KFORCE BOARD INCREASES SHARE REPURCHASE AUTHORIZATION UP TO $100 MILLION; SECURES $100 MILLION OF FIXED RATE DEBT AT 1.86 PERCENT; ENTERS INTO A 10B5-1 TRADING PLAN EFFECTIVE THROUGH MAY 7, 2020

TAMPA, Fla., March 18, 2020 (GLOBE NEWSWIRE) -- Kforce Inc. (Nasdaq: KFRC), a provider of professional staffing services and solutions, today announced several steps Kforce has taken against the current market backdrop. 

David M. Kelly, Chief Financial Officer, said, “Last week, we took a proactive measure to mitigate liquidity risk for the Firm and secured $100 million in debt at a historically low interest rate of 1.86% under our existing Credit Facility for a period of up to five years. In addition, our Board of Directors approved an increase in aggregate remaining share repurchase authorization to $100 million, an increase of roughly $70 million. We also entered into a corporate 10b5-1 trading plan, which allows us to repurchase stock through the duration of our current blackout period.”

David L. Dunkel, Chairman and Chief Executive Officer, said, “We believe these steps are just another signal of our financial strength and our belief in the long-term value of Kforce. We have prepared our Firm over the last several years to be in a strong financial position with virtually no leverage, a strong balance sheet, 100% domestic revenue footprint with 80% concentrated in Technology staffing and an exceptional client portfolio. We continue to believe the secular drivers of demand in technology have fundamentally changed the trajectory and persistence of technology investments and utilization of flexible labor to meet this demand. Given the strength in these secular drivers, we would expect the performance of the domestic technology market to perform well, relatively speaking, even during adverse macroeconomic environments.”

About Kforce

Kforce Inc. is a professional staffing services and solutions firm that specializes in the areas of Technology and Finance and Accounting. Each year, through our network of approximately 50 offices and two national delivery centers, we provide opportunities for over 30,000 highly skilled professionals who work with over 4,000 clients, including 70% of the Fortune 100. At Kforce, our promise is to deliver great results through strategic partnership and knowledge sharing. For more information, please visit our website at http://www.kforce.com.