Charles River Associates (NASDAQ:CRAI), a worldwide leader in providing economic, financial, and management consulting services, today announced that its Board of Directors has authorized a $20 million expansion of its share repurchase program. During the fourth quarter of fiscal 2021, CRA has repurchased $5.0 million of its common stock at an average price per share of $97.38 leaving the company with $30.5 million remaining under its previous share repurchase authorization.
“This additional share repurchase authorization, along with our quarterly dividend, reflects the Board’s confidence in CRA’s business and supports our aim of returning half of adjusted net cash flows from operations to our shareholders,” said Paul Maleh, CRA’s president and chief executive officer. “We remain committed to maximizing long-term value per share through the prudent deployment of capital, including our commitment to return capital to our shareholders while simultaneously investing to grow our business.”
CRA may repurchase shares in the open market or in privately negotiated transactions in accordance with applicable insider trading and other securities laws and regulations. The timing, amount and extent to which CRA repurchases shares will depend upon market conditions and other factors it may consider in its sole discretion.
