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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) AUGUST 19, 1998
AMRESCO, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 0-8630 59-1781257
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
700 NORTH PEARL STREET
SUITE 2400, LB 342
DALLAS, TEXAS 75201
(Address of principal executive offices) (zip code)
Registrant's telephone number, including area code: (214) 953-7700
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ITEM 5. OTHER EVENTS.
On August 19, 1998, the Board of Directors of AMRESCO, INC. (the
"Company") authorized the repurchase of up to one million shares of the
Company's common stock, par value $0.05 per share.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) EXHIBITS
99.1 Press Release dated August 19, 1998.
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.
AMRESCO, INC.
Date: August 21, 1998 By: /S/ L. KEITH BLACKWELL
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Name: L. Keith Blackwell
Title: Senior Vice President,
General Counsel and
Secretary
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EXHIBIT INDEX
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Item No. Description
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99.1 Press Release dated August 19, 1998.
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[News Release] Exhibit 99.1
IMMEDIATE RELEASE Contacts:
Media: Caroline Free
214-953-8478
[email protected]
August 19, 1998
Investor and Analyst: Tom Andrus
214-953-7704
[email protected]
AMRESCO REITERATES CONFIDENCE IN RETAINED INTEREST VALUATION;
ANNOUNCES COMMON STOCK REPURCHASE
DALLAS - AMRESCO, INC. (Nasdaq: AMMB) reiterates its confidence in the
recorded value of its retained interests from securitization. The company denies
a reported rumor that it would take a write-down related to this asset in the
third quarter.
"Due to the conservatism we have preached and practiced over the past three
years, we feel very comfortable about the performance of the residuals held by
the company," states Robert H. Lutz, Jr., chairman and chief executive officer
of AMRESCO, INC.
AMRESCO's stock has declined in price over the past several days.
Consequently, the company's board of directors has authorized the repurchase of
up to one million shares of common stock.
"Due to weakness in our sector, AMRESCO's stock price has been harshly and
unfairly penalized," says Mr. Lutz. "We perceive the stock to be dramatically
undervalued and believe it to be an excellent investment opportunity for the
company."
AMRESCO, INC. is a diversified financial services company. The company is
headquartered in Dallas and has offices nationwide as well as internationally in
Canada, the United Kingdom and Mexico. For more information about AMRESCO, visit
the web site at www.amresco.com.
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[AMRESCO LOGO]
700 North Pearl Street o Suite 2400 o LB 342 o Dallas, Texas 75201-7424
214-953-7700 o Fax 214-953-7828
214-953-7701 http://www.amresco.com
