Annual report pursuant to Section 13 and 15(d)

Note 12 - Shareholders' Equity

v3.23.2
Note 12 - Shareholders' Equity
 12 Months Ended
Apr. 02, 2023
Notes to Financial Statements  
Equity [Text Block]

Note 12 – Shareholders’ Equity

 

Dividends: The holders of shares of the Company’s common stock are entitled to receive dividends when and as declared by the Board. Aggregate cash dividends of $0.32 and $0.67 per share, amounting to $3.2 million and $6.7 million, were declared during fiscal years 2023 and 2022, respectively. Cash dividends declared during fiscal year 2022 included a special cash dividend of $0.35 per share. There were no special dividends declared during fiscal year 2023. The Company’s financing agreement with CIT permits the payment by the Company of cash dividends on its common stock without limitation, provided there is no default before or as a result of the payment of such dividends.

 

Stock Repurchases: The Company acquired treasury shares by way of the surrender to the Company from several employees shares of common stock to satisfy the exercise price and income tax withholding obligations relating to the exercise of stock options and the vesting of stock. In this manner, the Company acquired 33,000 treasury shares during the fiscal year ended April 2, 2023 at a weighted-average market value of $6.31 per share and acquired 53,000 treasury shares during the fiscal year ended April 3, 2022 at a weighted-average market value of $7.72 per share.