The Company also announced today that its Board of Directors has increased the aggregate dollar value of common stock authorized for repurchase under its May 2002 stock repurchase program from $10 million to $15 million. Under the May 2002 stock repurchase program, which terminates on May 25, 2003, the Company may repurchase shares of its common stock as market and business conditions warrant, in open market, negotiated, and block transactions.
"With this purchase of 500,000 shares, the Company has purchased over 5 million shares for a total expenditure of $44.4 million, since the inception of the repurchase program in May, 1998," said Bill Stone, President, CEO, and Chairman of the Board. "The Board's authorized increase in the amount of the stock repurchase program illustrates our continued confidence in the strength of the company's business fundamentals and the long-term prospects of SS&C," continued Stone. "At current market levels, we believe our stock represents an attractive investment opportunity, and our repurchase program reflects our ongoing commitment to enhance shareholder value."