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Global Board Authorizes Share Repurchases - Tuesday, May 17, 2005
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FOR IMMEDIATE RELEASE SYMBOL: GISX Tuesday, May 17, 2005 TRADED: Nasdaq
GLOBAL IMAGING SYSTEMS BOARD AUTHORIZES SHARE REPURCHASES
Directors Authorize up to $20 Million in Repurchases of Common Shares
TAMPA, Fla., May 17--Global Imaging Systems, Inc. (Nasdaq: GISX) announced today that its Board of Directors has authorized repurchases of up to $20 million of the company's common stock. As of May 16, 2005, Global had 23.5 million shares outstanding. The shares closed yesterday at $30.00.
Global Imaging Chairman and CEO Tom Johnson said, "This program is effective immediately and we intend to make purchases from time to time in either the open market or through private transactions, in accordance with Securities and Exchange Commission requirements. In two previous buy-backs during fiscal 2001 and 2002, we repurchased approximately $14 million in Global shares."
Mr. Johnson added, "The Board's new authorization reflects our strong cash flow, which we feel is more than adequate to fund both the repurchase program and our ongoing acquisition program. We just reported record revenues and net income for our 10th full year of operations in what we call a decade of excellence. Now, this repurchase program allows us to add to our industry-leading profitability with a further enhancement in our overall return to shareholders."
Global Imaging Systems offers thousands of middle-market customers a one-stop shop for office technology solutions from 184 locations in 30 states and the District of Columbia. The company provides a broad line of office technology solutions including the sale and service of automated office equipment, network integration services, and electronic presentation systems. The company is also a disciplined, profitable consolidator in the highly fragmented office technology solutions industry.
This news release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Although the company believes that comments reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Possible risks and uncertainties regarding these statements include, but are not limited to, the company's determination from time to time whether to purchase any shares under the repurchase program.
-0- /CONTACT: Tom Johnson, Chairman and CEO, Global Imaging Systems, Inc., 813/960-5508 or Investor Relations Consultants, Inc., 727/781-5577 or E-mail: gisx@mindspring.com/ |
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