National Technical Systems Inc. said Friday that its directors had approved repurchase of up to 200,000 shares of its common stock.

The repurchase program will be funded with available cash. The Calabasas company reported net cash of $1.7 million at the end of the first quarter ended April 30.

“When our stock is trading below its net asset value, despite the company’s profitability, our board believes that the repurchase of shares is a good use of our cash and that such repurchases benefit our shareholders,” Chief Executive William McGinnis said in a statement.

National Technical Systems, Inc. provides integrated testing, certification, quality registration and systems evaluation services to companies in the aerospace, defense, information technology and high technology industries.

Shares closed up 31 cents, or 9 percent, to $3.75.