Quarterly report pursuant to Section 13 or 15(d)

Note 6 - Stock Repurchase Program

v2.4.0.6
Note 6 - Stock Repurchase Program
 9 Months Ended
Jun. 30, 2012
Treasury Stock [Text Block]
NOTE 6 - Stock Repurchase Program

On January 17, 2007, the Company announced a Stock Repurchase Program under the terms of which up to a million shares of its common stock could be purchased during the subsequent twelve months. In March 2008, the repurchase program was expanded up to a total of 2,000,000 shares to be acquired through December 31, 2009.  In February 2009, the Board further expanded the repurchase program to a maximum of 3,000,000 shares to be acquired through December 31, 2010.  On March 25, 2010, the Board extended the period of the Stock Repurchase Program through December 31, 2011. In December 2011, the Board further extended the period of the Stock Repurchase Program through December 31, 2012.  From the program’s onset through June 30, 2012, the total number of shares repurchased by the Company is 1,925,829.  The Stock Repurchase Program authorizes purchases in privately negotiated transactions as well as in the open market.  In October 2008, the Company's board of directors authorized repurchases in private transactions under the Stock Repurchase Program of shares issued under the Company's equity compensation plans to directors, employees and other service providers at the market price on the effective date of the repurchase request. Total repurchases under this amendment are limited to an aggregate of 250,000 shares per calendar year and to a maximum of 25,000 shares annually per individual.  Purchases under this amendment for the nine months ended June 30, 2012 and 2011 were 1,000 and 5,750 shares, respectively.

Issuer Purchases of Equity Securities:
 
Details of Treasury Stock Purchases to Date through June 30, 2012
 
       
Period:
 
Total
Number
of Shares
Purchased
   
Average
Price Paid
Per
Share
   
Aggregate Number
of Shares Purchased
As Part of Publicly
Announced Program
   
Maximum Number
of Shares that May
Yet be Purchased
Under the Program
 
                       
January 1, 2007  –  March 31, 2012
    1,915,829     $ 3.33       1,915,829       1,084,171  
April 1, 2012 – April 30, 2012
    -       -       1,915,829       1,084,171  
May 1, 2012 – May 31, 2012
    -       -       1,915,829       1,084,171  
June 1, 2012 – June 30, 2012
    10,000       5.43       1,925,829       1,074,171  
Quarterly Subtotal
    10,000       5.43       1,925,829          
Total
    1,925,829     $ 3.34       1,925,829       1,074,171