Stock Buyback OKd

SANTA ANA — SRS Labs Inc.’s board authorized a program to repurchase up to 500,000 shares of the audio technology company’s common stock.

The company said purchases may be made from time to time until Dec. 31, unless the period is extended or shortened by the board. The company may selectively repurchase the stock in open market or in privately negotiated transactions.

The reacquired stock will be used in connection with the company’s employee benefits plans or for other general corporate purposes, the company said.

As of June 30, SRS had an average of 10.7 million shares of common stock outstanding.