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Stock Repurchase and Dividends
9 Months Ended
Jun. 29, 2014
Stock Repurchase and Dividends  
Stock Repurchase and Dividends

6.Stock Repurchase and Dividends

 

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 our common stock.  Stock repurchases may be made on the open market or in privately negotiated transactions with third parties.  From the inception of the Stock Repurchase Program through June 29, 2014, we repurchased through open market purchases a total of 1.8 million shares at an average price of $25.50 per share, for a total cost of $46.6 million.

 

On April 28, 2014, the Board of Directors declared a quarterly cash dividend of $0.07 per share payable on June 4, 2014 to stockholders of record as of the close of business on May 16, 2014.  We paid $4.5 million of cash dividends for the three months ended June 29, 2014.

 

Subsequent Events.  On July 28, 2014, the Board of Directors declared a quarterly cash dividend of $0.07 per share payable on September 5, 2014 to stockholders of record as of the close of business on August 15, 2014.  Further, on July 28, 2014, the Board of Directors amended the Stock Repurchase Program to authorize the repurchase of the remaining amount in the $100 million Stock Repurchase Program in open market purchases through September 2014 without regard to pricing parameters.