9. MODIFIED DUTCH AUCTION TENDER OFFER

3 Months Ended

Jun. 30, 2014

Modified Dutch Auction Tender Offer

NOTE 9-MODIFIED DUTCH AUCTION TENDER OFFER

NOTE 9—MODIFIED DUTCH AUCTION TENDER OFFER

On July 9, 2014 the Company announced that it commenced a modified “Dutch auction” self-tender offer to repurchase for cash shares of its common stock up to an aggregate purchase price of $25 million. The tender offer began on July 9, 2014, and will expire at 5:00 p.m., New York City time, on August 6, 2014, unless extended or earlier terminated by the Company. Under the terms of the proposed tender offer, the Company’s stockholders will have the opportunity to tender some or all of their shares at a price within the range of $6.50 to $6.70 per share. The closing price of the Company’s common stock on July 31, 2014 was $6.40 per share.