While reading the 10K I came across this information regarding the repurchasing of shares from KOSS.
>>>In April, 1995 the Board of Directors authorized the Company's purchase from
time to time of its common stock for its own account. In January, 1996 the
Board of Directors approved an increase in the total amount of potential stock
purchases for the Company's own account from $2,000,000 to $3,000,000. In July
of 1997, the Board of Directors again approved an increase in the total amount
of potential stock purchases for the Company's own account from $3,000,000 to
$5,000,000. The Company intends to effectuate all stock purchases either on
the open market or through privately negotiated transactions, and intends to
finance all stock purchases through its own cash flow or by borrowing for such
purchases. For the fiscal year ended June 30, 1997, the Company purchased
51,629 shares of its common stock at an average price of $6.83 per share, and
retired all such shares. The Company also purchased 21,943 shares of its
common stock for allocation to the Company's Employee Stock Ownership Plan and
Trust ("ESOP"), for the fiscal year ended June 30, 1997, at an average price of
$9.11 per share.
Since the commencement of the Company's stock repurchase program, the Company
has purchased a total of 696,726 shares for a total price of $4,413,858.25,
representing an average purchase price of $6.34 per share.<<<
If I am reading this correctly, KOSS could only purchase $586,142 worth of stock or approximately 58,000 shares at about the $10 price range.
In my opinion this bodes very well for the shareholders. It would appear that outside investors are supporting the stock more so than the company.
Cary |
