In the company’s news yesterday,
Tix Corp. announced its board of directors has given the green light for the company to occasionally repurchase up to 1 million shares of its common stock. As of June 15, 2009, Tix had about 32.8 million shares of common stock outstanding. The stock repurchase program will go into effect June 23, 2009, and will run for two years.
“We have been very pleased with the performance of our businesses and are confident in the company’s growth prospects in both the near and longer terms. Our discount ticketing and family-oriented entertainment offerings position us well to continue to benefit from today’s value-oriented consumer,” stated Mitch Francis, Tix CEO. “Our strong balance sheet and the cash generated by our businesses provide the resources to not only evaluate accretive acquisition opportunities, but also to enhance shareholder value through using our cash flow from operations to repurchase shares at what we believe are currently undervalued levels.”
According to the press release, as of March 31, 2009, Tix had approximately $10.6 million in cash and no debt.
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