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Stock Repurchase Program
3 Months Ended
Sep. 26, 2015
Stock Repurchase Program [Abstract]  
STOCK REPURCHASE PROGRAM

8. STOCK REPURCHASE PROGRAM

On April 24, 2014, the Board of Directors authorized a share repurchase program for $20 million of common stock. The Company may repurchase the shares from time to time in open market or private transactions, at the discretion of the Company’s management.

During the three month period ended September 26, 2015, the Company repurchased 464,957 shares for an aggregate cost of approximately $5.8 million. During the three month period ended September 27, 2014, the Company repurchased 250,547 shares for an aggregate cost of approximately $2.3 million. Current cash balances and the proceeds from stock option exercises and purchases in the employee stock purchase plan have funded stock repurchases in the past. As of September 26, 2015, the Company had approximately $10.0 million of repurchase authority remaining under the 2014 share repurchase program. Due to the pending acquisition of the Company, no future share repurchases are scheduled.