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Common Stock Repurchase Program

6 Months Ended

Nov. 03, 2019

22. Common Stock Repurchase Program

On September 5, 2019, we announced that our board of directors approved an authorization for us to acquire up to $5.0 million of our common stock. Through the end of our second quarter of fiscal 2020, we did not repurchase any of our common stock pursuant to this authorization, and therefore have $5.0 million available for future common stock share repurchases.

Under the common stock repurchase program, shares may be purchased from time to time in open market transactions, block trades, through plans established under the Securities Exchange Act Rule

10b5-1,

or otherwise. The number of shares that can be purchased and the timing of such purchases will be based on working capital requirements, market and general business conditions, and other factors, including alternative investment opportunities.

During the

six-month

period ended October 28, 2018, we purchased 36,880 shares of common stock at a cost of $844,000. The 36,880 shares were purchased pursuant to a prior authorization approved by our board of directors on June 15, 2016.