The share buyback of common stock was announced in Jan of this year. The actual share count for its common stock is 14,865,370
REDUCING DEBT During the second quarter of fiscal 2009, we retired $3.3 million of our 8% convertible senior subordinated notes at a discount of 29%, resulting in a net gain of $849,000. The retirement of the notes was financed through cash generated from operating activities.
SHARE REPURCHASE PROGRAM On January 6, 2009, the Company’s Board of Directors approved a share repurchase program authorizing the Company to purchase up to $12.6 million of its outstanding common stock. Stock repurchases under this program may be made on the open market or in privately negotiated transactions, depending on factors including market conditions and other factors. The stock repurchase program does not have an expiration date and may be suspended or discontinued at any time.
“We believe an investment in our stock at this time represents an excellent opportunity for us to return value to our shareholders,” said Mr. Richardson.
OUTLOOK “The second quarter financial results reflect continued progress in many key areas of our business. While the current economic crisis limits our visibility to future sales, we remain committed to improving gross margin and reducing costs throughout the company” added Mr. Richardson.
CASH DIVIDEND The Company today also announced that its Board of Directors voted to declare a $0.02 cash dividend per share to all holders of common stock and a $0.018 cash dividend per share to all holders of Class B common stock. The dividend will be payable on February 20, 2009, to all common stockholders of record on February 11, 2009. The Company currently has 14,865,370 outstanding shares of common stock and 3,048,258 outstanding shares of Class B common stock.
