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Note J - Treasury Stock
 9 Months Ended
Mar. 31, 2025
Notes to Financial Statements  
Equity [Text Block]

J. Treasury Stock

 

At times we purchase our shares under a stock repurchase plan (“Repurchase Plan”) authorized by the Board of Directors. The current total authorized repurchase amount is $18.0 million and as of March 31, 2025, we had approximately $716,000 remaining available under the Repurchase Plan. Under the Repurchase Plan, we may, from time to time, purchase shares of our common stock, depending upon certain market conditions, in open market or privately negotiated transactions. The Fourth Amendment to the Credit Agreement with Wells Fargo effective February 13, 2024, currently prohibits most stock repurchases (see Note F). Until that restriction is modified or removed, we do not intend to purchase our shares other than our longstanding practice of purchasing shares from our employees in exchange for paying the employees’ withholding requirements upon vesting of restricted stock held by the employee. This practice of covering withholding requirements is allowed in the Fourth Amendment to the Credit Agreement with Wells Fargo.

 

Stock repurchases for the three months ended March 31, 2025 were as follows:

 

  

Shares

  

Average Cost

  

Total Cost (in thousands)

 

Shares acquired from employees for restricted stock vesting

  43,880  $3.84  $168 

Total

  43,880      $168 

 

Stock repurchases for the nine months ended  March 31, 2025 were as follows:

 

  

Shares

  

Average Cost

  

Total Cost (in thousands)

 

Shares acquired from employees for restricted stock vesting

  45,287  $3.89  $176 

Total

  45,287      $176 

 

 

Stock repurchases for the three and nine months ended  March 31, 2024 were as follows:

 

  

Shares

  

Average Cost

  

Total Cost (in thousands)

 

Shares acquired from employees for restricted stock vesting

  36,444  $5.95  $217 

Total

  36,444      $217 

 

Shares acquired from employees for restricted stock vesting may be returned to us by the related employees and in return we pay each employee’s required tax withholding resulting from the vesting of restricted shares. The valuation of the shares acquired and thereby the number of shares returned to us is calculated based on the closing share price on the date the shares vested.