Hoover's Inc (HOOV) Message Board

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Technology Stocks : Hoover's Inc (HOOV)

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To: A.L. Reagan who wrote (756)	12/21/2000 7:47:16 PM
From: A.L. Reagan	of 848

Reuters rewrite: Hoover's okays stock buyback up to 10 percent AUSTIN, Texas, Dec 21 (Reuters) - Hoover's Inc. (NASDAQ: HOOV), an online business information Web site, said on Thursday its board approved a stock buyback of up to 10 percent of its 15.5 million outstanding shares. The stock would be repurchased from time to time in the open market and would be subject to general market conditions and the price of its ordinary shares, the company said. Shares of Hoover's Thursday closed up 3/8 at $1-9/16 on Nasdaq. The company's 52-week high was $13-11/16 while its low was 9/16. "We feel our stock is grossly undervalued, and this decision to repurchase shares reflects our trust in the strength of Hoover's and the fact that we have capital significantly in excess of that needed to meet our operating needs until we reach profitability," Patrick Spain, Hoover's chairman, said in a statement. "Hoover's has been unfairly lumped in with all the dot-coms that never had a business model and are running out of cash," he said. Hoover's has been in business 10 years and as of Sept. 30 had $42 million in cash, or $2.70 per share. ----------------------------------------------------

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