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FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report: March 9, 1999
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HOUSEHOLD INTERNATIONAL, INC.
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(Exact name of registrant as specified in its charter)
Delaware 1-8198 36-3121988
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(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification
incorporation Number)
2700 Sanders Road, Prospect Heights, Illinois 60070
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 847/564-5000
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Item 5. Other Events
Press release issued by Household International, Inc.
noting implementation of stock repurchase program and
increase in common stock dividend. Said release is
filed as an exhibit hereto.
Item 7. Financial Statements and Exhibits
(a) Financial statements of businesses acquired.
Not applicable.
(b) Pro forma financial information.
Not applicable.
(c) Exhibits.
No. Exhibit
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99 Press release titled "Household
International Announces $2 Billion
Share Repurchase Program; Increases
Common Stock Dividend for 47th
Consecutive Year", dated March 9, 1999.
SIGNATURE
Pursuant to the requirement 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.
HOUSEHOLD INTERNATIONAL, INC.
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(Registrant)
By: /s/ John W. Blenke
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John W. Blenke
Assistant Secretary
Dated: March 16, 1999
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U:\LAW\EDGAR\I8K399.AS1
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HOUSEHOLD INTERNATIONAL ANNOUNCES $2 BILLION
SHARE REPURCHASE PROGRAM
INCREASES COMMON STOCK DIVIDEND FOR
47TH CONSECUTIVE YEAR
PROSPECT HEIGHTS, IL -- March 9, 1999 -- The Board of Directors of
Household International, Inc. (NYSE:HI) today authorized the
repurchase of up to $2 billion worth of the company's outstanding
common shares. At current prices, this would represent over
10 percent of the company's outstanding shares. Purchases will
occur in the open market, from time to time over the next 24
months, depending upon market conditions.
William F. Aldinger, chairman and chief executive officer of
Household, said, "The Board's authorization of this repurchase
program underscores our confidence in the financial strength of
Household, as well as our belief that the current market price of
the stock does not adequately reflect our long-term growth
prospects. We are committed to both maintaining a strong balance
sheet and to managing our capital position in the best interests
of our shareholders."
Mr. Aldinger added, "Household's strategy has been to invest in
high return businesses with solid growth potential. The
successful execution of this strategy has and will continue to
create capital in excess of amounts needed to support our
publicly stated business growth objectives. We are pleased to
return this excess capital to shareholders through this
repurchase program. We believe that investing in our own shares
can provide significantly greater returns than other major
acquisition -- related opportunities presented by today's
marketplace."
Separately, Household's Board increased the quarterly dividend on
Household's common stock to $.17 per share from $.15 per share,
an increase of 13.4 percent. The annual dividend increases to
$.68 from $.60 per share. The new quarterly cash dividend will
be paid April 15, 1999, to shareholders of record March 31, 1999.
Payment of the April dividend will mark the 47th consecutive year
in which the company has increased its cash dividends paid to
Household's common shareholders.
The Board also declared the regular quarterly cash dividend,
payable April 15, 1999 to shareholders of record on March 31,
1999, of $20.625 per share, equal to $0.515625 per depositary
share, on the 8 1/4 percent cumulative preferred stock, Series
1992-A (a depositary share represents ownership of one-fortieth
of a full share of the Series 1992-A).
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Household International, through its subsidiaries, is a leading
provider of consumer finance, credit card, non-prime auto finance
and credit insurance products in the United States, Canada, and
the United Kingdom. In the United States, Household operates
under the two oldest and most widely recognized brand names in
consumer finance -- HFC and Beneficial. Household is also one of
the nation's largest issuers of private label and general purpose
credit cards, including The GM Card and the AFL-CIO's Union
Privilege card.
Certain items in this press release other than those concerning
historical information may constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform
Act of 1995 and as such may involve known and unknown risks,
uncertainties and other factors which may cause the actual
results, performance or achievements of Household International
to be materially different from any future results, performance
or achievements expressed or implied by such forward-looking
statements. Information concerning such matters is contained in
the annual and quarterly reports and other documents filed by
Household International with the SEC, all of which are available
from the SEC. Such forward-looking statements are made based on
management belief as well as assumptions and other information
currently available to management of Household International and
speak only as of the date of this press release.
CONTACT:
Craig A. Streem, Vice President -- Investor Relations, 847.564.6053,
or Celeste M. Murphy, Director -- Investor Relations, 847.564.7568,
both of Household International
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