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SUBSEQUENT EVENTS
9 Months Ended
Sep. 30, 2011
Notes to Financial Statements 
SUBSEQUENT EVENTS

 

On October 19, 2011, Data I/O’s Board of Directors authorized a stock repurchase program of $1 million over four quarters ending September 30, 2012. The program has been established under a Rule 10b5-1 plan under the Exchange Act to provide flexibility to make purchases throughout the period. Data I/O announced the authorization of a stock repurchase program in a press release dated October 20, 2011.

 

The shares will be purchased in the open market, by block purchases or in private transactions, based on prevailing market conditions and price limits.  The program may be suspended or discontinued at any time. We had approximately 9.3 million shares of common stock outstanding as of October 19, 2011. The 10b5-1 trading plan allows us to repurchase our common stock in the open market during periods in which stock trading is otherwise closed. The discretionary repurchase provisions and the 10b5-1 provisions of the program became effective November 2, 2011 and repurchases will be able to start shortly thereafter.