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Common Stock Buyback Authorization
3 Months Ended
Feb. 28, 2015
Common Stock Buyback Authorization [Abstract]  
Common Stock Buyback Authorization

NOTE 3 – COMMON STOCK BUYBACK AUTHORIZATION

 

On January 23, 2015, our Board of Directors approved a new plan to repurchase up to $10.0 million of the Company’s outstanding common stock.  All previously existing common stock repurchase plans were canceled and the new common share repurchase plan does not have an expiration date.  Following approval of this common stock repurchase plan, we have purchased a total of 88,959 shares of our common stock for $1.6 million through February 28, 2015.

 

On March 27, 2015, our Board of Directors increased the aggregate value of shares of Company common stock that may be purchased under the January 2015 plan to $40.0 million so long as we have either $10.0 million in cash and cash equivalents or have access to debt financing of at least $10.0 million.  However, the actual timing, number, and value of common shares repurchased under this plan will be determined at our discretion and will depend on a number of factors, including, among others, general market and business conditions, the trading price of common shares, and applicable legal requirements.  The Company has no obligation to repurchase any common shares under the authorization, and the repurchase plan may be suspended, discontinued, or modified at any time for any reason.