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NASHVILLE, Tenn.--(BUSINESS WIRE)--Aug. 12, 2003--Renal Care Group,
Inc. (NYSE:RCI - News) today announced that its Board of Directors authorized
an extension of its stock repurchase program through December 2004 and
an increase in the plan from $200 million to $250 million. The Board
of Directors previously increased the authorized amount under the repurchase
program from $100 million to $200 million in November 2002. Through August
8, 2003, the Company had repurchased $111.8 million of its common stock
under the repurchase program, leaving $138.2 million available for further
repurchases prior to December 2004.
The Company intends to repurchase its stock from time to time at prices
prevailing in the market or in privately negotiated transactions on
conditions acceptable to the Company. The actual number of shares
repurchased, the
timing of purchases and the price paid will be at the Company's discretion
and will depend on market conditions and other relevant factors. Repurchased
shares are held in Renal Care Group's treasury and will be available
for resale and for general corporate purposes. As of August 8, 2003,
the Company had approximately 49.1 million common shares outstanding,
net of 3.5 million shares held in treasury.
Renal Care Group, Inc. is a specialized dialysis services company that
provides care to patients with kidney disease. The Company treats over
21,100 patients at more than 270 owned outpatient dialysis facilities,
in addition to providing acute dialysis services at approximately 120
hospitals. Over 6,500 associates provide services across the Company's
27-state network. More information about Renal Care Group, Inc. may be
found at www.renalcaregroup.com.
Certain statements in this press release constitute "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements, which are usually
preceded by words like expect, plan, intend, will and the like, include
statements regarding our financial outlook for 2003 and any other statements
that necessarily depend on future events. These forward-looking statements
reflect management's expectations and are based upon currently available
information. These forward-looking statements involve known and unknown
risks, uncertainties and other factors that may cause actual results,
performance or achievements of Renal Care Group to differ materially
from those expressed in or implied by the forward-looking statements,
including risks related to: compliance with health care and other applicable
laws; changes in the Medicare and Medicaid programs; risks related to
the drug Epogen (EPO); payment reductions by private insurers, hospitals
or managed care organizations; the integration of acquired companies;
executive succession and dependence on executive officers; and changes
in the health care delivery, financing or reimbursement systems. These
and other factors affecting the Company are discussed in more detail
in Renal Care Group's reports filed with the Securities and Exchange
Commission, including without limitation Renal Care Group's most recent
annual report on Form 10-K and any quarterly reports on Form 10-Q filed
after that annual report. Copies of these filings are available from
Renal Care Group upon request.
Contact:
Renal Care Group, Inc., Nashville
R. Dirk Allison, 615/345-5500
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