Manitowoc-based Orion Energy Systems Inc. announced its board of directors has approved a share repurchase program, authorizing the company to repurchase in the aggregate up to $1 million of its outstanding common stock.
Purchases by the company under this program may be made from time to time in open market purchases, privately negotiated transactions, accelerated stock repurchase programs or otherwise, as determined by the company’s management.
This program does not obligate the company to acquire any particular amount of common stock. The pace of repurchase activity will depend on factors such as current stock price, market conditions and other factors. The share repurchase program may be suspended, modified or discontinued at any time and has no set expiration date.
Orion also reported a fiscal second quarter net loss of $0.1 million, or $0.00 per share, compared with net income was $0.5 million, or 2 cents per share, in the same period a year ago.
The company reported quarterly revenues of $19.3 million, up 21 percent from $15.9 million a year earlier.
For fiscal 2012, the company reaffirms its previously provided annual revenue and earnings per share guidance. The company continues to expect revenue to be between $112 million and $118 million and its fiscal 2012 earnings per share to be between 18 and 22 cents per diluted share.
