In listening to the Conference Call, my impression was that the buyback had not yet been implemented due to the quiet period, so why are diluted shares down by 494,000 from last quarter? As far as I know, the only way shares become retired as treasury stock is when the company buys them back!
The quiet period is generally lifted the 2nd day after earnings release, per SEC buyback guidelines.
Knowing that, the interesting thing is that AUDC released earnings on April 18th, yesterday, at 4:31 pm. INSTEAD OF the April 19th release date as posted.
Because the earnings release was unexpectedly ONE CALENDAR DAY EARLIER than indicated, one might surmise that they released the report early so they can commence buying on Friday, tomorrow.
Surely AUDC's management realizes that with the market bottoming, and much cash flowing into the market from the sidelines yesterday, it may be difficult for them to get enough shares of AUDC at current prices for much longer.
Did anybody notice that in spite of their desire to be cautious about forward projections and visibility, Shabtai said something to the effect of, "I thought we came into the second quarter better than we thought a month ago" [probably referring to the March 14th earnings warning].
So I gather, they have SOME decent visibility, but they don't want to build it into their projections yet. And they want to buy back shares, so why brag about forward-looking projections?... Yet.
Here's the link for the CC:
biz.yahoo.com |
