Note 16 - Related-Party Transactions

12 Months Ended

Oct. 03, 2015

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

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.  RELATED-PARTY TRANSACTIONS

The company repurchased 249,310 shares of its common stock for approximately $4.36 million on October 1, 2015 from The Jerry Zucker Revocable Trust, an affiliate of former director Robert B. Johnston. On October 9, 2015, in fiscal year 2016, we repurchased 12,000 shares of our common stock for approximately $210,000 from former director Robert B. Johnston. The total repurchase of 261,310 shares represented approximately 9% of the outstanding shares prior to the transaction. Our lending bank granted a consent dated September 29, 2015 to these repurchases.

In August 2013, we repurchased 25,000 shares of company stock at $18.00 per share for a total of $450,000 from the former owner of M.C. Healthcare. The repurchased shares were originally issued as part of the purchase price of our acquisition of M.C. Healthcare in December 2011. They were repurchased under an existing repurchase program authorized by the Board. Our lending bank waived any event of default in connection with the repurchase of these 25,000 shares.