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 31, 2000
Timberline Software Corporation
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(Exact Name of Registrant as specified in its charter)
Oregon 0-16376 93-0748489
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(State or other (Commission (IRS Employer
jurisdiction File Number) Identification No.)
of incorporation)
15195 N.W. Greenbrier Parkway, Beaverton, Oregon 97006-5701
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Address of Principal Executive Office Zip Code
Registrant's telephone number including area code (503) 690-6775
(Former name or former address, if changed since last report)
<PAGE>
Item 5. Other Events
On March 31, 2000, the registrant announced that the Board of Directors
has authorized management to repurchase up to 1,300,000 shares of the
registrant's common stock from time to time in the open market. Timberline has
approximately 12,835,000 shares of common stock outstanding at March 31, 2000.
A copy of the press release announcing the share repurchase plan is attached
as an exhibit to this report on Form 8-K.
Item 7. Financial Statements and Exhibits
(a) Financial statements of business acquired.
Not applicable.
(b) Exhibits.
The following exhibits are being filed herewith and this list shall
constitute the exhibit index:
Exhibit
99 Press release
1
<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 hereunto duly authorized.
TIMBERLINE SOFTWARE CORPORATION
(Registrant)
Date: April 4, 2000 By: /s/ Carl C. Asai
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Carl C. Asai
Senior Vice President and Chief
Financial Officer
2
Exhibit 99
TIMBERLINE BOARD OF DIRECTORS AUTHORIZES STOCK REPURCHASE FOR UP TO 1,300,000
SHARES
Beaverton, Oregon - March 31, 2000 - Timberline Software Corporation
(NASDAQ:TMBS), a leading developer of computer software for the construction
and property management industries, announced today that the Board of
Directors has authorized management to repurchase up to 1,300,000 shares of
the Company's common stock. The authorization enables the Company to make the
repurchases from time to time in the open market. Timberline has approximately
12,835,000 shares of common stock outstanding at March 31, 2000.
Curtis Peltz, President and Chief Executive Officer of the Company, said,
"This action by the Board reflects its confidence in Timberline's future
prospects and its belief that, at current market prices, the Company's stock
is substantially undervalued and its repurchase represents an attractive use
of available Company funds. Currently, Timberline has cash and temporary
investments of approximately $20 million and no long-term debt. We believe
this strong financial position enables Timberline to do the announced stock
repurchase without having an effect on the Company's ability to finance its
growth strategies."
Statements in the press release about future events or performance are
considered "forward looking statements" under Federal securities laws and are
subject to risks, uncertainties and other factors which could cause actual
results to be quite different from those described or contemplated by forward
looking statements. With respect to the Company, these factors include a
change in anticipated earnings of the Company as a result of delays in new
product releases, acceptance of the Company's products or increased
competition, and changes in general market conditions. These factors are
described in further detail in the Company's most recent Quarterly Report on
Form 10-Q or Annual Report on Form 10-K filed with the Securities and Exchange
Commission (www.sec.gov). Readers are cautioned not to place undue reliance on
forward looking statements.
Founded in 1971, Timberline Software Corporation is a leading supplier of
project accounting and cost estimating software for the construction and
property management industries.
CONTACT: Timberline Software Corporation
Carl Asai, Senior Vice President - Finance and CFO
(503) 690-6775
Note: Transmitted on Business Wire @ 4:30 PM PST
March 31, 2000
