Seems like the cashflow is strong enough, and the price low enough, that mgmt might just use the share repurchase to buy back the company. Don't give away your shares! $5M is close to 10% of the non-insider float. This share buyback is pretty high for such a small company. But I am glad they have held back from buying companies with their cash, the experience in Italy shows they need to do a better job of identifying the costs. I wonder what the VP of M&A has been doing? Hopefully, he is on leave.