DENVER--(BUSINESS WIRE)--The board of directors of Command Center, Inc. (OTCQB: CCNI), a national provider of on-demand and temporary staffing solutions, has authorized a new three-year, $5.0 million stock repurchase program, effective September 5, 2017.
The program replaces the company’s prior three-year, $5.0 million repurchase program, which was put into place on April 20, 2015. Under the prior plan, approximately 6.1 million shares were purchased and retired for $2.9 million, or approximately $0.47 per share. During the fourth quarter of 2016, the company suspended purchases under the prior 2015 repurchase plan, and no shares have been purchased subsequent to that time. As of the effective date of the current 2017 repurchase plan, the prior 2015 plan is no longer in effect.
“Share repurchases have and will continue to be an important component of our capital allocation strategy,” said Bubba Sandford, president and CEO of Command Center. “Our strong financial results for the past several quarters have strengthened our balance sheet, providing not only the flexibility to opportunistically repurchase our own shares but also allowing us to continue evaluating additional store openings and potential acquisitions. We continue to believe these strategies are optimal for driving long-term shareholder value.”
The shares authorized to be repurchased under the new repurchase program may be purchased from time to time at prevailing market prices, through open market or in negotiated transactions, depending upon market conditions. Activity in the repurchase program will begin immediately and will be funded using the company’s working capital. There is no guarantee as to the exact number of shares that will be repurchased by the company or the timeframe within which they may be purchased. The company may discontinue repurchases under the plan if management determines additional repurchases are not warranted.
About Command Center
Command Center provides flexible on-demand employment solutions to businesses in the United States, primarily in the areas of light industrial, hospitality and event services. Through 66 field offices, the company provides employment annually for approximately 34,000 field team members working for over 3,200 clients. For more information about Command Center, go to www.commandonline.com.
Important Cautions Regarding Forward-Looking Statements
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks, including, but not limited to, national, regional and local economic conditions, the availability of workers’ compensation insurance coverage, the availability of capital and suitable financing for the company's activities, the ability to attract, develop and retain qualified store managers and other personnel, product and service demand and acceptance, changes in technology, the impact of competition and pricing, government regulation, and other risks set forth in our most recent reports on Forms 10-K and 10-Q filed with the Securities and Exchange Commission, copies of which are available on our website at www.commandonline.com and the SEC website at www.sec.gov. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by these cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.