"During the period September 1, 2011 through October 7, 2011, we purchased 140,500 shares of our common stock at an aggregate cost of $6,668 pursuant to our stock buyback program."
Average cost: $0.0475. % of outstanding shares repurchased by company: 0.034%.
At least they bought on the lows, but why even bother?
Other CFOs must be laughing until they cry at such a pathetic "buy back" execution.
Maybe Gloria should have bought a new calculator or upgraded her Excel before she approved it (maybe she's still on Visicalc).
With $9M in the bank, this could have been 500 times bigger at such a bargain/basement price.
140,500x500 = 7,0250,000 @ $0.05 = $3.5M. Still only 1.63% but at least a bit more realistic.
If we're no longer funding PDS (see 10-Q) then all we have to spend the other $6M on would be lawyers, accountants and BOD members, plus shutting the doors on PDSG. They could also cut the rent and let Cliff work from home AND anser the phones himself.
