They repurchased 20 million dollars of their stock in less than three weeks.
Wow! They repurchased 20 million dollars of their stock in less than three weeks.
On December 6, 2012, the company announced that its Board of Directors approved a program to repurchase up to $20.0 million of the company's outstanding shares of common stock from time to time until June 30, 2013. The company has subsequently repurchased all of the initially authorized $20.0 million of common stock.
They wasted no time and were smart to do it when the price is abnormally low. With another $15 mil going toward it, they should end up getting 4+ million shares out of the outstanding share pool. Higher earnings per share is well on its way!