FORM 8-K - CURRENT REPORT
(As last amended in Rel. No. 34-36968, eff. 08/13/92.)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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) February 7, 1997
__________________________
Blessings Corporation
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(Exact name of registrant as specified in its charter)
Delaware 1-4684 13-5566477
_______________________________________________________________________________
(name or other jurisdiction (commission (IRS employer
of incorporation) file number) identification no.)
200 Enterprise Drive, Newport News, VA 23603
_______________________________________________________________________________
(address of principal executive offices) (zip code)
Registrant's telephone number, including area code (757) 887-2100
__________________________
_______________________________________________________________________________
(former name or former address, if changed since last report.)
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Item 5. Other Events
See the press release dated February 6, 1997, disclosing the
Board of Directors voted not to declare a quarterly dividend on its common stock
effective with the quarterly dividend otherwise payable on March 1, 1997.
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CONTACT: James P. Luke
Executive Vice President
Chief Financial Officer
FOR IMMEDIATE RELEASE
NEWPORT NEWS, VIRGINIA, FEBRUARY 6, 1997. Blessings Corporation (AMEX
Symbol BCO) announced today that its Board of Directors voted not to declare a
quarterly dividend on its common stock effective with the quarterly dividend
otherwise payable on March 1, 1997. The previous quarterly dividend of $.10 per
share was paid on December 1, 1996.
Concurrently, the Company announced plans to acquire up to 1,000,000
shares of its common stock in a new and expanded Stock Buyback Program. The
Company reported that the program provides for the purchase of shares of the
Company's common stock from time to time in the open market, or in privately
negotiated transactions, in amounts and at prices the Company, in its sole
judgment, deems appropriate.
Mr. John W. McMackin, Chairman of the Board of Blessings, in discussing
the announcement stated that: "After careful deliberation, the Board of
Directors has concluded that significant investment opportunities are available
to the Company which should enhance shareholder value more effectively than cash
dividend payments. These opportunities include internal expansion projects, as
well as the buyback of Blessings common stock for employee benefit plans and
other corporate purposes." Mr. McMackin also noted that: "In recent years,
Blessings has become increasingly growth oriented and has committed considerable
capital investment in pursuit of new products, new processes and new markets. We
believe that shareholders readily recognize that investment in pursuit of growth
opportunities, and the purchase of Blessings common stock, is clearly in the
long-term best interests of the Company and overall shareholder value."
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SIGNATURE
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.
Registrant:
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BLESSINGS CORPORATION
By: /s/ James P. Luke
_______________________________________
James P. Luke, Executive Vice President
Secretary/Treasurer
Date: February 7, 1997
