York, is also the parent company of Monster, the leading global online careers property, the world's largest Yellow Pages advertising agency and a provider of direct marketing services. The Company's clients include more than 90 of the Fortune 100 and more than 490 of the Fortune 500 companies. In June 2001, TMP Worldwide was added to the S&P 500 Index. More information about TMP Worldwide is available at www.tmp.com.
Special Note: Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: Except for historical information contained herein, the statements made in this release constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve certain risks and uncertainties, including statements regarding the company's strategic direction, prospects and future results. Certain factors, including factors outside of our control, may cause actual results to differ materially from those contained in the forward- looking statements, including economic and other conditions in the markets in which we operate, risks associated with acquisitions, competition, seasonality and the other risks discussed in our Form 10-K and our other filings made with the Securities and Exchange Commission, which discussions are incorporated in this release by reference.