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Stock Repurchase
3 Months Ended
Dec. 29, 2013
Stock Repurchase  
Stock Repurchase

6.                                      Stock Repurchase

 

In June 2013, our Board of Directors authorized a stock repurchase program (the “Stock Repurchase Program”) under which we may currently repurchase up to $100 million of Tetra Tech common stock.  In November 2013, our Board of Directors amended the Stock Repurchase Program, effective on November 18, 2013, to revise the pricing parameters and to extend the program through fiscal 2014.  Stock repurchases may be made on the open market or in privately negotiated transactions with third parties.  Because the repurchases under the Stock Repurchase Program are subject to certain pricing parameters, there is no guarantee as to the exact number of shares that will be repurchased under the program.  From the inception of the Stock Repurchase Program through December 29, 2013, we repurchased through open market purchases a total of 855,200 shares at an average price of $23.39 per share, for a total cost of $20.0 million.  All of these shares were repurchased and settled during the second half of fiscal 2013.

 

Subsequent Event.  Our Board of Directors has authorized the amendment of our stock repurchase program to revise the pricing grids and to commit $30 million of the $100 million authorized buyback to be expended prior to the end of our fiscal year.