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Purchases Of Common Shares
9 Months Ended
May 28, 2016
Purchases Of Common Shares [Abstract]  
Purchases Of Common Shares





NOTE 4 – PURCHASES OF COMMON SHARES



Open Market Purchases



On January 23, 2015, our Board of Directors approved a new plan to repurchase up to $10.0 million of the Company’s outstanding common stock.  All previously existing common stock repurchase plans were canceled and the new common share repurchase plan does not have an expiration date.  On March 27, 2015, our Board of Directors increased the aggregate value of shares of Company common stock that may be purchased under the January 2015 plan to $40.0 million so long as we have either $10.0 million in cash and cash equivalents or have access to debt financing of at least $10.0 million.  During the quarter ended May 28, 2016, we purchased 135,724 shares of our common stock on the open market (subject to various regulations) for $2.1 million.  In total, we have purchased 895,638 shares of our common stock for $16.2 million through May 28, 2016 under the terms of this expanded common stock repurchase plan.



Fiscal 2016 Tender Offer



On December 8, 2015, we announced that our Board of Directors approved a modified Dutch auction tender offer for up to $35.0 million in value of shares of our common stock at a price within (and including) the range of $15.50 to $17.75 per share.  The tender offer commenced on December 14, 2015, and expired at 11:59 p.m. Eastern time, on January 12, 2016.  The tender offer was fully subscribed and we acquired 1,971,832 shares of our common stock at $17.75 per share.  Including fees to complete the tender offer, the total cost of the tendered shares was $35.3 million, which was financed by existing cash and proceeds from our revolving line of credit facility.  For further information regarding the terms and conditions of this completed tender offer, please refer to information in the Tender Offer Statement on Schedule TO filed with Securities and Exchange Commission on December 14, 2015 and subsequent amendments thereto.