United States
Securities and Exchange Commission
Washington, DC 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) September 23, 1999
Diamond Home Services, Inc.
(Exact name of registrant as specified in its charter)
Delaware 0-20829 36-3886872
(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation) Identification Number)
222 Church Street
Woodstock, IL 60098
(Address of principal executive offices)
Registrant's telephone number, including area code (815) 334-1414
None
(Former name or address, if changed since last report)
ITEM 5. OTHER EVENTS.
Please refer to the matters reflected below in Item 7(c)(99).
On September 23, 1999, the Company announced the resignations of
William R. Griffin and James "Milt" Gillespie as members of the Board
of Directors, and Michael A. Augello as Vice President of Diamond Home
Services, Inc. and President of Reeves Southeastern Corporation.
Mr. Griffin's letter of resignation stated that he resigned due to his
obligations regarding other business ventures.
In his letter of resignation, Mr. Gillespie indicated that he
disagreed with the direction of the Company. The Company
believes its policies are those best suited to maximize value
to shareholders and other interested parties.
<PAGE>
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) Exhibits (numbered pursuant to Item 601 of Registration S-K)
(99) Press release dated September 23, 1999.
SIGNATURES
Pursuant to the requirement of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereto duly authorized.
Diamond Home Services, Inc.
(Registrant)
/s/ Richard G. Reece
Richard G. Reece
Vice President and Chief Financial Officer
(For the Registrant and as
Principal Accounting Officer)
Date: September 27, 1999
DIAMOND HOME SERVICES ANNOUNCES THE RESIGNATIONS OF
TWO DIRECTORS, PRESIDENT OF REEVES SOUTHEASTERN
WOODSTOCK, Ill.--(BUSINESS WIRE)--Sept. 23, 1999--Diamond Home Services, Inc.
(NASDAQ: DHMS - news) today announced the resignations of William R. Griffin and
James "Milt" Gillespie as members of the Company's Board of Directors, and
Michael A. Augello as Vice President of Diamond Home Services, Inc. and
President of the Company's subsidiary, Reeves Southeastern Corporation.
"We thank Bill, Milt and Mike for their contributions to Diamond," said C.
Stephen Clegg, the Company's Chairman and CEO. "Milt Gillespie has proven to be
a valuable resource to the Company since its inception, initially as president
of Diamond Exteriors's southeastern region and later as a director of the
Company and Vice President of Business Development. Likewise, Bill Griffin
provided useful insight to the Board as a result of his many years of experience
in the home services industry."
The Company's current directors are Mr. Clegg, James F. Bere, and Jacob Pollock.
Mr. Pollock has agreed to join Mr. Bere as a member of the audit and
compensation committees.
"Mike Augello's performance managing Reeves has been outstanding. We remain
optimistic about the outlook for Reeves because of the strong, deep management
team, which was one of our acquisition requirements," Mr. Clegg concluded.
The resignations of Messrs. Griffin and Gillespie were effective immediately.
Mr. Augello's resignation becomes effective October 5, 1999.
Diamond Home Services, Inc. is a leading national marketer and contractor of
installed home improvement products, including roofing systems, gutters, doors,
and fencing. The Company, through its subsidiary, Reeves Southeastern
Corporation, is one of the largest manufacturers and distributors of fencing and
perimeter security products to the industrial and residential markets in the
U.S. Reeves Southeastern operates 32 distribution centers primarily in the
eastern half of the U.S. In addition, Reeves Southeastern furnishes and installs
private-label fencing home improvement products. Through its subsidiary Diamond
Exteriors, Inc.(R) the Company markets installed home improvement products and
services directly to consumers, primarily under the "SEARS" name. Through its
finance subsidiary Marquise Financial Services, Inc. the Company also offers
financing to its customers. The Company has home consultants located in major
cities across the U.S., providing the Company with a presence in markets
covering approximately 80% of the owner-occupied households in the U.S.
Certain statements contained herein, including without limitation, statements
addressing the beliefs, plans, objectives estimates or expectations of the
Company or future results or events constitute "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995, as
amended. Such forward-looking statements involve known or unknown risks,
including, but not limited to, general economic and business conditions, matters
related to the licensing agreement between Diamond Exteriors, Inc. and Sears,
Roebuck and Co., warranty exposure, the Company's reliance on home consultants
and on the availability of qualified independent installers, lead activity and
costs related thereto, the outcome of discussions with its creditors and other
constituencies, and conditions in the installed home improvement industry. There
can be no assurance that the actual future results, performance, or achievements
expressed or implied by such forward-looking statements will occur. Users of
forward-looking statements are encouraged to review Item 7 of the Company's most
recent annual report on Form 10-K, its filings on Form 10-Q, management's
discussion and analysis in the Company's most recent annual report to
stockholders, the Company's filings on Form 8-K, and other federal securities
law filings for a description of other important factors that may affect the
Company's business, results of operations and financial condition.
Contact:
Diamond Home Services, Inc. Woodstock
Dan Bronson, 815/334-2420
or
The Investor Relations Co. Chicago
Woody Wallace, 847/564-5610
