Reynolds and Reynolds Expands Share Repurchase Program
23 September 1998
Reynolds and Reynolds Expands Share Repurchase Program; Board Authorizes Increase of 4 Million SharesDAYTON, Ohio, Sept. 23 -- The Reynolds and Reynolds Company announced today that its board of directors has increased the company's existing share repurchase authorization by 4 million shares. Combined with the existing authorization of approximately 1.4 million shares, the company is now authorized to repurchase approximately 5.4 million shares of its Class A common stock. Through the third fiscal quarter, the company had repurchased approximately 1.8 million shares. For the third quarter ended June 30, 1998, the average number of common shares and common share equivalents was 81.4 million. Reynolds Chairman, President and CEO David R. Holmes said, "Our strong cash flow and growth prospects enable us to continue to drive shareholder value through share repurchases, capital expenditures, acquisitions, and dividend payments." Reynolds and Reynolds, headquartered in Dayton, Ohio, is a leading provider of integrated information management systems and related value-added services to automotive and general business markets. The company has reported revenues of over $1.5 billion for the 12 months ended June 30, 1998. For more information on Reynolds and Reynolds, visit the company's World Wide Web site on http://www.reyrey.com, or call The Reynolds and Reynolds Information Hotline at 888-4REYREY.