Reynolds and Reynolds Q2 Earnings Rise
DAYTON, Ohio--The Reynolds and Reynolds Company this week reported net income of $26 million for the second quarter of fiscal year 2004.
DAYTON, Ohio--The Reynolds and Reynolds Company this week reported net income of $26 million for the second quarter of fiscal year 2004.
The company attributes the increase to growing sales of the Reynolds Generation Series Suite, Contract Management and Reynolds Web Solutions. Also, UnitedAuto Group partnered with Reynolds this quarter to bring its dealer management system onto the Reynolds platform at all U.S. franchises.
For the full fiscal year, "revenue growth will be modest--in the 2 percent to 4 percent range," said Dale Medford, executive vice president and chief financial officer. A strong cash flow let the company buy back 2.1 million shares for $58 million this quarter. It will continue repurchasing shares throughout the year.
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