DailyTrends.com Small Cap Update: Manatron (MANA)

	Chris Lahiji Daily Trends.com
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Manatron is the backbone behind making local governments work.

Through its e-government and appraisal services divisions, the company provides software and services for local government auditors, treasurers, assessors, and other officials. Manatron Appraisal Services provides property appraisal services that help local government offices in the US and Canada with revaluation planning, implementation studies, and tax equalization.

The Manatron eGovernment division provides local government software that supports back-office financial and property processes and public access to information over the Internet.

Manatron (MANA) finished the quarter with working capital of $12.0 million, $4.4 million in cash, and no bank debt. Shareholders' equity was $22.5 million compared to $23.6 million as of April 30, 2005. It also purchased Plexis Group, which should be nicely accretive to earnings.

In my eyes, the stock has stumbled on a couple recent bumps on the road, but should be back on track heading into 2006.

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