SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15d of the
Securities and Exchange Act of 1934
---------------------------
Date of Report (Date of earliest
event reported) December 15, 1999
WLR Foods, Inc.
(Exact name of Registrant as specified in its charter)
Virginia 0-17060 54-1295923
(State of (Commission File (IRS Employer Iden-
Incorporation) Number) tification No.)
P.O. Box 7000 22815
Broadway, Virginia (Zip Code)
(Address of Principal executive offices)
(540) 896-7001
(Registrant's telephone number,
including area code)
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Item 5. Other Events
On December 15, 1999, the Company issued the press release attached hereto as
Exhibit 99.
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.
WLR FOODS, INC.
___December 21, 1999___ By:___/s/ Dale S. Lam___
Date Dale S. Lam
Chief Financial Officer and
Vice President of Finance
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Exhibit Index
Exhibit 99 Press release dated December 15, 1999
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Exhibit 99
FOR IMMEDIATE RELEASE
Contact: Dale Lam
Chief Financial Officer
(540) 896-0457
WLR FOODS' BOARD AUTHORIZES SHARE REPURCHASE PROGRAM
Broadway, Virginia, December 15, 1999 WLR Foods, Inc. (Nasdaq: WLRF)
today announced that its Board of Directors has authorized the Company
to repurchase up to $10 million of WLR Foods' outstanding stock.
Based on the closing price on December 14, 1999, this represents
approximately 1.7 million shares, or approximately 10% of the
Company's total shares outstanding. The shares will be purchased on
the open market from time to time, and purchases will be made through
funds generated from operations or borrowed on established lines of
credit.
James L. Keeler, President and Chief Executive Officer of WLR Foods,
commented: "Over the past two years, we have taken steps to
significantly enhance the efficiency and profitability of our
operations and strengthen the Company financially. While the chicken
markets remain weak, we are pleased with the strong performance of our
turkey business during the current holiday season. Furthermore, based
on our recently completed strategic plan, we have identified
additional profitability enhancements which we can accomplish without
significant capital requirements. Given these factors and the current
valuation of our stock, we feel that the repurchase of our own shares
represents an attractive investment, and demonstrates our confidence
in the Company's future prospects."
WLR Foods is a fully integrated provider of high quality turkey and
chicken products primarily under the Wampler Foods(R) brand. It is
nationally ranked as the seventh largest poultry processor by sales
volume and is an international leader in poultry exports. WLR Foods
has processing operations in Virginia, North Carolina, West Virginia,
and Pennsylvania.
Certain statements in this news release regarding future expectations
and financial performance, other than historical information, may be
regarded as "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Except for
historical information, the matters set forth in this release include
forward-looking statements that involve certain risks and
uncertainties that could cause actual results to differ materially
from those in the forward-looking statements. Potential risks and
uncertainties include, but are not limited to, such factors as
fluctuations in the cost and availability of raw materials such as the
grains used in our poultry feeds, market conditions for products and
competitive proteins both domestically and abroad, weather, flock
health, and changes in federal, state, local and foreign regulations
and laws affecting our ability to transact business.
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