The Board of Directors of LEC, Inc. (TSE:7874) authorized a share repurchase program on January 31, 2013. Under the program, the company will repurchase up to 1,000,000 shares, representing 10.48% of its issued share capital (excluding treasury shares), for a total cost of ¥1 billion. The repurchases will be done in accordance with article 156 in lieu of article 165, section 3 of the Companies Act. The purpose of the repurchase program is to make possible the pursuit of a dynamic strategy responsive to changes in the business world and also return profits to the shareholders by increasing capital efficiency. The plan will commence on February 1, 2013 and end on March 22, 2013. As of December 31, 2012, the company has 9,541,335 shares outstanding (treasury shares excluded) and 40,848 shares held in treasury.


LEC, Inc.'s share repurchase program expired on March 22, 2013. Under the plan, the company has repurchased 701,400 shares, representing 7.35% for ¥903.01 million.