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Stock Repurchase
|
9 Months Ended |
|---|---|
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Sep. 30, 2012
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| Notes to Financial Statements | |
| 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 (“Share Repurchase Program”). 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 Share Repurchase Program may be increased, suspended or discontinued at any time. On January 31,
2012, the Board of Directors increased the Share Repurchase Program to purchase up to an additional $2,000,000 (or an aggregate
of $4,000,000) of the Company’s common stock for the next 12 months. During the three month period
ended September 30 2012, the Company did not repurchase any shares.
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