Acorn International (ATV) Swings to Q2 Profit; Adds $2M to Stock Buyback Plan
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Acorn International (NYSE: ATV) reported Q2 net income of $5.73 million, versus a loss of $13.23 million reported last year. Revenue for the quarter came in at $3.9 million, versus $8.1 million reported last year.
Effective August 8, 2016, the Board of Directors of the Company authorized an expansion of the share repurchase program. Under the original share repurchase program announced in January 2016, the Company was authorized to purchase up to $2 million worth of its American depositary shares ("ADSs"). The Board increased the Company's repurchase authority under the stock repurchase program so that up to $4 million worth of its ADSs can be repurchased. As of June 30, the Company had repurchased approximately 13,005 ADSs at an average price $4.36 per ADS.
The Company's proposed repurchases may be made from time to time on the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. The timing and extent of any purchases will depend upon market conditions, the trading price of its ADSs and other factors, and are subject to the restrictions relating to volume, price and timing under applicable law. The Company plans to fund repurchases from its existing cash balance.
For earnings history and earnings-related data on Acorn International (ATV) click here.
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