UNITED STATES
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): March 4, 1999
NEW CENTURY FINANCIAL CORPORATION
(Exact Name of Issuer as Specified
in its Charter)
Delaware 000-22633 33-0683629
(State or Other (Commission File (IRS
Jurisdiction Number) Employer
of Incorporation) Identification
Number)
18400 Von Karman, Suite 1000, Irvine, California 92612
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (949) 440-7030
<PAGE>
ITEM 5. OTHER EVENTS
A copy of the press release issued by New Century
Financial Corporation, a Delaware corporation, on March 4, 1999
is filed as Exhibit 99.1 to this Current Report and is
incorporated herein by reference.
ITEM 7. EXHIBITS
(a) Financial statements of business acquired.
Not applicable.
(b) Pro forma financial information.
Not applicable.
(c) Exhibits.
Exhibit No. Description
99.1 Press Release, dated March 4, 1999.
<PAGE>
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.
NEW CENTURY FINANCIAL CORPORATION
March 8, 1999 /s/ Brad A. Morrice
_________________________________
Brad A. Morrice
President
<PAGE>
EXHIBIT INDEX
Exhibit
No. Description of Exhibit
99.1 Press Release, dated March 4, 1999.
EXHIBIT 99.1
News Release
FOR ADDITIONAL INFORMATION CONTACT:
New Century Financial Corporation Robert K. Cole, Chairman and CEO
18400 Von Karman, Suite 1000 (949) 224-5700
Irvine, CA 92612 Carrie Marrelli, VP, Investor
Relations
(949) 224-5745
NEW CENTURY ANNOUNCES STOCK REPURCHASE PROGRAM
Irvine, CA, March 4, 1999, New Century Financial Corporation
(Nasdaq: NCEN) announced today its board of directors
authorized the Company to repurchase up to 250,000 shares of
its common stock over the next twelve months at a maximum
total price of $3.5 million. The board authorized
management to make the repurchases in the open market or in
privately negotiated transactions at prevailing prices. The
timing and volume of purchases under the program will depend
upon market and business conditions.
Any shares repurchased will initially be held as treasury
shares and may be used in connection with the Company's
stock option program, its employee stock purchase program
and for other general corporate purposes.
"We believe that selective repurchases can play a positive
role in the Company's efforts to increase shareholder
value," said Brad A. Morrice, Vice Chairman and President.
New Century Financial Corporation is a specialty finance
company that originates, purchases, sells, and services sub-
prime mortgage loans secured primarily by first mortgages on
single family residences.
