SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report: December 15, 1999
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(Date of earliest event reported)
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FIRST AVIATION SERVICES INC.
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(Exact Name of Registrant as Specified in its Charter)
<TABLE>
<S> <C> <C>
Delaware 0-21995 06-1419064
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(State of Incorporation) (Commission File No.) (IRS Employer Identification Number)
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15 Riverside Avenue
Westport, Connecticut 06880-4214
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(Address of Principal Executive Office) (Zip Code)
(203) 291-3300
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(Registrant's Telephone Number, Including Area Code)
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Item 5. Authorization of repurchase of common stock
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On December 17, First Aviation Services Inc. (the "Company") made
certain announcements relating to its stock repurchase program. A copy of the
press release, Exhibit 99.2, is attached and incorporated by reference.
(c) Exhibits
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99.2 Press release dated December 17, 1999 announcing the purchase of
one million shares and the authorization to purchase an additional 500,000
shares as part of the program.
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.
FIRST AVIATION SERVICES INC.
Date: December 17, 1999 By:
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Name: John A. Marsalisi
Title: Secretary, Vice President &
Chief Financial Officer
FIRST AVIATION ANNOUNCES AN INCREASE IN ITS SHARE BUY-BACK PROGRAM
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WESTPORT, CONNECTICUT, December 17, 1999 --- First Aviation Services Inc.
(NASDAQ:FAVS) had announced on November 3, 1999 that the Board of Directors had
authorized a share buy-back program of up to 1,000,000 shares. The Company has
fully utilized the initial authorization under the share buy-back program.
Purchases were primarily made through negotiated transactions for a total of
984,200 shares at a price of $5.875 per share. Additional shares were purchased
in open market transactions. The Company now has approximately 8.1 million
shares outstanding.
The Company also announced that the Board of Directors has authorized a
repurchase of up to an additional 500,000 shares of its common stock.
Repurchases may be made from time-to-time in open market transactions, block
purchases, privately negotiated transactions or otherwise at prevailing prices.
No time limit has been given for the completion of the program.
First Aviation's operations include Aerospace Products International,
headquartered in Memphis, Tennessee, which is the fastest growing supplier of
aircraft parts, services and logistics to the general aviation, regional and
commercial airline markets. First Aviation Services continues to pursue
opportunities for growth through acquisition and service offering expansion.
More information about First Aviation can be found on the world wide web at
http://www.firstaviation.com.
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Forward-Looking Statements
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The Company from time to time may discuss forward-looking information. Except
for the historical information contained in this release, all forward looking
information are estimates of the Company's management and are subject to various
risks and uncertainties, including the Company's ability to obtain parts from
its suppliers on a timely basis, consummate suitable acquisitions, and other
items that are beyond the Company's control and may cause results to differ from
management expectations.
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Contact: John A. Marsalisi
Vice President & CFO
203-291-3303
