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 (Date of earliest event reported) June 15, 1998
VITECH AMERICA, INC.
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(Exact name of registrant as specified in its charter)
Florida 0-21369 65 041 9086
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(State or other jurisdiction (Commission File (IRS Employer
or incorporation) Number) Identification No.)
8807 Northwest 23rd Street, Miami, Florida 33172
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(Address of principal executive offices, including zip code)
Registrant's telephone number, including area code (305) 477-1161
N/A
(Former name or former address, if changed since last report)
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ITEM 5. Other Events.
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On June 15, 1998, the Company announced that the Board of Directors
declared a 10% common stock dividend (the "Dividend"). The Dividend will be
distributed on July 27, 1998 to common stock shareholders of record on July 13,
1998.
ITEM 7. Financial Statements, Pro Forma Financial Information and Exhibits.
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Exhibits
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99.1 Press Release - Vitech America Declares a 10% Stock Dividend
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SIGNATURES
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 hereunto duly authorized.
VITECH AMERICA, INC.
By: /s/ Edward Kelly
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Edward Kelly
Chief Financial Officer
DATED: June 25, 1998
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VITECH AMERICA, INC.
8807 Northwest 23rd Street
Miami, Florida 33172-2419
Vitech Telephone: (305) 477-1161
Fax: (305) 477-1379
e-mail: [email protected]
VITECH AMERICA DECLARES A 10% STOCK DIVIDEND
Miami, FL, June 15, 1998 -- Vitech America, Inc. (NASDAQ:VTCH), a leading
US-based manufacturer and direct marketer of computer and integrated computing
solutions in Brazil, announced that the Board of Directors declared a 10% common
stock dividend at today's annual meeting of shareholders.
According to William St. Laurent, President and COO of the Company, "In light of
the continuing success of the company, we believe this action rewards our
existing shareholders, and increases the number of shares of stock in our public
float." As a result of this stock dividend, the diluted common shares
outstanding will increase to approximately 12 million. The dividend will be
distributed in the third quarter to common stock shareholders of record on July
13, 1998.
Last month, the Company reported record sales, net income and earnings per share
for the first quarter ended March 31, 1998. For the first quarter of 1998, sales
rose 99% to $33.8 million and net income increased 74% to $3.1 million. These
increases follow a record year for 1997 with total sales in excess of $117
million, net income of $12.8 million and earnings per diluted share reaching
$1.17.
Vitech America, Inc. is a manufacturer and direct marketer of its own brand name
personal computers, business systems integration and networking equipment
servers and related products in Brazil under the names: VisionTM, MythusTM,
QuestTM, SpallaTM, and VesperTM. In addition, Vitech's System Integration Group
designs, installs and provides ongoing services for local-area (LAN) and
wide-area (WAN) networks. As licensed direct OEM supplier of Intel's Pentium(R)
processors, Vitech is the one of the leading companies in Brazil offering a
complete solution from low-end Pentium workstations to high-end integrated
networks powered by multi-processor superservers.
Except for the historical information herein, the matters discussed in this
press release include forward-looking statements that may involve a number of
risks and uncertainties. Future results may vary significantly based on a number
of factors, including, but not limited to, risks in market acceptance of new
products and continuing product demand, the impact of competitive products and
pricing, changing economic conditions, both here and in Brazil and other risk
factors detailed in the Company's most recent annual report and other filings
with the Securities and Exchange Commission.
For more information, please contact:
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Ed Kelly, CFO, Vitech America (305) 477-1161, x7726, [email protected]
Vicki Weiner/Sylvia Dresner, VMW Inc. (212) 605-3140, [email protected]
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