Company's Commitment to Buying Back Stock Remains Strong
DETROIT, Aug. 29 /PRNewswire-FirstCall/ -- 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
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, Compuware
Communications and Investor Relations, +1-313-227-7345
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