Company Press Release
MAPICS Directors Approve Share Repurchase Plan
ATLANTA--(BUSINESS WIRE)--Feb. 10, 1999--MAPICS, Inc. (Nasdaq/NM:MAPX - news) today announced that its Board of Directors has authorized a plan to repurchase up to 1.8 million shares of the Company's common stock. The transactions may be made from time to time in the open market at prevailing market prices that the Company deems appropriate. MAPICS has approximately 23.5 million shares outstanding on a fully diluted basis.
''Given the strong operating results for our first quarter and the excellent fundamentals of our business, we believe that the purchase of shares affords MAPICS a highly attractive investment opportunity,'' said Richard C. Cook, president and chief executive officer. ''We are pleased that MAPICS' strong financial position, that includes approximately $30 million in cash, allows us to consider the repurchase of our shares. Although any transactions will depend on market conditions, we believe we can effectively execute against this authorization while maintaining our corporate goal of continuing to enhance our software solutions through product development, joint ventures and strategic acquisitions.''
MAPICS, Inc., headquartered in Atlanta, Georgia, is one of the world's leading providers of Enterprise Resource Planning (ERP) application software for manufacturers. Over 2,400 customers have selected MAPICS XA, its current product line. Through affiliate relationships, the Company provides solutions to customers in more than 70 countries. MAPICS, Inc. serves such customers as Bayer Corp.; General Electric Co., P.L.C.; Goodyear Tire & Rubber Co.; Honda Motor Co., Ltd.; IBM; Michelin Corp.; Volvo Corp.; Westinghouse Electric Corp. and York International. For more information, visit MAPICS' home page on the World Wide Web at www.mapics.com.
|
