LAS VEGAS--(BUSINESS WIRE)--Bally
Technologies, Inc. (NYSE: BYI), a leader in slots, video machines,
casino management, interactive applications, and networked and
server-based systems for the global gaming industry, today announced
that its Board of Directors approved a new $150 million share repurchase
program. This new program replaced the Company’s prior $550 million
stock repurchase program under which Bally had repurchased approximately
$493 million of common stock. Since November 2007, Bally has repurchased
approximately 19 million shares of common stock for $722 million,
including $95 million during fiscal 2012 to date.
“The repurchase authorization reflects the confidence that the Board and
the executive management team have in Bally’s long-term growth plan and
ability to consistently generate free cash flow to support our capital
deployment strategy,” said Richard M. Haddrill, the Company’s Chief
Executive Officer. “Even more important, this deployment strategy
includes ongoing investments in innovation and growth opportunities, as
well as returning excess cash to our shareholders.”
The shares may be redeemed in such amounts as management deems
appropriate in light of prevailing market and economic conditions,
alternative uses of capital, restrictions under the company’s debt
obligations, regulatory requirements, and other factors. In implementing
its repurchase program, the Company may utilize a variety of methods,
which may include open market purchases, privately negotiated
transactions, block trades, accelerated share repurchase transactions,
or any combination thereof.
Purchases may be made on a case-by-case basis or on a non-discretionary
basis in a manner designed to comply with the requirements of Rule
10b5-1 and/or Rule 10b-18 under the Securities Exchange Act of 1934.
This program does not obligate the Company to acquire any particular
amount of common stock. The program may be suspended, modified, or
discontinued at any time at the discretion of the Company's Board of
Directors and has no set expiration date.
About Bally Technologies, Inc.
With a history dating back to 1932, Las Vegas-based Bally Technologies
designs, manufactures, operates, and distributes advanced
technology-based gaming devices and systems worldwide, as well as
interactive and mobile solutions. Bally’s product line includes
reel-spinning slot machines, video slot machines, wide-area
progressives, and Class II, lottery, and central determination games and
platforms. Bally also offers an array of casino management, slot
accounting, bonusing, cashless, and table-management solutions.
Additional Company information, including the Company’s investor
presentation, can be found at BallyTech.com.
Connect with Bally on Facebook,
This news release may contain “forward-looking” statements within the
meaning of the Securities Act of 1933, as amended, and the Securities
Exchange Act of 1934, as amended, and is subject to the safe harbors
created thereby. Forward looking-statements are subject to change and
involve risks and uncertainties that could significantly affect future
results, including those risks detailed from time to time in the
Company’s filings with the Securities and Exchange Commission. Although
the Company believes any expectations expressed in any forward-looking
statements are reasonable, future results may differ materially from
those expressed in any forward-looking statements. The Company
undertakes no obligation to update the information in this press release
except as required by law and represents that the information speaks
only as of today’s date.
– BALLY TECHNOLOGIES, INC. –