Life Time Fitness Announces $50M Share Repurchase Program

Life Time Fitness LTM 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. “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.” 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.