DETROIT, Aug. 15 /PRNewswire-FirstCall/ -- Compuware Corporation
(Nasdaq: CPWR) today announced that, due to current unfavorable conditions
in the credit market, the company will not take on debt to fund additional
stock buyback activity. Compuware will continue to repurchase shares as
market conditions allow under its remaining discretionary authorization,
but will discontinue its 10b5-1 stock repurchase plan this week.
"Since fiscal 2004, Compuware has benefited its shareholders by
repurchasing more than 115 million shares of the company's stock with
nearly $1 billion in cash," said Compuware Chairman and Chief Executive
Officer Peter Karmanos, Jr. "As the company evaluated additional buyback
plans over the last several days, conditions in the credit market worsened
substantially. Given these conditions, the company no longer believes it is
prudent to borrow money to fund further buyback activity at this time.
Compuware remains committed to buying back its stock under the right
conditions and intends to continue to make repurchases under its remaining
discretionary authorization."
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
Certain statements in this release that are not historical facts,
including those regarding the Company's future plans, objectives and
expected performance, are "forward-looking statements" within the meaning
of the federal securities laws. These forward-looking statements represent
our outlook only as of the date of this release. While we believe any
forward- looking statements we have made are reasonable, actual results
could differ materially since the statements are based on our current
expectations and are subject to risks and uncertainties. These risks and
uncertainties are discussed in the Company's reports filed with the
Securities and Exchange Commission. Readers are cautioned to consider these
factors when relying on such forward-looking information. The Company does
not undertake, and expressly disclaims any obligation, to update or alter
its forward-looking statements whether as a result of new information,
future events or otherwise, except as required by applicable law.
SOURCE Compuware Corporation
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Related links:
http://www.compuware.com
http://www.prnewswire.com/comp/112310.html /
CONTACT:
Lisa Elkin, Vice President of Compuware
Communications and Investor Relations, +1-313-227-7345
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