DTS Inc. on Monday said that the company’s board approved a plan to repurchase up to 1 million shares of common stock.

The Calabasas developer and licenser of entertainment sound technologies said that the share repurchases will be funded from available working capital.

“We believe this share repurchase program communicates our confidence in our long-term prospects,” Chief Executive Jon Kirchner said in a statement.

Shares closed down 9 cents, or less than 1 percent, to $43.18 on the Nasdaq.