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"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."
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.