Board of Directors Approves $1 Million Share Repurchase Program
September 13 2005 - 5:02PM
PR Newswire (US)
KALAMAZOO, Mich., Sept. 13 /PRNewswire-FirstCall/ -- Manatron, Inc.
(NASDAQ:MANA) a leading provider of software products and services
for local governments, including the newly introduced Government
Revenue Management(TM) (GRM(TM)) software, today announced that its
Board of Directors authorized the purchase of up to $1 million of
the Company's stock during the next 12 months. This amount
represents approximately 2.3 percent of the current market value of
the Company's 4.5 million shares that are outstanding, and is twice
the authorized amount compared to the previous repurchase plan.
This authorization replaces the previous repurchase plan announced
on October 13, 2004, which recently expired. Manatron President and
CEO Paul Sylvester commented, "We believe the repurchase of
Manatron stock represents the most effective utilization of our
cash and resources, based on the Company's competitive position in
the marketplace and our long-term strategy. While liquidity will
dictate the amount of stock we repurchase under this authorization,
we intend to buy stock opportunistically in the coming months." Any
purchases of shares will be made through a systematic program of
open market purchases subject to availability, regulatory and other
constraints, and general economic conditions. About Manatron, Inc.:
Manatron, Inc. designs, develops, markets and supports a family of
web-based and client/server application software products for
county, city and township governments. Manatron's products support
the back-office processes for these government agencies and
facilitate the broader business processes via eGovernment and
Internet features, such as Internet payments and mortgage lender
integration, targeted at the needs of taxpayers and industry
professionals. Manatron also provides mass appraisal services,
which includes the assessment of residential, commercial and other
types of properties to ensure updated and equitable property
valuations. Manatron is headquartered in Portage, Michigan and has
offices in California, Florida, Georgia, Illinois, Indiana, North
Carolina, Ohio, Tennessee and Virginia. Manatron currently serves
approximately 1,300 customers in 28 states and three Canadian
provinces. Information about Manatron, Inc. is available at the
Company's site on the World Wide Web at http://www.manatron.com/.
Safe Harbor Statement: The information provided in this news
release may include forward-looking statements relating to future
events, such as the development of new products, the commencement
of production, or the future financial performance of the Company.
Actual results may differ from such projections and are subject to
certain risks including, without limitation, risks arising from:
changes in the rate of growth of the local government market,
increased competition in the industry, delays in developing and
commercializing new products, adequacy of financing and other
factors described in the Company's most recent annual report on
Form 10-K filed with the Securities and Exchange Commission, which
can be reviewed at http://www.sec.gov/ . DATASOURCE: Manatron, Inc.
CONTACT: Paul Sylvester, President and CEO of Manatron, Inc.,
+1-269-567-2900, ; or Matthew Hayden, President of Hayden
Communications, Inc., +1-843-272-4653, , for Manatron, Inc. Web
site: http://www.manatron.com/
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