Note 7– Share Repurchase Plan

In December 2011, the Company’s Board of Directors authorized management at its discretion to repurchase up to one million (1,000,000) shares of the Company’s outstanding common stock. On June 6, 2012, the Board of Directors of the Company increased the number of shares of the Company’s outstanding common stock that management is authorized to repurchase to up to three million (3,000,000) shares. On April 8, 2015, subsequent to the balance sheet date, the Board of Directors of the Company increased the number of shares of the Company’s outstanding common stock that management is authorized to repurchase to up to six million (6,000,000) shares. The repurchases must be effectuated through open market purchases, privately negotiated block trades, unsolicited negotiated transactions, and/or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission or in such other manner as will comply with the provisions of the Securities Exchange Act of 1934.

As of February 28, 2015, the Company had repurchased 2,231,532 shares of the Company’s common stock at an average price of $2.31 per share through open market and privately negotiated transactions. The Company purchased 16,421 and 217,751 shares of the Company’s common stock during the first quarters of fiscal 2015 and 2014, respectively, at an average price of $2.38 per share and $2.08 per share, respectively.

The repurchased shares will be held as treasury stock at cost and have been removed from common shares outstanding as of February 28, 2015 and November 30, 2014. As of February 28, 2015 and November 30, 2014, 2,231,532 and 2,215,111 shares, respectively, were held as treasury stock.

Subsequent to the balance sheet date, the Company repurchased an additional 77,502 shares of the Company’s common stock at an average price of $2.54 per share through open market and privately negotiated transactions.