St. Louis, Missouri, October 1, 1999 -- Data Research Associates, Inc. (DRA) (NASDAQ: DRAI) announced today that its board had authorized an additional stock repurchase in an aggregate amount of up to $2 million. From time to time over the next twelve months, DRA management may, at its discretion, make purchases in the open market and through privately negotiated transactions, subject to general market and other conditions. The company expects to finance the buyback out of existing cash, cash equivalents and short-term investments, which totaled $16.0 million (unaudited) as of the end of the company's fiscal third quarter on June 30, 1999.
This $2 million repurchase is in addition to $2 million authorized by the board in April of 1999. Company President and CEO Michael J. Mellinger noted that more than 95% of that repurchase had been completed at the time of the additional authorization.
DRA, headquartered in St. Louis, is a leading systems integrator for libraries and other information providers, offering its own proprietary information services software; third-party software and hardware; Internet, World Wide Web and other networking services; and other related support services. Its World Wide Web page is located at http://www.dra.com.
