Note I - Treasury Stock

9 Months Ended

Mar. 31, 2019

Notes to Financial Statements

Treasury Stock [Text Block]

I. Treasury Stock

On

June 

2,

2011,

the Board of Directors authorized the repurchase of up to

$2.0

 million of our common stock. On

February 6, 2015,

the Board of Directors authorized a

$1.0

million increase to our stock repurchase plan bringing the total authorized repurchase amount to

$3.0

million. On

May 11, 2015,

the Board of Directors authorized a

$2.0

million increase to our stock repurchase plan bringing the total authorized repurchase amount to

$5.0

million. On

March 28, 2017,

the Board of Directors authorized a

$2.0

million increase to our stock repurchase plan bringing the total authorized repurchase amount to

$7.0

million. 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.

During the

three

months ended

March 31, 2019,

we purchased

5,748

shares under this plan at a weighted average cost of

$10.17

per share and a total cost of

$58,000

including commissions and fees. During the

nine

months ended

March 31, 2019

we purchased

42,697

shares under this plan at a weighted average cost of

$9.75

and a total cost of

$416,000

including commission and fees. During the

three

and

nine

months ended

March 31, 2018,

we did

not

repurchase any shares under this repurchase plan.

During the

three

months ended

March 31, 2019,

we acquired

39,118

shares from employees in connection with restricted stock shares that vested during that year at a weighted average cost of

$11.58

per share and a total cost of

$453,000.

During the

nine

months ended

March 31, 2019,

we acquired

46,656

shares from employees in connection with restricted stock shares that vested during that period at a weighted average cost of

$11.27

per share and a total cost of

$525,000.

During the

three

months ended

March 31, 2018,

we acquired

35,203

shares from employees in connection with restricted stock shares that vested during the period at a weighted average cost of

$11.90

per share and a total cost of

$419,000.

During the

nine

months ended

March 31, 2018,

we acquired

43,201

shares from employees in connection with restricted stock shares that vested during the period at a weighted average cost of

$11.69

per share and a total cost of

$505,000.

These shares were returned to us by the subject employees and in exchange we paid each employee’s required tax withholding liability incurred due to the vesting of their restricted stock shares during that period. The valuation of the shares acquired and the number of shares returned to us was calculated based on the closing share price on the date the shares vested.

As part of the Amended and Restated Exclusive Manufacturing Agreement with Juice Plus+, Juice Plus returned

400,000

shares of restricted common stock to us, which was added to our treasury stock as of

March 31, 2019.