Contrary to Wall Street mantra, share buybacks almost never "return value to shareholders"; the opposite is usually the case. Share buybacks that actually increased real equity per share might be ok, but they hardly ever happen. I thought PKE management was correct in the cc to downplay the prospects of a buyback in the face of some (inappropriate) prodding from an "analyst". The best way to "return value to shareholders" is to send a check, aka a dividend or special dividend. PKE has used this method in the past -- looks right to me.

PKE has a great cash position with no debt; this is a good place to be at this time.