You raise excellent questions. They need to get their ARS's freed up. So far, they have all sorts of plans for cash which include the stock buy back and aquisitions. In reality, they need the cash to finance projectors to customers because of this credit crunch. They are financing the recent 35 projectors sold as indicated by the quote below:
"Digital Link II, LLC, an entity formed and co-financed by REAL D and Ballantyne, will fund the projector purchases."
If the 35 systems go for $65,000 each, that totals $2.3 million. Their cash sure won't go far, especially if they were hoping to do hundreds of projector sales per month.
The buy back authorization sounds nice but it is just that ... authorization and not a firm comitment. I don't see enough cash for any significant buyback without interfering with other goals (at least until credit flows again).
I don't think they even can afford one share a day. I talked to investor relations the other day and he got so pissed at me because I told him what a lousy job management was doing and where I thought the price of the stock was going. I told him under $1 when it was $2 and he said I didn't know what I was talking about and I was just a hostile shareholder. I told him at least I was a shareholder that at one time believed in the company since I owned more shares than management. He told me that you don't understand with the Enron era management doesn't want to have to much of there net worth to the company since they already have there salary at the company. All I can say is if it is undervalued and they believe in the company it is easy money. Management is telling you everything.