SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Act of 1934
Date of Report (Date of earliest event reported) February 1, 2000
Reliability Incorporated
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(Exact name of registrant as specified in its charter)
Texas 0-7092 75-0868913
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(State or other juris- (Commission file (IRS Employer
diction or incorporation) Number) Identification No.)
16400 Park Row, PO Box 218370
Houston, Texas 77218-8370
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 281-492-0550
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Items 1-4. Not applicable.
Item 5. Other Events.
On February 1, 2000, Reliability Incorporated (the "Company") announced
approval by the board of directors of a plan to repurchase up to 1,500,000
shares of its common stock for cash. As of February 1, 2000, the Company had
6,631,765 shares of common stock outstanding; if all 1,500,000 shares are
purchased, they would represent 22.6% of the outstanding shares before the
purchase. Shares will be purchased at market price when and as the Company
determines. The Company will use internally generated cash to fund the share
purchases and will not borrow any funds to purchase shares.
The Company intends to hold the shares purchased as treasury shares for
use with stock options, to match employee contributions to the Company's 401(k)
plan, to fund profit sharing contributions to the Company's employee stock
savings plan and for possible future acquisitions, if any. The buy-back program
will be managed through Harris, Webb & Garrison, Inc.
As of the date of this report, no shares have been purchased.
Item 6. Not applicable.
Item 7. Financial Statements and Exhibits.
(a) Financial statements of businesses acquired. Not applicable.
(b) Pro forma financial information. Not applicable.
(c) Exhibits. Not applicable.
Signatures
Pursuant to the requirements of the Securities Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: February 15, 2000 Reliability Incorporated
/s/ Max T. Langley
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Max T. Langley,
Senior Vice President
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