PAREXEL board approves stock repurchase program

PAREXEL International Corporation (Nasdaq: PRXL) announced today that its Board of Directors has approved a stock repurchase program authorizing the repurchase of up to $200 million of the Company's common stock, subject to the consent of the Company's lenders.  There is no set expiration date for the program. 

The Company intends to use cash on hand, cash generated from operations, existing credit facilities, or other financing to fund the share repurchase program.  As of June 30, 2012, the Company had cash and cash equivalents of approximately $214 million, and availability under its existing lines of credit of $175 million. 

The program does not obligate the Company to acquire any particular amount of common stock, and it could be modified, extended, suspended or discontinued at any time. 

The timing and amount of repurchases will be determined by PAREXEL's management based on a variety of factors such as trading price, corporate requirements, and overall market conditions, and will be subject to applicable legal requirements including federal and state securities laws.  Purchases will be made in open market transactions effected through a broker dealer at prevailing market prices, in block trades, or in privately negotiated transactions.  Shares may also be purchased pursuant to a trading plan meeting the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. 

The Company had approximately $6 million remaining under a previous stock repurchase program, which has now been canceled.  As of June 30, 2012, PAREXEL had approximately 60.1 million common shares outstanding.

Mr. Josef von Rickenbach, Chairman and CEO of PAREXEL stated, "We are committed to optimizing the capital structure of the Company and to creating and enhancing shareholder value.  We're pleased that the strength of our business fundamentals allows us to demonstrate our confidence through this stock repurchase program.  We remain positive about the long-term growth and profitability opportunities that lie ahead of us, and look forward to keeping shareholders apprised of our progress."