UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) February 10, 2005
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CENTURY BUSINESS SERVICES, INC.
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(Exact Name of Registrant as Specified in Its Charter)
Delaware 22-2769024
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(State or Other Jurisdiction of (I.R.S. Employer Identification No.)
Incorporation or Organization)
0-25890
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(Commission File Number)
6050 Oak Tree Boulevard South, Suite 500
Cleveland, Ohio 44131
(Address of Principal Executive Offices)
(Zip Code)
Registrant's Telephone Number, Including Area Code 216-447-9000
ITEM 8.01 OTHER EVENTS.
On February 10, 2005, the Board of Directors of Century Business Services, Inc.
(the "Company" or "CBIZ") authorized the purchase of up to 5,000,000 shares of
its outstanding common stock to be obtained in open market or privately
negotiated purchases during 2005.
As of January 31, 2005, CBIZ had approximately 75.9 million shares of its common
stock outstanding. CBIZ's Board of Directors believes that its repurchase plan
is a prudent use of the Company's financial resources, and that investing in its
own shares is an attractive use of capital and an efficient means to provide
value to CBIZ stockholders. CBIZ anticipates that it will obtain all of the
funds necessary to purchase shares under the repurchase program, and to pay
related fees and expenses, by borrowing under its existing secured revolving
credit facility. This authorization allows such purchases to the extent
permitted under the Company's current credit facility, without further
amendment.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CENTURY BUSINESS SERVICES, INC.
Date: February 15, 2005
/s/ MICHAEL W. GLEESPEN
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Michael W. Gleespen
Corporate Secretary