Pinnacle Entertainment Reveals $50 Million Stock Buy Back Program

Pinnacle Entertainment, Inc. PNK disclosed Friday that its Board of Directors has given an authorization for a $50 million stock repurchase program. The market greeted the news by lifting its stock price by 1.5 percent in the pre-market trading on Friday. The company's CEO, Anthony Sanfilippo, reacted to say, "Our senior leadership and board of directors strongly believe that our free cash flow profile, growth prospects, long-term strategy and ability to execute on our operations represents an attractive investment opportunity. We are pleased that our strong balance sheet and free cash flow generation allows us to capitalize on this by repurchasing our shares, while at the same time continuing to invest in our existing businesses and pursue external growth opportunities." Pinnacle's CEO added further that "The stock repurchase program announced today is a reflection of our conviction in our strategy, the strength of our businesses and our commitment to delivering long-term value for our shareholders. We intend to fund the share repurchase program with cash flow from operations." On Friday, shares of the company traded 4.5 percent higher.