Manatron Board of Directors Approves $1 Million Share Repurchase Program
October 09 2006 - 8:00AM
PR Newswire (US)
KALAMAZOO, Mich., Oct. 9 /PRNewswire-FirstCall/ -- Manatron, Inc.
(NASDAQ:MANA) a leading provider of software products and services
for local governments, including the Government Revenue
Management(R) (GRM(R)) 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 three percent of the current market value of the
Company's 5.1 million shares outstanding and replaces the previous
repurchase plan announced September 13, 2005, which recently
expired. Manatron Co-Chairman and CEO Paul Sylvester commented, "We
believe the repurchase of Manatron stock represents a very
effective utilization of our cash and resources, based on current
market conditions and the Company's growth strategy. While
liquidity will dictate the amount of stock we repurchase under this
authorization, we intend to buy stock opportunistically in the
coming months, enhancing long-term shareholder value." 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 Florida, Georgia, Illinois, Indiana, Ohio, Tennessee and
Washington. Manatron currently serves approximately 1,300 customers
in 30 states and two Canadian territories. 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/ . CONTACT: Paul Sylvester,
Co-Chairman and CEO Cameron Donahue Manatron, Inc. (269) 567-2900
Hayden Communications, Inc. (651) 653-1854 DATASOURCE: Manatron,
Inc. CONTACT: Paul Sylvester, Co-Chairman and CEO of Manatron,
Inc., +1-269-567-2900, ; or Cameron Donahue of Hayden
Communications, Inc., +1-651-653-1854, , for Manatron, Inc. Web
site: http://www.manatron.com/
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