St. Louis, Missouri, October 20, 1998 -- Data Research Associates, Inc. (DRA) (NASDAQ: DRAI) announced today that its Board of Directors has authorized the repurchase of its Common Stock in an aggregate amount of up to $3 million in purchase price. 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 $15.8 million (unaudited) as of the end of the company's fiscal third quarter on June 30, 1998.
"This plan reflects the board's continuing confidence in our long-term prospects," said Michael J. Mellinger, Chairman, President and CEO. "We view the repurchase of our shares as an attractive investment opportunity and a further means of returning value to our shareholders."
The company previously completed the repurchase of approximately $3 million of its Common Stock in July of 1998 under a prior 12-month stock repurchase program.
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.