This is a clever move. For a stock that has an effective float of about 6.5 million shares (24M - 13.5M -4m), 500,000 shares is significant. I have seen this done before. In LCI's population of shareholders, there are those who would sell their shares at the current prices and of course those who want to hold on for the long term. What this does is provide those who want to sell their shares at current prices a way to get out without depressing the stock some more. Once they are gone, only those with long term sentiments will remain and they will not trade at such low prices. In addition, there is a small reduction in dilution.
I hope when they release their bad earnings that they initiate their stock re-purchase program to reduce the amount of tankage in the price. They have got to attract more institutional interest and positive analyst coverage by presenting a realistic plan of unequivocal bonafide growth.