Reynolds and Reynolds Board of Directors Increases Share Authorization by 5 Million Shares
20 June 2000
Reynolds and Reynolds Board of Directors Increases Share Authorization by 5 Million SharesDAYTON, Ohio - The Reynolds and Reynolds Company's board of directors today increased the existing share repurchase authorization by 5 million shares to 6.7 million shares, approximately eight percent of the company's Class A Common shares outstanding. "We believe that Reynolds stock represents an attractive investment, especially at current market prices," said David R. Holmes, chairman and CEO. "Share repurchase as well as aggressive investments that drive growth in our automotive business demonstrate our commitment to enhancing shareholder value." Reynolds and Reynolds, headquartered in Dayton, Ohio, provides advanced solutions for the worldwide automotive retailing marketplace. The company reported revenues of $1.56 billion in fiscal year ended Sept. 30, 1999. Certain statements in this news release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements are based on current expectations, estimates, forecasts and projections of future company or industry performance based on management's judgment, beliefs, current trends and market conditions. Forward-looking statements made or to be made by or on behalf of the company may be identified by the use of words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions. Forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Actual outcomes and results may differ materially from what is expressed, forecasted or implied in the forward-looking statements. See also the discussion of factors that may affect future results contained in the company's Current Report on Form 8-K filed with the SEC on February 9, 2000, which we incorporate herein by reference. The company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.