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Contact:
Dave Mooney
Public Relations, Equifax
404-885-8117 (o)
EQUIFAX AGGRESSIVELY REPURCHASING STOCK
Company Sends Strong Message:
Stock Currently Undervalued -- A Great Buy
ATLANTA, September 14, 1998 -
Equifax is aggressively repurchasing its shares after assessing stock market conditions and concluding its stock is undervalued and a great buy.
"Equifax believes that the repurchase of our stock is an excellent investment and a good move to return value to our shareholders," said Thomas F. Chapman, Equifax president and CEO. "We have maintained the philosophy of stock repurchase for many years. Since 1992, Equifax has repurchased 38 million shares at a cost of $643 million. The current market conditions present a very attractive buying opportunity, thus taking advantage of the current low purchase price of Equifax stock, which we consider undervalued."
The company's board of directors last authorized a stock repurchase program in October 1997. In 1998, the company has thus far repurchased $63 million in stock. There remains $160 million available for stock repurchase.
In authorizing the repurchase, Chapman stressed the demonstration of confidence in the company's direction and strategic growth plans by the company's officers and board of directors. "Equifax consistently builds for the long term. Our recent acquisitions in Brazil, our expansion of our knowledge engineering capability with the acquisition of The Decisioneering Group in July and our partnership with IBM in electronic commerce, announced in June, have all enabled the company to move forward in the global market."
EQUIFAX (NYSE: EFX) is a worldwide leader in shaping global commerce by bringing buyers and sellers together through its information, transaction processing, consulting and knowledge-based businesses. Equifax serves the banking, financial, retail, credit card, telecommunications/utilities, transportation and healthcare industries and government. Founded in 1899, Atlanta-based Equifax today has 14,000 employees in 18 countries and sales in more than 40 countries. Revenues for the 12 months ended June 30, 1998, were nearly $1.5 billion. For more Equifax information, visit the company's Internet web site at http://www.equifax.com.
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Statements in this press release that relate to future plans, objectives, expectations, performance, events and the like are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934. Future events, risks and uncertainties, individually or in the aggregate, could cause actual results to differ materially from those expressed or implied in these statements. Those factors could include worldwide and U.S. economic conditions, changes in demand for the company's products and services, risks associated with the integration of acquisitions and other investments, and other factors discussed in the "forward-looking information" section in the management's discussion and analysis included in the company's annual report on Form 10-K for the year ended December 31, 1997.
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