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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: June 23, 1998
GENESCO INC.
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(Exact name of registrant as specified in its charter)
Tennessee 1-3083
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(State or other jurisdiction of incorporation) (Commission File Number)
Genesco Park, 1415 Murfreesboro Road, Nashville, TN 37217
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (615) 367-7000
Not Applicable
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS
On June 22, 1998, the Board of Directors of the Registrant announced
that it had declared regularly scheduled cash dividends on various classes of
its preferred stock outstanding for the Registrant's fiscal quarter ending
August 1, 1998, payable on that date to holders of record of the preferred stock
on July 21, 1998. (A copy of the Registrant's press release dated June 22, 1998
describing the classes of preferred and respective dividend rates is filed as an
exhibit hereto and incorporated by reference herein.) This action follows the
payment in full on May 28, 1998 of all dividend arrearages, in the aggregate
amount of $1,351,708, with respect to the Registrant's various classes of
preferred stock outstanding. (A copy of the Registrant's press release dated
April 30, 1998 describing the classes of preferred, respective dividend rates,
and respective cumulative arrearages is filed as an exhibit hereto and
incorporated by reference herein.)
Because of certain restrictive covenants contained in an indenture
relating to the Registrant's 10 3/8% Senior Notes due 2003 (the "Senior Notes"),
the Registrant had, since October 1993, been prevented from paying cash
dividends to the holders of its common stock and preferred stock. On May 8,
1998, the Registrant redeemed the Senior Notes in full and removed the
impediment to paying cash dividends.
The payment of dividends in the future with respect to the Registrant's
preferred stock and common stock will depend on the Registrant's profitability,
cash flows, capital requirements, financial condition, debt covenants, and other
factors that the Board of Directors may deem relevant. Notwithstanding the
foregoing, the Registrant expects to continue to pay scheduled cash dividends on
each class of its preferred stock in the future and currently knows of no reason
why it will not be able to do so.
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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.
GENESCO INC.
Dated: June 23, 1998 By: /s/ Roger G. Sisson
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Roger G. Sisson, Secretary and General Counsel
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EXHIBIT INDEX
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Exhibit No.
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99.1 Press Release dated April 30, 1998
99.2 Press Release dated June 22, 1998
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EXHIBIT 99.1
GENESCO DECLARES QUARTERLY DIVIDENDS
NASHVILLE, Tenn., April 30, 1998 -- The board of directors of Genesco Inc.
(NYSE:GCO) has declared dividends on the various classes of its preferred stock
for the quarter ending May 2, 1998, and for all dividend arrearages through that
date, payable May 28, 1998, to holders of record May 18, 1998.
The rates are as follows:
- - Subordinated serial preferred stock:
Series 1 $0.575 quarterly; $10.35 including arrearages
Series 3 $1.1875 quarterly; $21.375 including arrearages
Series 4 $1.1875 quarterly; $21.375 including arrearages
- - Subordinated cumulative preferred stock:
$0.375 quarterly; $6.75 including arrearages
The dividend payment is conditioned on the prior redemption of the
Company's 10 3/8% Senior Notes due 2003, which is expected to occur on May 8,
1998.
Genesco, based in Nashville, markets and distributes branded footwear. The
Company also operates the Volunteer Leather Company, a leather tanning and
finishing business. Genesco's owned and licensed footwear brands, sold through
both wholesale and retail channels of distribution, include Johnston & Murphy,
Dockers Footwear and Nautica Footwear. Genesco's products are sold at wholesale
to more than 2,700 retailers, including the Company's own network of 587
footwear retail stores in the U.S., operated principally under the names Jarman,
Journeys and Johnston & Murphy.
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EXHIBIT 99.2
GENESCO DECLARES QUARTERLY DIVIDENDS
NASHVILLE, Tenn., June 22 /PRNewswire/ --- The board of directors of Genesco
Inc. (NYSE:GCO) has declared dividends on the various classes of its preferred
stock for the quarter ending August 1, 1998, payable on that date to holders of
record July 21, 1998.
The rates are as follows:
- - Subordinated serial preferred stock:
Series 1 $0.575 per share
Series 3 $1.1875 per share
Series 4 $1.1875 per share
- - Subordinated cumulative preferred stock:
$0.375 per share
Genesco, based in Nashville, markets and distributes branded footwear. The
Company also operates the Volunteer Leather Company, a leather tanning and
finishing business. Genesco's owned and licensed footwear brands, sold through
both wholesale and retail channels of distribution, include Johnston & Murphy,
Dockers Footwear and Nautica Footwear. Genesco's products are sold at wholesale
to more than 2,700 retailers, including the Company's own network of 653
footwear retail stores in the U.S., operated principally under the names Jarman,
Journeys and Johnston & Murphy.
