Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equi ty, Related Stockholder Matters and Issuer Purchases of Equity Securities
The following table sets forth the high and low closing sales price of our common stock, as reported on The Nasdaq Stock Market LLC under the symbol “III” for the periods shown:
Common Stock
Quarter Ending
High
Low
March 31, 2023
$
5.62
$
4.63
June 30, 2023
5.85
4.88
September 30, 2023
5.48
4.33
December 31, 2023
4.92
3.99
Common Stock
Quarter Ending
High
Low
March 31, 2022
$
7.78
$
6.20
June 30, 2022
6.96
5.52
September 30, 2022
7.66
4.72
December 31, 2022
5.75
4.26
On March 1, 2024, the last reported sale price for our common stock on The Nasdaq Stock Market was $4.32 per share.
As of March 1, 2024, there were 647 holders of record of ISG common stock. The actual number of stockholders is significantly greater than this number of record holders and includes stockholders who are beneficial owners, but whose shares are held in street name by brokers and other nominees. This number of holders of record also does not include stockholders whose shares may be held in trust by other entities.
Dividends to Shareholders
In May 2023, the Board of Directors approved quarterly dividends of $0.045 per share of ISG common stock. The Company expects to pay a total cash dividend of $0.18 per share for the four quarters ending June 2024. These dividends are funded through cash flow from operations, available cash on hand and/or borrowings under our revolving credit facility. We anticipate we will continue to pay regular quarterly dividends on our common stock for the foreseeable future, the declaration, timing and amounts of any such dividends remain subject to the discretion of our Board of Directors. During the fiscal quarter and fiscal year ended December 31, 2023, we paid dividends and dividend equivalents of $2.2 million and $8.7 million, respectively.
Issuer Purchases of Equity Securities
On August 1, 2023, the Board of Directors approved a new share repurchase authorization of an additional $25.0 million. The new share repurchase program will take effect upon completion of the Company’s current program, which had approximately $0.9 million remaining as of January 1, 2024. The Company had approximately $25.9 million in aggregate available under its share repurchase program as of December 31, 2023. The shares may be repurchased from time to time in open market transactions at prevailing market prices, in privately negotiated transactions, pursuant to a Rule 10b5-1 repurchase plan or by other means in accordance with federal securities laws. The timing and the amount of any repurchases will be determined by the Company’s management based on its evaluation of market conditions, capital allocation alternatives and other factors. There is no guarantee as to the number of shares that will be repurchased, and the repurchase program may be extended, suspended or discontinued at any time without notice at the Company’s discretion.
The following table details the repurchases that were made during the three months ended December 31, 2023.
Total Numbers of
Approximate Dollar
Shares (or Units)
Value of Shares
Total Number of
Purchased
That May Yet Be
Shares
Average
as Part of Publicly
Purchased Under
Purchased
Price Paid per
Announced Plans or Programs
the Plans or Programs
Period
(In thousands)
Share
(In thousands)
(In thousands) (1)
October 1 - October 31
5
$
4.38
5
$
27,669
November 1 - November 30
117
$
4.33
117
$
27,163
December 1 - December 31
268
$
4.61
268
$
25,928
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(1) On August 5, 2023, the Board of Directors approved a stock repurchase plan authorizing the Company to repurchase an aggregate of $25 million in shares of the common stock. On August 1, 2023, the Board of Directors approved a new stock repurchase plan authorizing the Company to repurchase an aggregate of an additional $25 million in shares of the Company’s common stock.
STOCK PERFORMANCE GRAPH
The following graph compares the 5 year cumulative total shareholder return on our common stock from December 31, 2018 through December 31, 2023, with the cumulative total return for the same period of (i) the Russell 2000 index and (ii) the Peer Group described below. The comparison assumes for the same period the investment of $100 on December 31, 2018 in our common stock and in each of the indices and in each case, assumes reinvestment of all dividends.
*$100 invested on December 31, 2018 in stock or index, including reinvestment of dividends
Measurement Periods
ISG
Russell 2000 Index
Peer Group(a)
December 31, 2019
$
59.67
$
125.52
$
107.65
December 31, 2020
$
77.36
$
150.58
$
132.46
December 31, 2021
$
182.10
$
172.90
$
138.63
December 31, 2022
$
112.69
$
137.56
$
77.88
December 31, 2023
$
119.63
$
160.85
$
66.61
(a)
The Peer Group consists of the following companies: American Software, Inc., Edigo, Inc., Forrester Research, Inc., Lesaka Technologies Inc., Repay Holding Corp., The Hackett Group, Tucows, Inc. The Peer Group is weighted by market capitalization.
Item 6. [Reserved]
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