St. Louis, Missouri, April 22, 1999 -- Data Research Associates, Inc. (DRA) (NASDAQ: DRAI) announced today that, with more than 95% of an existing $3 million stock repurchase authorization having been completed, its board had authorized 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 $15.9 million (unaudited) as of the end of the company's fiscal second quarter on March 31, 1999.
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.