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 29, 1999
LASER MORTGAGE MANAGEMENT, INC.
(Exact name of registrant as specified in its charter)
MARYLAND 001-13563 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
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(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, including area code: (973) 912-8770
N/A
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(Former name or former address, if changed since last report)
<PAGE>
Item 5. Other Events.
On March 29, 1999, the Registrant issued a press release announcing that
its Board of Directors has declared a special first quarter distribution in cash
of $2.00 per share of common stock. The special distribution is payable on April
30, 1999 to stockholders of record as of April 1, 1999. Depending upon the
Company's final reported taxable income for 1999, this distribution may in whole
or in part be characterized as a return of capital for tax purposes.
The Company also announced that it terminated a repurchase agreement with a
broker-dealer with respect to $500 million of the Company's agency mortgage
pass-through certificates and realized a loss of $(8.5) million in connection
therewith. From January 1, 1999 through today, the Company has sold
approximately $300 million of securities, including approximately $275 million
of agency mortgage pass-through certificates.
The Company's management estimated that as of February 26, 1999, the
Company's net asset value per share was between $6.75 and $7.00 (without giving
effect to this special distribution and the termination of the repurchase
agreement described above).
The complete text of the press release dated March 29, 1999 is set forth as
Exhibit 99.1 hereto.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Financial Statements
None.
(b) Pro Forma Financial Statements
None.
(c) Exhibits
99.1 Press Release, dated March 29, 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 thereunto duly authorized.
LASER MORTGAGE MANAGEMENT, INC.
By: /s/ Robert J. Gartner
----------------------------
Name: Robert J. Gartner
Title: Vice President
Dated: March 30, 1999
<PAGE>
EXHIBIT INDEX
EXHIBIT DESCRIPTION
99.1 Press Release, dated March 29, 1999.
EXHIBIT 99.1
LASER MORTGAGE MANAGEMENT, INC.
ANNOUNCES $2.00 PER SHARE SPECIAL DISTRIBUTION
Short Hills, New Jersey, March 29, 1999. The Board of Directors of LASER
Mortgage Management, Inc. (NYSE: LMM) has declared a special first quarter
distribution in cash of $2.00 per share of common stock. The special
distribution is payable on April 30, 1999 to stockholders of record as of April
1, 1999. Depending upon the Company's final reported taxable income for 1999,
this distribution may in whole or in part be characterized as a return of
capital for tax purposes.
The Company announced today that it terminated a repurchase agreement with
a broker-dealer with respect to $500 million of the Company's agency mortgage
pass-through certificates and realized a loss of $(8.5) million in connection
therewith. From January 1, 1999 through today, the Company has sold
approximately $300 million of securities, including approximately $275 million
of agency mortgage pass-through certificates.
The Company's management estimated that as of February 26, 1999, the
Company's net asset value per share was between $6.75 and $7.00 (without giving
effect to this special distribution and the termination of the repurchase
agreement described above).
LASER Mortgage Management, Inc. is a specialty finance company investing
primarily in mortgage-backed securities and mortgage loans. The Company has
elected to be taxed as a real estate investment trust under the Internal Revenue
Code of 1986, as amended.
"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 29, 1999
Contact: LASER Mortgage Management, Inc.
Robert J. Gartner
Vice President
212-409-3452
