Compuware Announces Additional $200 Million Stock Repurchase Authorization |
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Compuware Corp.
1 Campus Martius
Detroit, MI, 48226
USA
Press release date: August 29, 2007
Company's Commitment to Buying Back Stock Remains Strong
DETROIT, Aug. 29 / -- Compuware Corporation (NASDAQ:CPWR) today announced that the company's Board of Directors has authorized the repurchase of an additional $200 million of the company's common stock. The company will purchase Compuware stock on the open market from time-to-time based upon market and business conditions.
This $200 million dollar discretionary authorization is in addition to the $300 million discretionary authorization announced on August 22, 2006. As of August 28, 2007, $25 million remained from the $300 million authorization.
"For some time now I have stressed how committed Compuware is to driving shareholder value through the repurchasing of the company's stock, and today's announcement further illustrates that commitment," said Compuware Chairman and Chief Executive Officer Peter Karmanos, Jr. "While we currently do not think borrowing money to repurchase our stock -- due to the issues currently facing the credit market -- is a prudent fiscal move, we do believe that continuing to use our cash reserves to fund buyback activity is a proper course of action. Furthermore, today's announcement is a clear indicator of the confidence I have in the changes we are making across the company and in the future success of our business."
Compuware Corporation Compuware Corporation (NASDAQ:CPWR) maximizes the value IT brings to the business by helping CIOs more effectively manage the business of IT. Compuware solutions accelerate the development, improve the quality and enhance the performance of critical business systems while enabling CIOs to align and govern the entire IT portfolio, increasing efficiency, cost control and employee productivity throughout the IT organization. Founded in 1973, Compuware serves the world's leading IT organizations, including more than 90 percent of the Fortune 100 companies. Learn more about Compuware at http://www.compuware.com/.
For Sales or Marketing Information Compuware Corporation, One Campus Martius, Detroit, MI, 48226, 800-521-9353, http://www.compuware.com/
Press Contact Lisa Elkin, Vice President, Compuware Communications and Investor Relations, 313-227-7345
FCMN Contact: steve_reilly@compuware.com
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