Tix Shares Rise on Announcement of Repurchase Program

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A stock repurchase program announced by Tix Corp. sent shares in the company up as much as 11 percent in early trading Thursday.

The Studio City company provides ticket selling and distribution services for concerts and sporting events as well as offering discount tickets for Las Vegas shows. As of March 31, the company had $10.6 million in cash and no debt.

“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,” Chief Executive Mitch Francis said in a statement.

The company plans to purchase up to 1 million shares of its own stock. Currently, there are about 33 million shares outstanding.

Following the announcement, shares of Tix rose 20 cents, or 11 percent, before falling back to 4 percent gain at $1.80 by mid-morning.

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