ARC Repurchases 240,000 Share Block.SACRAMENTO, Calif.--(BUSINESS WIRE)--May 3, 1996--American Recreation Centers Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : AMRC AMRC Association of Medical Research Charities AMRC Advanced Manufacturing Research Centre (UK) AMRC Association of Municipal Recycling Coordinators AMRC Accès Multiple par Répartition en Code (French) ) announced today it has concluded the repurchase of a 240,000 share block of its common stock. The private transaction falls under the company's previously authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: 1 million share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. program. The repurchased block represents 4.9 percent of the total shares outstanding prior to the transaction. Since instituting the repurchase program in October 1995, a total of 442,000 shares have been repurchased representing approximately 9 percent of the outstanding stock when the program was undertaken. The shares repurchased are retired by the company and not held as treasury shares. American Recreation Centers Inc. is the largest public company in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. whose principal business is bowling. ARC operates 41 bowling centers with 1,624 lanes in six states. CONTACT: American Recreation Centers Inc. Robert A. Crist/Karen B. Wagner, 916/852-8005 |
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