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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) March 27, 1995
AMERICAN EXPRESS COMPANY
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(Exact name of registrant as specified in its charter)
New York 1-7657 13-4922250
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification)
American Express Tower, World Financial Center
New York, New York 10285
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, (212) 640-2000
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(Former name or former address, if changed since last report.)
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Item 5. Other Events
On March 27, 1995, American Express Company issued the following
press release:
NEW YORK -- March 27, 1995 -- The Board of Directors of American
Express Company today approved a plan to repurchase up to 40 million common
shares over the next two to three years, from time to time as market
conditions allow. This represents approximately eight percent of average
common shares outstanding at February 28, 1995.
This authorization is in addition to a plan announced in September
1994, whereby the Company was authorized to repurchase up to 20 million common
shares. At March 27, 1995, the Company had repurchased approximately 17.3
million shares under this initial plan.
A portion of the share repurchases is being used to offset share
issuances under employee compensation plans. The share repurchases will
further reduce the number of outstanding common shares and common share
equivalents to less than 500 million and maintain the number of shares below
that level. At February 28, 1995, American Express had outstanding
approximately 496 million common shares and approximately seven million common
share equivalents, primarily reflecting in-the-money stock options, for a
total of approximately 503 million shares.
The repurchase plans will help American Express achieve its goal of
building shareholder value while maintaining appropriate capital levels. The
Company said the decision to return capital to shareholders through the
repurchase of additional shares reflects its belief that its current capital
position and future capital generating capability should be more than
sufficient to fund growth opportunities in its core businesses, maintain a
targeted dividend payout ratio of 25-30 percent of earnings, and support its
credit ratings.
American Express Company is a diversified travel and financial
services company founded in 1850. It is a leader in charge and credit cards,
Travelers Cheques, travel, financial planning, investment products, insurance
and international banking.
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SIGNATURE
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 thereunto duly authorized.
AMERICAN EXPRESS COMPANY
By: /s/ Stephen P. Norman
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Name: Stephen P. Norman
Title: Secretary
Dated: April 3, 1995<PAGE>
