DETROIT--August 15, 2007--Compuware Corporation (NASDAQ: CPWR) today announced that, due to current unfavorable conditions in the credit market, the company will not take on debt to fund additional stock buyback activity. Compuware will continue to repurchase shares as market conditions allow under its remaining discretionary authorization, but will discontinue its 10b5-1 stock repurchase plan this week.
"Since fiscal 2004, Compuware has benefited its shareholders by repurchasing more than 115 million shares of the company’s stock with nearly $1 billion in cash," said Compuware Chairman and Chief Executive Officer Peter Karmanos, Jr. "As the company evaluated additional buyback plans over the last several days, conditions in the credit market worsened substantially. Given these conditions, the company no longer believes it is prudent to borrow money to fund further buyback activity at this time. Compuware remains committed to buying back its stock under the right conditions and intends to continue to make repurchases under its remaining discretionary authorization."
Compuware Corporation
Compuware Corporation (NASDAQ: CPWR) maximizes the value IT brings to the business by helping CIOs more effectively manage the business of IT. Compuware solutions accelerate the development, improve the quality and enhance the performance of critical business systems while enabling CIOs to align and govern the entire IT portfolio, increasing efficiency, cost control and employee productivity throughout the IT organization. Founded in 1973, Compuware serves the world's leading IT organizations, including more than 90 percent of the Fortune 100 companies. Learn more about Compuware at http://www.compuware.com/.
:: Compuware Press Contact
Lisa Elkin, Vice President, Corporate Communications and Investor Relations, 313-227-7345, lisa.elkin@compuware.com
:: For sales or marketing information:
Compuware Corporation One Campus Martius Detroit, MI 48226 800-521-9353 http://www.compuware.com
