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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report: November 20, 1997
Date of earliest event reported: November 18, 1997
SOUTHERN PACIFIC FUNDING CORPORATION
(Exact name of registrant as specified on its charter)
001-11785
California 33-0636924
(State of other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation) Identification Number)
One Centerpointe Drive, Suite 500
Lake Oswego, OR 97035
(Address of principal executive offices) (Zip code)
(503) 684-4700
(Registrant's telephone number, including area code)
Not applicable
(Former name, former address and former fiscal year,
if changed since last report)
Item 5. Other Events
RECENT DEVELOPMENTS
The Company issued a press release announcing Share Repurchase Program. See
Exhibit 99.1
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
SOUTHERN PACIFIC FUNDING CORPORATION
Date: November 20, 1997 By: /s/ Peter F. Makowiecki
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Name: Peter F. Makowiecki
Title: Chief Financial Officer
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EXHIBIT 99.1
For more information contact:
Peter Makowiecki, CPA David Kiser, CPA
Chief Financial Officer Director of Corporate Communications
Southern Pacific Funding Corporation Southern Pacific Funding Corporation
(503) 684-4714 (503) 684-4717
SOUTHERN PACIFIC FUNDING CORPORATION
ANNOUNCES SHARE REPURCHASE PROGRAM
Senior Management Also Commits to Purchase Stock with Year-end Bonus
LAKE OSWEGO, OR--November 18, 1997--Southern Pacific Funding Corporation (NYSE:
SFC) today announced that its board of directors has authorized the repurchase
of up to 5% of the Company's currently outstanding common stock, or
approximately one million shares. Under the repurchase program, the Company
plans to purchase shares on the open market from time to time, depending on
market conditions. The Company also announced that senior management has
committed a significant percentage of their year-end bonus to purchase shares of
the Company's common stock.
"The board of director's decision to institute a repurchase plan provides an
opportunity for dramatic returns on capital invested in our common stock and
increased earnings per share over the long-term. The Company has significant
cash liquidity and believes an investment in its common stock to be a sound use
of capital. Moreover, the decision to purchase stock with 1997 year-end bonuses
reaffirms management's confidence in future expectations for the Company and the
industry," commented Robert W. Howard, Vice-Chairman and CEO.
Certain statements contained in the press release, which are not historical
fact, may be deemed to be forward-looking statements under the federal
securities laws. There are many important factors that could cause Southern
Pacific Funding Corporation's actual results to differ materially from those
indicated in the forward-looking statements. Such factors include, but are not
limited to, general economic conditions, interest rate risk, prepayment speeds,
delinquency and default rates, changes (legislative and otherwise) in the asset
securitization industry, demand for Southern Pacific Funding's services, the
degree to which Southern Pacific Funding is leveraged, its needs for financing,
and other risks identified in Southern Pacific Funding's Securities and Exchange
Commission filings.
-More-
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Southern Pacific Funding Corporation is a Lake Oswego, Oregon based
international specialty finance company engaged in the business of originating,
purchasing and selling home equity loans made to borrowers whose borrowing needs
may not be met by traditional financial institutions. The Company and its
subsidiaries originate loans through mortgage broker and correspondent
relationships, consumer lending operations and strategic alliances throughout
the United States and the United Kingdom.
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More information can be found on Southern Pacific Funding Corporation on the
Internet @ http://www.businesswire.com/cnn/sfc.htm
