Stock Repurchase Plan

12 Months Ended

Jun. 30, 2020

Stock Repurchase Plan

Stock Repurchase Plan

11.       Stock Repurchase Plan

On March 5, 2018, the Company announced its Board of Directors authorized the repurchase of up to one million shares of the Company’s common stock.  In February 2019 we completed the purchase of the authorized one million shares, and the Board of Directors authorized the repurchase of an additional 500,000 shares of the Company’s common stock under a new repurchase program that replaces and supersedes the prior repurchase program.  Repurchases may be made at the discretion of management through open market or privately negotiated transactions or any combination of the same.  Open market purchases may be made pursuant to trading plans subject to the restrictions and protections of Rule 10b5-1 and/or Rule 10b-18 of the Exchange Act.  The repurchase program does not have an expiration date.  No purchases were made under this program during the three months ended June 30, 2020.  At June 30, 2020, there were 364,298 shares available for repurchase under the program.