diff --git a/src/htm/Makefile.am b/src/htm/Makefile.am
index 85480402..e524bf27 100644
--- a/src/htm/Makefile.am
+++ b/src/htm/Makefile.am
@@ -1,10 +1,13 @@
-MDTOOL_OPTS = --verbose
-
 theme_SCRIPTS = thememan.exe thememan
 themedir = $(bindir)
 
+mdtool_verbose = $(mdtool_verbose_$(V))
+mdtool_verbose_ = $(mdtool_verbose_$(AM_DEFAULT_VERBOSITY))
+mdtool_verbose_0 = @echo "  MDTOOL  " $@; $(MDTOOL) build $< > /dev/null;
+mdtool_verbose_1 = $(MDTOOL) --verbose build $<;
+
 thememan.exe: htm-mono.csproj
-	$(MDTOOL) $(MDTOOL_OPTS) build $<
+	$(mdtool_verbose)
 
 clean-local:
 	rm -f thememan.exe thememan.exe.config thememan.exe.mdb thememan Main.resources