On July 28, 2015, the Board of Directors declared a cash dividend of $0.04 on each share of common stock outstanding. Such dividends are payable on August 28, 2015 to stockholders of record on August 18, 2015. Payment of any future dividends on shares of common stock will be at the discretion of the Company’s Board of Directors.

Also on July 28, 2015, the Board of Directors approved a stock repurchase program of up to $15.0 million of the Company’s outstanding shares of common stock, including $5.0 million of repurchases intended to be executed as soon as possible.   Such repurchases are expected to be executed to the extent that the Company’s earnings and cash-on-hand allow, and are anticipated to be conducted through December 2016.   Such repurchases will be made in accordance with all applicable securities laws and regulations, including Rule 10b-18 of the Securities Exchange Act of 1934 (the “Exchange Act”).  For all or a portion of the authorized repurchase amount, the Company may enter into one or more plans that are compliant with Rule 10b5-1 of the Exchange Act that are designed to facilitate these purchases.  The repurchase program does not require the Company to acquire a specific number of shares, and may be suspended from time to time or discontinued.  The Company anticipates that George K. Broady, its largest shareholder and a member of its Board of Directors, will participate in the Company’s repurchase program on a basis roughly proportional to his ownership interest. To that end, the Company and Mr. Broady are in discussions regarding the terms of a mutually agreeable stock purchase agreement.