Item 2. Unregistered Sales of Equity Securities
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Our board of directors has authorized the repurchase of Company stock. With respect to the first quarter of fiscal 2025, pursuant to the existing board authorization, we adopted a plan to repurchase company stock pursuant to Rule 10b5-1 of the Securities Exchange Act of 1934. The plan was effective April 29, 2024. Under this plan, our broker had the authority to repurchase Company shares on our behalf, subject to SEC regulations and the price, market volume and timing constraints specified in the plan. The plan expired at the close of business on May 31, 2024. We spent $33.7 million in the first quarter of fiscal 2025 to repurchase 0.9 million shares, pursuant to the plan and as discretionary purchases. As of July 27, 2024, 4.7 million shares remained available for repurchase pursuant to the board authorization. With the operating cash flows we anticipate generating in fiscal 2025, we expect to continue repurchasing Company stock, subject to market conditions and other factors as deemed relevant by our board of directors.
The following table summarizes our repurchases of Company stock during the quarter ended July 27, 2024 and includes shares purchased from employees to satisfy their withholding tax obligations upon vesting of restricted shares:
(Unaudited, amounts in thousands, except per share data) Total number of
shares repurchased (1) Average price paid per share Total number of shares repurchased as part of publicly announced plan (2) Maximum number of shares that may yet be repurchased under the plan
Fiscal May (April 28 – June 1, 2024) 491 $ 35.06 491 5,174
Fiscal June (June 2 – June 29, 2024) 327 $ 37.49 253 4,921
Fiscal July (June 30 – July 27, 2024) 189 $ 36.87 189 4,732
Total (Fiscal First Quarter of 2025)
1,007 933 4,732
(1) In addition to the 932,557 shares we repurchased during the quarter as part of our publicly announced, board-authorized plan described above, this column includes 74,730 shares we repurchased from employees to satisfy their withholding tax obligations upon vesting of restricted and performance based shares.
(2) On October 28, 1987, our board of directors announced the authorization of the plan to repurchase Company stock. The plan originally authorized 1.0 million shares, and since October 1987, 33.5 million shares have been added to the plan for repurchase. The authorization has no expiration date.
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