SRS Labs Plans to Buy Up to $500,000 of Stock

Santa Ana-based SRS Labs Inc., which has seen its stock decline steadily since March, said Wednesday it plans to repurchase up to 500,000 shares of its common stock over the next year. The developer of audio and voice technology last week saw its stock hit a 52-week low of $2.69 a share after being as high as $10.19 earlier this year. The announcement, made half an hour before the market closed, sparked a jump in the stock, which closed Wednesday at $3.03, up 22 cents, or 7.8%.