SUNGARD DATA SYSTEMS AUTHORIZES STOCK REPURCHASE PLAN
SUNGARD DATA SYSTEMS AUTHORIZES STOCK REPURCHASE PLAN WAYNE, Pa., Nov. 13 /PRNewswire/ -- SunGard Data Systems Inc.
(NASDAQ-NMS: SNDT) announced today that its board of directors has authorized the company to purchase up to $5 million of its common stock during the next 12 months.
The company said repurchases will be made from time to time in the open market, at the discretion of management. At current prices, the maximum number of shares of the company's common stock that could be purchased under this plan represents approximately 2 percent of the company's 15,124,000 shares outstanding as of Sept. 30, 1991. Shares purchased under the new plan will be used for the company's stock option and award plans and other general corporate purposes. In addition, the company said it expects to continue its historical practice of buying its common stock in the open market for reissuance under its employee stock purchase plan. SunGard Data Systems Inc. is the only large specialized provider of proprietary investment support systems to the financial services industry and is the pioneer and a leading provider of comprehensive computer disaster recovery services. The company's common stock is reported on the NASDAQ National Market System under the symbol SNDT. /delval/ -0- 11/13/91 /CONTACT: David D. Gathman, 215-341-8709, or Michael J. Ruane, 215-341-8718, both of SunGard Data Systems/ CO: SunGard Data Systems Inc. ST: Pennsylvania IN: CPR SU: LJ-MK -- PH034 -- 4083 11/13/91 16:03 EST
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|Date:||Nov 13, 1991|
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