Common Stock Repurchase Program

12 Months Ended

May 03, 2020

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Common Stock Repurchase Program

23. COMMON STOCK REPURCHASE PROGRAM

On September 5, 2019, we announced that our board of directors approved an authorization for us to acquire up to $5.0 million of our common stock. Under the common stock repurchase program, shares may be purchased from time to time in open market transactions, block trades, through plans established under the Securities Exchange Act Rule 10b5-1, or otherwise. The number of shares purchased, and the timing of such purchases will be based on working capital requirements, market and general business conditions, and other factors including alternative investment opportunities.

During fiscal 2020, we purchased 142,496 shares of our common stock at a cost of $1.7 million, leaving approximately $3.3. million available for future purchases of our common stock pursuant to the authorization approved by our board of directors on September 5, 2019.The board of directors subsequently approved an increase in the company’s share repurchase authorization back up to a total of $5.0 million in March 2020.  However, as part of our comprehensive response to the COVID-19 pandemic, we announced on April 3, 2020 that our board of directors suspended the share repurchase program temporarily given the ongoing economic disruption and uncertainty.

During fiscal 2019, we purchased 160,823 shares of our common stock at cost of $3.3 million, pursuant to the board authorization announced on June 15, 2016. During fiscal 2018, we did not purchase any shares of our common stock.

At May 3, 2020, we had $5.0 million available for additional repurchases of our common stock.