LAS VEGAS, NV (Jan. 6, 2016) — Diamond Resorts International, Inc. (NYSE:DRII) announced yesterday that since commencing its share repurchase program in October, 2014, the Company has acquired approximately 6.4 million shares of its common stock at an average price per share of approximately $28.23, representing a total share repurchase to date of approximately $179.5 million. As a result of these transactions, total shares outstanding as of December 31, 2015 was approximately 69.7 million.
David F. Palmer, President and Chief Executive Officer, stated, “We continue to see our stock as significantly undervalued at current market prices and a share buyback program underscores management’s and the Board of Directors’ confidence in the Company’s financial position and free cash flow generation. We and the Board of Directors believe this program demonstrates our confidence in the strength of our business and we continue to look at all options to increase shareholder value, including future share repurchase authorizations.”
The repurchase program does not obligate Diamond Resorts to acquire any additional shares of common stock or impose any particular timetable for repurchases, and the program may be suspended or modified at any time at the Company’s discretion. The timing and amount of any stock repurchases will be determined by the Company’s management based on its evaluation of market conditions, the trading price of the stock, potential alternative uses of cash resources, applicable legal requirements, compliance with the provisions of the Company’s credit agreement, and other factors.
About Diamond Resorts International®
Diamond Resorts International® (NYSE:DRII), with its network of more than 350 vacation destinations located in 34 countries throughout the continental United States, Hawaii, Canada, Mexico, the Caribbean, South America, Central America, Europe, Asia, Australasia and Africa, provides guests with choice and flexibility to let them create their dream vacation, whether they are traveling an hour away or around the world. Our relaxing vacations have the power to give guests an increased sense of happiness and satisfaction in their lives, while feeling healthier and more fulfilled in their relationships, by enjoying memorable and meaningful experiences that let them Stay Vacationed.™
Diamond Resorts International® manages vacation ownership resorts and sells vacation ownership points that provide members and owners with Vacations for Life® at over 350 managed and affiliated properties and cruise itineraries.
Source: Diamond Resorts International, Inc.