Quarterly report pursuant to Section 13 or 15(d)

Stock Repurchase

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Stock Repurchase
9 Months Ended
Sep. 30, 2011
Stock Repurchase [Abstract]  
Stock Repurchase

NOTE E – STOCK REPURCHASE

 

On August 22, 2011, the Company announced that its Board of Directors approved a share repurchase program to repurchase up to $2,000,000 of shares of its common stock over the next 12 months.  The common stock may be repurchased from time to time in open market transactions or privately negotiated transactions in the Company's discretion.  The timing and amount of the shares repurchased is determined by management based on its evaluation of market conditions and other factors.  The repurchase program may be increased, suspended or discontinued at any time.  During the three month period ended September 30, 2011, the Company repurchased 247,050 shares at an average price per share of $1.26 or an aggregate cost of approximately $314,000.  All such repurchased shares have been cancelled.