CDC Software Provides Update on Share Buyback Plan
March 15 2010 - 7:30AM
Business Wire
CDC Software Corporation (NASDAQ: CDCS), a global provider of
enterprise software solutions and services, today announced the
company, management and affiliates have purchased a total of
243,609 shares at an average price of $9.68 per share as part of
its 10b5-1 trading plan, begun in September 2009, to repurchase
American Depositary Shares (ADS) in the open market, based on
various prices.
“The company believes its shares are significantly undervalued,”
said Bruce Cameron, president of CDC Software. “CDC Software just
reported excellent results for its fourth quarter and year end with
record operating cash flow of $53 million and non-GAAP earnings per
share of $1.31 for 2009 and Adjusted EBITDA margin of 27 percent in
the fourth quarter. In fact, our Adjusted EBITDA margin was higher
than the average of many of our software peers. We also expect 2010
Non-GAAP earnings per share to be in the range of $1.50 to 1.55, an
increase of 15-18 percent from 2009.”
About CDC Software
CDC Software (NASDAQ: CDCS), The Customer-Driven Company™, is a
provider of enterprise software applications and a full range of
services designed to help organizations deliver a superior customer
experience, while increasing efficiencies and profitability.
Leveraging a service-oriented architecture (SOA), CDC Software
offers multiple delivery options for their solutions including
on-premise, hosted, cloud-based SaaS or blended-hybrid deployment
offerings. CDC Software’s solutions include enterprise requirements
planning (ERP), manufacturing operations management, enterprise
manufacturing intelligence, supply chain management (demand
management, order management and warehouse and transportation
management), e-Commerce, human capital management, customer
relationship management (CRM), complaint management and aged care
solutions.
CDC Software’s recent acquisitions are part of its “acquire,
integrate, innovate and grow” strategy. Fueling the success of this
strategy is the company’s global scalable business and
technology infrastructure featuring multiple complementary
applications and services, domain expertise in vertical markets,
cost effective product engineering centers in India and China, a
highly collaborative and fast product development process utilizing
Agile methodologies, and a worldwide network of direct sales and
channel operations. This strategy has helped CDC Software deliver
innovative and industry-specific solutions to more than 6,000
customers worldwide within the manufacturing, distribution,
transportation, retail, government, real estate, financial
services, health care, and not-for-profit industries. For more
information, please visit www.cdcsoftware.com.
About CDC Corporation
The CDC family of companies includes CDC Software (NASDAQ: CDCS)
focused on enterprise software applications and services, CDC
Global Services focused on IT consulting services, and outsourced
R&D and application development, CDC Games focused on online
games, and China.com, Inc. (HKGEM:8006) focused on portals for the
greater China markets. For more information about CDC Corporation
(NASDAQ: CHINA), please visit www.cdccorporation.net.
Cautionary Note Regarding Forward-Looking Statements
This press release includes "forward-looking statements" within
the meaning of the United States Private Securities Litigation
Reform Act of 1995, including statements relating to, among other
things, our belief that CDC is undervalued, our beliefs regarding
the continuation and extent of management and company purchases of
CDC shares, the effect of the company’s new share repurchase
program and other statements which are not historic fact. These
statements are based on management's current expectations and are
subject to risks and uncertainties and changes in circumstances.
There are important factors that could cause actual results to
differ materially from those anticipated in the forward-looking
statements, including the following: (a) the ability to realize
strategic objectives by taking advantage of market opportunities in
targeted geographic markets; (b) the ability to make changes in
business strategy, development plans and product offerings to
respond to the needs of current, new and potential customers,
suppliers and strategic partners; (c) the ability to integrate
operations or new acquisitions in accordance with the company's and
its subsidiaries’ business strategies; (d) the effects of
restructurings and rationalization of operations; (e) the ability
to address technological changes and developments including the
development and enhancement of products; (f) the ability to develop
and market successful products and services; (g) the entry of new
competitors and their technological advances; (h) the need to
develop, integrate and deploy products and services that meet
customer's requirements; (i) the possibility of development or
deployment difficulties or delays; (j) the dependence on customer
satisfaction with the company's and its subsidiaries’ products and
services; (k) continued commitment to the deployment of the
company’s and its subsidiaries’ products and services, including
enterprise software solutions; (l) risks involved in developing
software solutions and integrating them with third-party software
and services; (m) the continued ability of the company's enterprise
software solutions to address client-specific requirements; (n)
demand for, and market acceptance of, new and existing enterprise
software and services and the positioning of the company's
solutions; (o) the popularity and market acceptance of CDC Games'
existing and new games; and (p) the continued growth of the online
games industry in our target markets, including China. Further
information on risks or other factors that could cause results to
differ is detailed in our filings or submissions with the United
States Securities and Exchange Commission, and those of our
ultimate parent company, CDC Corporation. All forward-looking
statements included in this press release are based upon
information available to management as of the date of the press
release, and you are cautioned not to place undue reliance on any
forward looking statements which speak only as of the date of this
press release. The company assumes no obligation to update or alter
the forward looking statements whether as a result of new
information, future events or otherwise. Historical results are not
indicative of future performance.
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