Quarterly report pursuant to Section 13 or 15(d)

Stockholders??? Equity

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Stockholders’ Equity
 3 Months Ended
Jan. 02, 2022
Equity [Abstract]  
Stockholders’ Equity

Note 8 Stockholders’ Equity

 

Dividends

 

As of the three months ended January 2, 2022 and the twelve months ended October 3, 2021, there were no declared or outstanding dividends payable.

 

 

Common stock

 

On June 8, 2020 the Company announced authorization of a $1 million stock repurchase program. As of September 27, 2020 there were 105,733 shares held in treasury purchased under the June 2020 stock repurchase program. The Company purchased a total of 519,266 shares against the program through April 2021, which were subsequently cancelled in June 2021.

 

On September 22, 2021 the Company announced authorization of an additional $1 million stock repurchase program. The shares authorized to be repurchased under the repurchase program may be purchased from time to time at prevailing market prices, through open market transactions or in negotiated transactions, depending upon market conditions and subject to Rule 10b-18 as promulgated by the SEC. As of October 3, 2021, there were 35,555 shares held in treasury purchased under the September 2021 stock repurchase program.

 

During the three months ended January 2, 2022, there were 37,238 common shares repurchased under the program at a cost of $74 thousand. The shares have been returned to the Treasury. A summary of the purchases under the program follows:

 

 Summary of Purchases Under Plan

Fiscal Period   Total number of shares purchased     Total purchase cost     Average price paid per share (with commission)     Maximum dollar value that may yet be purchased under the plan  
                         
September 28, 2020 through October 25, 2020     20,948       42       2.01       758  
October 26, 2020 through November 22, 2020     129,245       265       2.05       493  
November 23, 2020 through December 27, 2020     58,399       109       1.86       384  
December 28, 2020 through January 24, 2021     40,362       73       1.80       311  
January 25, 2021 through February 21, 2021     52,180       101       1.94       210  
February 22, 2021 through March 28, 2021     73,800       140       1.90       70  
March 29, 2021 through April 19, 2021     38,599       70       1.82       -  
September 23, 2021 through October 1, 2021     35,555     $ 69     $ 1.93     $ 931  
                                 
Total shares repurchased for year ended October 3, 2021     449,088     $ 869     $ 1.93     $ -  
                                 
October 4, 2021 through October 31, 2021     18,265       37       2.01       894  
November 1, 2021 through November 28, 2021     4,415       9       2.04       885  
November 29, 2021 through January 2, 2022     14,558       28       1.93       857  
Total shares repurchased for three months ended January 2, 2022     37,238     $ 74     $ 1.98     $ 857  

 

As of October 3, 2021, and January 2, 2022, the total outstanding common shares were 8,488,149 and 8,474,127, respectively. As of October 3, 2021, and January 2, 2022, there were 35,555 and 72,793 shares held in Treasury, respectively.

 

As of October 3, 2021, and January 2, 2022, the total issued common shares were 8,523,704 and 8,546,920, respectively.