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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 (date of earliest
event reported): May 19, 1998
Moyco Technologies, Inc.
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(Exact Name of Registrant as specified in its charter)
Pennsylvania 0-4123 23-1697233
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
200 Commerce Drive, Montgomeryville, PA 18936
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Registrant's telephone number, including area code: 215-855-4300
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None
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(Former name or former address, if changed since last report)
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Item 5. Other Matters
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In a news release, dated May 19, 1998, the Registrant announced that
A. its Board of Directors today authorized a stock buy- back program
to purchase up to 100,000 shares of Moyco common stock;
B. in connection with the pending Dentsply litigation, the Registrant
will file responsive pleadings by the end of this month; and
C. its sales and revenues continue to improve.
The foregoing is a summary of the press release which is attached as
Exhibit A to this report and is incorporated herein by reference. The
foregoing description does not purport to be complete and is qualified in its
entirety by reference to Exhibit A.
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.
MOYCO TECHNOLOGIES, INC.
By: /s/ Marvin E. Sternberg
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Marvin E. Sternberg
President and Chief Executive Officer
and Chairman of the Board
Date: May 26, 1998
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[Moyco Technologies Letterhead]
Exhibit A
News Release
Contact: Joseph Sternberg
May 19, 1998
Moyco Board Authorizes Stock Buy-Back Program
Moyco Technologies, Inc. (MOYCO:Nasdaq), a Montgomeryville, PA manufacturer of
precision abrasives and professional dental supplies announced that its Board
of Directors has authorized a stock buy-back program to purchase up to 100,000
shares of Moyco common stock. The plan expires June 30, 1999. Commenting on
the program, Marvin E. Sternberg, CEO and President, said, "It is in the best
interests of our shareholders to buy-back shares at these levels. In our view,
the market has undervalued our stock and, as a result, we are taking
appropriate action. This year, we intend to implement a strategic plan which
will maximize shareholder value."
Moyco, working with its financial advisor, Brown Brothers, Harriman & Co., is
nearing completion of a review of its strategic alternatives. The current plan
is to select and implement the program which should provide the best
opportunity to maximize shareholder value.
With regard to the pending litigation wherein Dentsply International has
alleged patent infringement, Moyco will file responsive pleadings by the end
of this month. Moyco shall vigorously defend its rights to manufacture its
patented nickel titanium endodontic (root canal) instruments.
Financial data continues to improve. Moyco remains on track for record sales
and earnings for this fiscal year ending June 30, 1998. April revenues
increased approximately 14% to $1.4 million. Lonnie Graybill, Vice President,
stated, "As a result of certain changes of distribution in the dental
industry, our dealers have helped to drive demand for our patented endodontic
(root canal) instruments to records levels. We will be increasing our
manufacturing capacity by 25% this fall to accommodate the tremendous support
for this product line." Sales of related dental products continues to
increase. The abrasives business segment is in the process of implementing new
marketing strategies and has received positive initial testing results on some
products for applications related to the polishing of automotive parts and
ceramic rolls.
Some statements contained in this release are forward looking and subject to
the safe harbor provisions of the Private Securities Litigation Reform Act of
1995. These forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially from
historical and anticipated results or other expectations expressed herein.
END
