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: February 16, 1999
Date of earliest event reported: February 16, 1999
Commission file number 1-655
MAYTAG CORPORATION
A Delaware Corporation I.R.S. Employer Identification No. 42-0401785
403 West Fourth Street North, Newton, Iowa 50208
Registrant's telephone number: 515-792-7000
N/A
(Former name or former address, if changed since last report.)
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Item 5. Other Events
On February 16, 1999, Maytag Corporation issued a press release
announcing its expectations for 1999 revenues to exceed record 1998 levels
with a 1999 earnings per share growth rate in the mid-teens.
A copy of the Company's press release issued February 16, 1999, is
attached as Exhibit 99(a) and is incorporated herein by reference.
Item 7. Financial Statements and Exhibits
(c)Exhibits.
The exhibits accompanying this report are listed in the accompanying
Exhibit Index.
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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.
Maytag Corporation
(Registrant)
By: s/s G. J. Pribanic
G. J. Pribanic
Chief Financial Officer
February 16, 1999
(Date)
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EXHIBIT INDEX
The following exhibit is filed herewith.
Exhibit No. Exhibit
99(a) Press Release.
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Maytag Sees Strong Performance in 1999
NEWTON, IOWA (Feb. 16, 1999)--Maytag Corporation announced today it expects
1999 revenues to exceed record 1998 levels with an earnings per share
growth rate in the mid-teens for 1999.
Maytag's performance comments were part of a meeting with investors in
which the corporation reviewed 1998 results and articulated its premium
brand and innovation strategy. Commenting at the meeting, Maytag
Corporation's President and Chief Operating Officer Lloyd D. Ward said,
The overall economic fundamentals are very positive in the U.S. We
already are seeing scattered reports the year is off to a good start at
retail. With our line-up of premium brand offerings, Maytag Corporation is
in a strong position to profitably outperform overall industry growth
rates.
The combination of intelligent innovation the way we are applying it
to home and commercial appliances, and the corporation's financial
management in lowering the number of shares outstanding, amplifies the
earnings per share growth we expect this year. During the first quarter we
have begun to deliver the 1999 line-up of new products in major appliances
and floor care, and we expect the new entries to create the kind of
excitement consumers look for from our brands.
At the meeting the company displayed its new top-loading Maytag
Atlantis washer, which benefits from the styling and innovation
breakthroughs of the Maytag Neptune front-loading washer. Atlantis, which
delivers higher cleaning efficacy for whites and color fabrics, features
ergonomic, contoured styling, plus a larger tub allowing easier access and
ease of use. The corporation also indicated its Hoover floor care division
is poised to introduce more new product in more categories this year than
ever before. Ward told the group to expect new applications of Hoover's
successful WindTunnel and SteamVac technologies.
At the meeting, Maytag also reviewed its debt management and share buy
back initiatives. Maytag's board recently authorized an additional 10
million shares available for repurchase, bringing the total available to
15.5 million shares. Since October 1995, Maytag Corporation has repurchased
22.1 million of its own shares.
Maytag Corporation is a leading producer of home and commercial
appliances. Its products are sold to customers throughout North America
and in targeted international markets.
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Forward-Looking Statements: Certain statements in this news release,
including any discussion of management expectations for future periods,
constitute "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors that may
cause actual results to differ materially from the future results expressed
or implied by those statements. Refer to Part II, Item 7 of Maytag's
Annual Report on Form 10-K for the year ended December 31, 1997, for a
description of such factors.
CPI9905
Media Contact:
Additional Information:
James G. Powell
www.maytagcorp.com
Maytag Communications
515-787-8392
[email protected]<PAGE>
