Note J - Treasury Stock

6 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Equity [Text Block]

J. Treasury Stock

We purchase shares under a stock repurchase plan (“Repurchase Plan”) authorized by the Board of Directors. The total authorized repurchase amount is $18.0 million and as of December 31, 2023, we had approximately $716,000 remaining available under the Repurchase Plan. Under the Repurchase Plan, we may, from time to time, purchase shares of our common stock, depending upon market conditions, in open market or privately negotiated transactions. The Fourth Amendment to the Credit Agreement with Wells Fargo effective February 13, 2024, prohibits most stock repurchases (see Footnote F). As a result, until that restriction is modified or removed the Company does not intend to purchase its shares other than its longstanding practice of purchasing shares from its employees in exchange for paying the employees’ withholding requirements upon vesting of restricted stock held by the employee.

There were no stock repurchases for the three and six months ended December 31, 2023.

Stock repurchases for the three months ended December 31, 2022, were as follows:

	Shares		Average Cost		Total Cost (in thousands)
Shares purchased under Repurchase Plan		68,570	$	8.19	$	562
Shares acquired from employees for restricted stock vesting		—		—		—
Total		68,570			$	562

Stock repurchases for the six months ended December 31, 2022, were as follows:

	Shares		Average Cost		Total Cost (in thousands)
Shares purchased under Repurchase Plan		115,365	$	9.18	$	1,059
Shares acquired from employees for restricted stock vesting		—		—		—
Total		115,365			$	1,059

Stock repurchase costs include commissions and fees.

Shares acquired from employees for restricted stock vesting may be returned to us by the related employees and in return we pay each employee’s required tax withholding resulting from the vesting of restricted shares. The valuation of the shares acquired and thereby the number of shares returned to us is calculated based on the closing share price on the date the shares vested. We did not receive any shares associated with the vesting of employee restricted stock during either of the three month periods ending December 31, 2023, or 2022.