Accel Entertainment Announces $200 Million Share Repurchase Program
22 November 2021 - 01:30PM
Business Wire
Accel Entertainment, Inc. (NYSE: ACEL) (“Accel”), a leading
distributed gaming operator in the U.S., today announced that the
Company’s Board of Directors has approved a share repurchase
program of up to $200 million of shares of common stock. The timing
and actual number of shares repurchased will depend on a variety of
factors, including price, general business and market conditions,
and alternative investment opportunities.
Accel Entertainment CEO Andy Rubenstein commented, “Based on
Accel’s current valuation and strong free cash flow position, our
Board and Management team believe this is an attractive, balanced
way to maximize stockholder value as we continue to execute our
strategic growth plans. This announcement underscores the
confidence we continue to have in the strength of our balance sheet
as well as the quality of our strategic assets. We are excited to
pursue a potential return of capital to stockholders in conjunction
with furthering our mission of capturing growth across the
country.”
Under the repurchase program, repurchases can be made from time
to time using a variety of methods, including open market purchases
or privately negotiated transactions, in compliance with the rules
of the United States Securities and Exchange Commission and other
applicable legal requirements. The repurchase program does not
obligate the Company to acquire any particular amount of shares,
and the repurchase program may be suspended or discontinued at any
time at the Company’s discretion.
About Accel Accel is a leading distributed gaming
operator in the United States on an Adjusted EBITDA basis, and a
preferred partner for local business owners in the Illinois market.
Accel’s business consists of the installation, maintenance and
operation of VGTs, redemption devices that disburse winnings and
contain ATM functionality, and other amusement devices in
authorized non-casino locations such as restaurants, bars, taverns,
convenience stores, liquor stores, truck stops, and grocery
stores.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. All statements, other than statements of historical fact,
contained in this press release are forward-looking statements,
including, but not limited to, whether Accel will be able to
consummate the contemplated share repurchases in the amount
authorized or at all, and prevailing market conditions. The words
“predict,” “estimated,” “anticipates,” “believes,” “estimates,”
“expects,” “intends,” “may,” “plans,” “projects,” “will,” “would,”
“continue,” and similar expressions or the negatives thereof are
intended to identify forward looking statements. These forward
looking statements represent our current reasonable expectations
and involve known and unknown risks, uncertainties and other
factors that may cause our actual results, performance and
achievements, or industry results, to be materially different from
any future results, performance or achievements expressed or
implied by such forward-looking statements. We cannot guarantee the
accuracy of the forward-looking statements, and you should be aware
that results and events could differ materially and adversely from
those contained in the forward looking statements due to a number
of factors including, but not limited to: the existing and
potential future adverse impact of the COVID-19 pandemic on Accel’s
business, operations and financial condition, including as a result
the suspensions of all video gaming terminal operations by the
Illinois Gaming Board between March 16, 2020 and June 30, 2020 and
between November 19, 2020 and January 23, 2021, which suspensions
could be reinstated; Accel’s ability to operate in existing markets
or expand into new jurisdictions; Accel’s ability to manage its
growth effectively; Accel’s ability to offer new and innovative
products and services that fulfill the needs of licensed
establishment partners and create strong and sustained player
appeal; Accel’s dependence on relationships with key manufacturers,
developers and third parties to obtain VGTs, amusement machines,
and related supplies, programs, and technologies for its business
on acceptable terms; the negative impact on Accel’s future results
of operations by the slow growth in demand for VGTs and by the slow
growth of new gaming jurisdictions; Accel’s heavy dependency on its
ability to win, maintain and renew contracts with licensed
establishment partners; unfavorable economic conditions or
decreased discretionary spending due to other factors such as
epidemics or other public health issues (including COVID-19 and its
variant strains), terrorist activity or threat thereof, civil
unrest or other economic or political uncertainties, that could
adversely affect Accel’s business, results of operations, cash
flows and financial conditions and other risks and uncertainties
indicated from time to time in documents filed or to be filed with
the Securities and Exchange Commission (“SEC”).
Accordingly, forward-looking statements, including any
projections or analysis, should not be viewed as factual and should
not be relied upon as an accurate prediction of future results. The
forward-looking statements contained in this press release are
based on our current expectations and beliefs concerning future
developments and their potential effects on the Accel. These
forward-looking statements involve a number of risks, uncertainties
(some of which are beyond our control), or other assumptions that
may cause actual results or performance to be materially different
from those expressed or implied by these forward-looking
statements. These risks and uncertainties include, but are not
limited to, those factors described in the sections entitled “Risk
Factors” in the Quarterly Reports on Form 10-Q and in the Annual
Report on Form 10-K filed by Accel with the SEC, as well as Accel’s
other filings with the SEC. Except as required by law, we do not
undertake publicly to update or revise these statements, even if
experience or future changes make it clear that any projected
results expressed in this or other press releases or future
quarterly reports, or company statements will not be realized. In
addition, the inclusion of any statement in this press release does
not constitute an admission by us that the events or circumstances
described in such statement are material. We qualify all of our
forward-looking statements by these cautionary statements. In
addition, the industry in which we operate is subject to a high
degree of uncertainty and risk due to a variety of factors
including those described in the section entitled “Risk Factors” in
the Quarterly Reports on Form 10-Q and in the Annual Report on Form
10-K filed by Accel with the SEC, as well as Accel’s other filings
with the SEC. These and other factors could cause our results to
differ materially from those expressed in this press release.
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version on businesswire.com: https://www.businesswire.com/news/home/20211122005887/en/
Media: Eric Bonach Abernathy MacGregor 212-371-5999
ejb@abmac.com
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