Life Time Fitness Announces New Share Repurchase Program
CHANHASSEN, Minn.--(BUSINESS WIRE)-- Life Time Fitness, Inc. (NYSE: LTM), The Healthy Way of Life Company, today announced that its board of directors has authorized a share repurchase program under which the Company may repurchase up to $60 million of its outstanding common stock.
Repurchases under the program may be made from time to time through open market or privately negotiated transactions. The timing of such transactions depends on a variety of factors, including market conditions, blackout periods, and the terms of trading plans, if any, established in accordance with Securities and Exchange Commission rules. The Company had approximately 42.3 million shares of common stock issued and outstanding as of June 30, 2011.
“We are focused on accelerating our growth and delivering solid returns,” said Bahram Akradi, chairman, president and chief executive officer. “At the same time, our strong balance sheet and cash flow allow us to establish this share repurchase program. With the program in place, we have the flexibility to repurchase shares opportunistically should we feel market and business conditions warrant.”
The authorization to repurchase shares terminates when the aggregate repurchase amount totals $60 million or at the close of business on August 17, 2013, whichever comes earlier.
The share repurchase program does not obligate the company to repurchase any dollar amount or number of shares of its common stock and the program may be extended, modified, suspended or discontinued at any time.
About Life Time Fitness, Inc.
As the Healthy Way of Life
Company, Life Time Fitness (NYSE: LTM) helps organizations, communities
and individuals achieve their total health objectives, athletic
aspirations and fitness goals by engaging in their areas of interest –
or discovering new passions – both inside and outside of Life Time’s
distinctive and large sports, professional fitness, family recreation
and spa destinations, most of which operate 24 hours a day, seven days a
week. The Company’s Healthy Way of Life approach enables customers to
achieve this by providing the best places, people and programs of
uncompromising quality and value. As of August 16, 2011, the Company
operated 92 centers under the LIFE TIME FITNESS® and LIFE TIME ATHLETICSM
brands primarily in suburban locations in 21 states and 26 major
markets. Additional information about Life Time centers, programs and
services is available at lifetimefitness.com.
Forward-Looking Statements
Certain information contained in
this press release may be deemed to constitute forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, including statements regarding the acceleration of
our growth, delivering solid returns and the potential repurchase of our
common stock. Such statements are subject to certain risks and
uncertainties, including those factors set forth in the Company’s
filings with the Securities and Exchange Commission.
Life Time Fitness, Inc.
Investor Contact:
John Heller,
952-229-7427
ir@lifetimefitness.com
or
Media
Contact:
Jason Thunstrom, 952-229-7435
pr@lifetimefitness.com
Source: Life Time Fitness, Inc.
Released August 16, 2011