Acorn International Inc.'s board of directors on Dec. 8 approved a new share buyback plan of its American depository shares for a period of one year, the company said Dec. 15 as it reported results for the third quarter of 2017.
Under the plan, Acorn is authorized to repurchase up to $2 million of its shares from Dec. 7, 2017, to Dec. 7, 2018. It plans to fund the repurchases from its existing cash balance.
For the third quarter of 2017, the company's net revenue fell 19.5% to $6.1 million from $7.5 million in the same year-ago period due to the partial exit from the HJX electronic learning device business, which was partially offset by an increase in e-commerce sales of posture correction and other products. Net income came in at $2.3 million compared to a net loss of $1.8 million in the third quarter of 2016.
