CHANHASSEN, Minn.--(BUSINESS WIRE)--Life Time Fitness, Inc. (NYSE: LTM), The Healthy Way of Life CompanySM, today announced that its board of directors has authorized a share repurchase program under which the Company may repurchase up to $200 million of its outstanding common stock.
“At the same time, our strong balance sheet and cash flow allow us to establish this new program. In doing so, we have the flexibility to repurchase shares to offset the impact of new share issuances and purchase additional shares opportunistically should business and market conditions warrant.”
The new program replaces a $60 million share repurchase program that was introduced in August 2011 and expired August 17, 2013. Under the former program, the Company has repurchased approximately 1.1 million shares at a total cost of approximately $50 million.
Repurchases under the new 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.
“We remain 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 new program. In doing so, we have the flexibility to repurchase shares to offset the impact of new share issuances and purchase additional shares opportunistically should business and market conditions warrant.”
The authorization to repurchase shares terminates when the aggregate repurchase amount totals $200 million or at the close of business on August 16, 2015, 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 CompanySM, 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 programs, people and places of uncompromising quality and value. As of August 19, 2013, the Company operated 106 centers under the LIFE TIME FITNESS® and LIFE TIME ATHLETIC® brands in the United States and Canada. Additional information about Life Time centers, programs and services is available at lifetimefitness.com.
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.