KVH Industries Inc. announced today that its board of directors has authorized a share repurchase program of up to 1 million shares. According to a statement from the company, that figure represents 6.7 percent of the company’s outstanding common stock.

Under the program, the company, at management's discretion, may repurchase shares on the open market from time to time, in privately negotiated transactions or block transactions, or through an accelerated repurchase agreement. The timing of repurchases will depend on availability of shares, price, market conditions, alternative uses of capital, and applicable regulatory requirements. The program may be modified, suspended or terminated at any time without prior notice, according to the statement.