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 16, 1998
LASER MORTGAGE MANAGEMENT, INC.
(Exact name of registrant as specified in its charter)
MARYLAND 22-353916
(State or other jurisdiction of (Commission (IRS Employer
incorporation) File Number) ID Number)
51 JOHN F. KENNEDY PARKWAY, SHORT HILLS, NEW JERSEY 07078
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number,
including area code: (973) 912-8770
N/A
(Former name or former address, if changed since last report)
<PAGE>
Item 5. OTHER EVENTS.
On March 16, 1998, the Registrant issued a press release announcing the
Board of Directors' declaration of a quarterly cash dividend to the Registrant's
stockholders equal to $0.43 per share of common stock. The Registrant announced
that the dividend would be payable on April 30, 1998 to stockholders of record
on March 31, 1998. The complete text of the news release is set forth as Exhibit
20.1 hereto.
Also on March 16, 1998, the Registrant issued a press release announcing
the Board of Directors' approval of a stock repurchase program. The complete
text of the news release is set forth as Exhibit 20.2 hereto.
Item 7. Financial Statements, PRO FORMA
FINANCIAL INFORMATION AND EXHIBITS.
(a) FINANCIAL STATEMENTS
None.
(b) PRO FORMA FINANCIAL STATEMENTS
None.
(c) EXHIBITS
20.1 News Release, dated March 16, 1998.
20.2 News Release, dated March 16, 1998.
<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 thereunto duly authorized.
LASER MORTGAGE MANAGEMENT, INC.
By:/S/ THOMAS G. JONOVICH
Name: Thomas G. Jonovich
Title: Chief Financial Officer
Dated: March 20, 1998
<PAGE>
EXHIBIT INDEX
EXHIBIT DESCRIPTION
20.1 News Release, dated March 16, 1998.
20.2 News Release, dated March 16, 1998.
Exhibit 20.1
LASER MORTGAGE MANAGEMENT, INC.
ANNOUNCES DIVIDEND
Short Hills, N.J., March 16, 1998. The Board of Directors of LASER Mortgage
Management, Inc. (NYSE: LMM) has declared a cash dividend of $0.43 per share of
common stock for the first quarter of 1998. The dividend is payable on April 30,
1998 to stockholders of record as of March 31, 1998.
Mr. Smirlock, the Chief Executive Officer of the Company, said ASignificant
progress continues to be made in investing the capital of the Company. The
dividend, representing our first full quarter of operations, reflects this,
although the Company has yet to fully utilize its capital. Going forward, we
expect to focus our asset acquisition activities on high income-producing
assets, including mortgage loans, subordinate securities and investment-grade
securities that we expect to increase our net interest income."
LASER Mortgage Management, Inc. is a specialty finance company investing
primarily in mortgage-backed securities and mortgage loans. The Company will
elect to be taxed as a real estate investment trust under the Internal Revenue
Code of 1986, as amended. LASER Advisers Inc., a registered investment adviser,
manages the day-to-day operations of the Company. The executive offices of LASER
Mortgage Management, Inc. are located at 51 John F. Kennedy Parkway, Short
Hills, New Jersey 07078.
"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT
OF 1995: STATEMENTS IN THIS PRESS RELEASE REGARDING LASER MORTGAGE MANAGEMENT'S
BUSINESS WHICH ARE NOT HISTORICAL FACTS ARE "FORWARD-LOOKING" STATEMENTS THAT
INVOLVE RISK AND UNCERTAINTIES.
Date: March 16, 1998
Contact: LASER Mortgage Management, Inc.
Exhibit 20.2
LASER MORTGAGE MANAGEMENT, INC.
ADOPTS STOCK REPURCHASE PROGRAM
Short Hills, New Jersey, March 16, 1998. LASER Mortgage Management, Inc.
(NYSE: LMM) today announced that it is initiating a program to repurchase up to
$20,000,000 of its common stock. Based on the current market price, the shares
subject to repurchase represent approximately 6% of the current outstanding
common stock. No minimum number or value of shares to be repurchased has been
fixed. The repurchases may be effected from time to time in accordance with
applicable securities laws, through solicited or unsolicited transactions in the
open market, on the New York Stock Exchange or in privately negotiated
transactions. No time limit has been placed on the duration of the stock
repurchase program. Subject to applicable securities laws, such purchases will
be at times and in amounts as the Company deems appropriate and may be
discontinued at any time. Repurchased shares will be held as treasury shares
available for future issuance under the Company's Dividend Reinvestment and
Direct Purchase Plan and other corporate purposes.
In announcing the stock repurchase program, Michael L. Smirlock, LASER's
Chief Executive Officer, said, "We will look for opportunities to enhance
stockholder value through repurchases of the Company's stock, such as when the
common stock is trading below book value."
LASER Mortgage Management, Inc. is a specialty finance company investing
primarily in mortgage-backed securities and mortgage loans. The Company will
elect to be taxed as a real estate investment trust under the Internal Revenue
Code of 1986, as amended. LASER Advisers, Inc., a registered investment adviser,
manages the day-to-day operations of the Company. The executive offices of LASER
Mortgage Management, Inc. are located at 51 John F. Kennedy Parkway, Short
Hills, New Jersey.
"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT
OF 1995: STATEMENTS IN THIS PRESS RELEASE REGARDING LASER MORTGAGE MANAGEMENT,
INC.'S BUSINESS WHICH ARE NOT HISTORICAL FACTS ARE "FORWARD-LOOKING" STATEMENTS
THAT INVOLVE RISK AND UNCERTAINTIES.
Date: March 16, 1998
Contact: LASER Mortgage Management, Inc.
Robert Gartner, Vice President (973) 912-8770
