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Letter to the Editor

Reynolds and Reynolds Reports Third Quarter Earnings Per Share Grow 24 Percent

The Reynolds and Reynolds Company has reported net income of $30 million for the third fiscal quarter ended June 30, 2002. Earnings per share were 41 cents, a 24 percent increase over last year's 33 cents per share. Revenues of $251 million were slightly above last year.

"We are pleased with our performance in the third quarter," Lloyd "Buzz" Waterhouse, chief executive officer, chairman and president, said. "We have seen steady, quarter-to-quarter improvement through the first three quarters. Automotive retailers see the need to upgrade their infrastructure to more effectively compete in an increasingly connected automotive retailing environment. Our new Reynolds Generations Series(TM) family of integrated solutions, utilizing advanced Internet-based technology, is building solid momentum in the market. Despite a tenuous economic environment, flat spending on information technology, and the change in the Microsoft CarPoint business model, we see significant opportunity ahead.

"General customer availability for our initial Reynolds Generations Series offering, comprised of integrated Web brand management and customer management modules, began in late April. We're encouraged by the strong rate of orders and customer enthusiasm. The component architecture inherent in the .NET framework for the Reynolds Generations Series has enabled us to quickly expand the capabilities of our Customer Management solution. We now support over 30 lead formats including Internet, walk-in and telephone. This is a significant competitive advantage for Reynolds in the customer relationship management (CRM) space over competitors which only support Internet leads."

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