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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
March 21, 2000
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Date of Report (Date of earliest event reported)
EMONS TRANSPORTATION GROUP
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(Exact name of Registrant as specified in its charter)
Delaware 0-5206 23-2441662
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(State of (Commission (IRS Employer
incorporation) File Number) Identification No.)
96 South George Street, York, Pennsylvania 17401 (717) 771-1700
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(Address of principal executive offices) (Zip Code) (Telephone No.)
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Item 5. Other Events.
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On March 21, 2000, Emons Transportation Group, Inc. issued a press release
to report that on March 20, 2000, its Board of Directors approved a stock
repurchase program for the Company's common stock. A copy of the press release
is attached hereto as Exhibit 99(a), and is incorporated herein by reference in
its entirety.
Item 7. Financial Statements and Exhibits.
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a. Financial statements of businesses acquired.
Not applicable.
b. Pro forma financial information.
Not applicable.
c. Exhibits.
The following Exhibits are filed with this report.
Page in
Exhibit Sequentially
Number Exhibit Numbered Copy
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99(a) Press Release dated March 21, 2000 4
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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.
Date: March 23, 2000
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EMONS TRANSPORTATION GROUP, INC.
By: /s/ Scott F. Ziegler
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Scott F. Ziegler
Senior Vice President and
Chief Financial Officer
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IMMEDIATE RELEASE CONTACT: SCOTT F. ZIEGLER
www.emonstransportation.com 717/771-1718
- --------------------------- or: TOM ENNIS
THE EQUITY GROUP
212/836-9607
EMONS TRANSPORTATION GROUP'S
BOARD OF DIRECTORS AUTHORIZES STOCK REPURCHASE PLAN
York, Pennsylvania; March 21, 2000: Emons Transportation Group, Inc. (The Nasdaq
SmallCap Market(SM): EMON), a rail freight transportation and distribution
services company serving the Mid-Atlantic and Northeast regions of the United
States and Quebec, Canada, today announced that its board of directors approved
a stock repurchase program for the Company's common stock. The directors
authorized the purchase of shares for an aggregate price of up to $2 million,
including the previously announced 310,000 shares repurchased on March 8, 2000
from an institutional investor for approximately $500,000. That repurchase and
the remaining authorized repurchases will be financed through cash flow and an
existing line of credit with LaSalle Bank N.A., which has provided its consent
under the Company's credit agreement.
The repurchase program authorizes the Company to make open market purchases
from time-to-time subject to regulatory volume limitations or to purchase blocks
of stock in negotiated transactions. If the Company were to purchase the
remaining dollar amount of stock under the program at current price levels, the
repurchased shares (including the 4% already purchased) would represent
approximately 14% of the outstanding shares before the March 8 transaction.
Robert Grossman, Chairman and President, commented, "This program reflects
our belief that the current share price represents a significant discount to the
intrinsic value of Emons and that our stock is an attractive investment
opportunity for the Company. This share repurchase program reinforces our
commitment to enhancing long-term stockholder value and reflects our confidence
in the long-term prospects for Emons. At current price levels, share repurchases
are accretive to stockholders. We will carefully balance share repurchases with
our capital needs to continue to grow our business. The shares will be held in
the Company's treasury and will be available for reissuance to support our
growth and to be available for grants under employee incentive programs."
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Mr. Grossman further commented, "The Company, with the help of its
investment banker, Ferris, Baker Watts, Incorporated, is continuing to explore
additional strategies to increase shareholder value."
Emons Transportation Group, Inc., a rail freight transportation and
distribution services Company, serves the Mid-Atlantic and Northeast regions of
the United States and Quebec, Canada, through its Pennsylvania and New
England/Quebec operations. Emons currently owns four short line railroads,
operates rail/truck transfer facilities and a rail intermodal terminal, and
provides its customers with warehousing and logistics services for the movement
and storage of their freight.
Visit our newly launched web site at www.emonstransportation.com.
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This press release contains forward-looking statements regarding future
events and the future performance of Emons that involve risks and
uncertainties that could cause actual results to differ materially. Those
risks and uncertainties include, but are not limited to, economic
conditions, customer demand, increased competition in the relevant market,
and others. We refer you to the documents that Emons files from time to
time with the Securities and Exchange Commission, such as the Company's
Form 10-K, Form 10-Q, and Form 8-K reports, which contain additional
important factors that could cause its results to differ from its current
expectations and the forward-looking statements contained in this press
release.
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