Manatron Board of Directors Approves $1 Million Stock Buyback
15 October 2007 - 10:00PM
PR Newswire (US)
KALAMAZOO, Mich., Oct. 15 /PRNewswire-FirstCall/ -- Manatron, Inc.
(NASDAQ:MANA) the nation's leading provider of integrated,
enterprise-level property tax solutions for state and local
governments announced that its Board of Directors has approved a
new, $1 million stock repurchase program. The new authorization
extends through October 31, 2008 and replaces the previous
authorization which expires October 31, 2007. The Company has
repurchased approximately $500,000 of its stock under the previous
program. The stock repurchased will be classified as "authorized
but unissued" and all purchases shall be made from or through only
one broker or dealer in any one day. Any purchase of the Company's
common stock will be made through a systematic program of open
market purchases subject to availability, regulatory and other
constraints, as well as general economic conditions. "The Board of
Directors and the officers of the Company agree that repurchasing
our common stock represents an appropriate use of our cash," said
Paul Sylvester, Manatron's Chief Executive Officer. "We have made a
lot of progress with our new GRM(R) suite of software and the
execution of our business plan. However, in our opinion, this
progress is not fully reflected in our valuation. Accordingly, we
intend to buy stock opportunistically during the next 12 months
enhancing long-term shareholder value." About Manatron, Inc.:
Manatron is focused on providing software and services to enable
state and local governments in North America to completely, fairly
and efficiently assess real and personal property, and to bill and
collect the related property taxes in their jurisdictions. The
Company's software manages the entire property life cycle, which
includes deed recording, land records, GIS (Geographic Information
System) integration, valuation, assessment administration, personal
property, business licenses, cashiering, tax billing and
collection, delinquents and tax sales, and e-government. Manatron's
revenues are primarily generated from software license fees,
software maintenance fees, professional services, and sales of
hardware, forms and supplies. Professional services consist of data
conversions, installation, training, project management, hardware
maintenance, forms processing and printing, consulting and
appraisal services. Manatron is headquartered in Portage, Michigan
and has offices in Florida, Georgia, Illinois, Indiana, Minnesota,
New York, Ohio, Pennsylvania, Texas and Washington. Manatron
currently serves approximately 1,400 customers in 40 states, two
Canadian territories, South Africa and the U.S. Virgin Islands.
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 or Cameron Donahue Manatron, Inc. Hayden
Communications, Inc. (269) 567-2900 (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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