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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 (Date of earliest event reported):
September 8, 1998
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Miami Computer Supply Corporation
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(Exact name of registrant as specified in its charter)
Ohio 000-21561 31-1001529
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(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
4750 Hempstead Station Drive, Dayton, Ohio 45429
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (937) 291-8282
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N/A
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(Former name or former address, if changed since last report)
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Item 5. Other Events.
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On September 8, 1998, Miami Corporation Supply Corporation ("MCSC")
announced that the Board of Directors has authorized the repurchase
of up to 5.0% (approximately 535,000 shares) of the outstanding
shares of common stock through open-market repurchases and
privately negotiated repurchases, if any, from time to time when
deemed appropriate by the management of the Company. The Company
will base its repurchase decisions (including the timing and volume
thereof) on such factors as the stock price, general economic and
market conditions, the status of the Company's acquisition program
and other factors. The purpose of the repurchase program is to,
among other things, provide common stock at attractive prices for
distribution to business owners in merger transactions and to fund
the Company's 1998 Employee Payroll Deduction Stock Purchase Plan
and the Company's 401(k) Plan.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
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(a) Financial Statements
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No financial statements are required.
(b) Pro Forma Financial Information
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No pro forma financial information is required.
(c) Exhibits
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No. Description
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99 Press Release, dated September 8, 1998
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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.
MIAMI COMPUTER SUPPLY CORPORATION
/s/ Ira H. Stanley
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By: Ira H. Stanley
Vice President - Finance
Date: September 15, 1998
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Exhibit 99
For Immediate Release
- --------------------- Contact: Michael E. Peppel
President, Chief Executive Officer
937-291-8045
[email protected]
MIAMI COMPUTER SUPPLY CORPORATION ANNOUNCES STOCK REPURCHASE PROGRAM
Dayton, OH - September 8, 1998 -- Miami Computer Supply Corporation (NASDAQ:
MCSC) (the "Company") today announced that its Board of Directors has
authorized the repurchase of up to 5.0% (approximately 535,000 shares) of the
Company's common stock.
The Company said it would repurchase its common stock, from time to time,
through open market purchases or in negotiated private transactions when
deemed appropriate by management of the Company. The Company will base its
repurchase decisions (including the timing and volume thereof) on such
factors as the stock price, general economic and market conditions, the
status of the Company's acquisition program and other factors. The purpose
of the repurchase is to, among other things, provide common stock at
attractive prices for distribution to business owners in merger transactions
and to fund the Company's employee stock purchase and 401(k) plans.
Commenting on the repurchase program, Miami Computer Supply Corporation
President, Michael E. Peppel, said, "The Board of Directors and management
believe that this action by the Company is indicative of our confidence in
the future of the Company and affords an opportunity to provide additional
value to our stockholders."
"Due to current market conditions the repurchase of our shares is
particularly attractive as we have an immediate ability to utilize such stock
in our ongoing acquisition program. In this regard, a major transaction is
scheduled to close before the end of the quarter and we intend to utilize
repurchased shares to partially fund this merger," added Peppel.
Miami Computer Supply Corporation went public in November of 1996. Since the
IPO, Miami Computer Supply has increased the number of sales personnel from
53 to 228 and it annual sales from $107.4 million as of December 31, 1997 to
a proforma annualized 12 month run rate of over $241 million.
Miami Computer Supply Corporation is a distributor of computer and office
automation supplies and accessories, including a line of computer projection
presentation products and video conferencing products throughout the United
States and in certain foreign countries. Miami Computer Supply Corporation
distributes over 1,800 core products primarily to middle market and smaller
companies and to governmental,
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Press Release
September 8, 1998
Page 2 of 2
educational, and institutional customers, including federal, state and local
governmental agencies, universities and hospitals and, to a lesser extent, to
computer supply dealers. The Company sells primarily nationally known, name-
brand products manufactured by approximately 500 original equipment
manufacturers, including Hewlett-Packard, Lexmark, Imation and Canon for
computer supplies, and Sharp, Epson and Proxima for projection presentation
products and Intel Team Station video conferencing products. Additional
information regarding the Company can be obtained at http://www.mcsinet.com.
The matters discussed in this press release which are not historical facts
contain forward-looking information with respect to plans, projections or
future performance of the Company, the occurrence of which involve risks and
uncertainties which include, but are not limited to, general economic
conditions, industry trends, actions of competitors, the Company's ability to
manage its growth, factors relating to its acquisition/merger strategy,
actions of regulatory authorities, restrictions imposed by its debt
arrangements, dependence upon key personnel, dependence upon key suppliers,
customer demand, dependence on its computer systems and other factors. A
complete description of those factors, as well as other factors which could
affect the Company's business, is set forth in the Company's Form 10-K for
the year ended December 31, 1997, and its Form 10-Q for the six months ended
June 30, 1998.
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