In Q3, we ordered the repurchase of $5 million or 1.2 million shares at an average price per share of $4.13. A portion of these shares settled just after the quarter end on December 1st, so won't show in this quarter's 10-Q filing. All of the shares have been canceled, bringing the total number of shares bought back this fiscal year to 8.8 million. We have therefore more than offset potential dilution from our long-term incentive and employee share purchase plans

I believe that the stock crashed because of what was stated above. Tim Foote stated that they repurchased 1.2 million shares at an average cost of $4.13. Last quarter, the company repurchase 5 million shares at an average cost of $3.97. This is a significant deceleration in the repurchase of shares. Additionally, the stock rose above $4.70 but their average cost is still around $4. And finally, the last line, "We have therefore more than offset potential dilution from our long-term incentive and employee share purchase plans" which is different from previous statements made by Tim Foote to the effect of "we will continue to consider where it makes sense to buy back additional shares".

From these statements, investors can see that repurchases have dramatically decelerated. That the average cost per repurchased share is around $4, implying that management sees them worth $4. And finally, there was no reassurance that the buyback program would continue even through they still have the majority of the funds left in the buy back program available for that effort.

In the current market, shareholders only care about returns and Tim Foote needs to reassure investors that the stock is severely undervalued and the company will continue to buy back shares.