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: December 14, 1998
(Date of earliest event reported)
INTELLIGENT CONTROLS, INC.
(Exact name of registrant as specified in its charter)
Maine 1-13628 01-0354107
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File No.) Identification No.)
74 Industrial Park Road, Saco, Maine 04072
(Address of principal executive offices) (Zip code)
Registrant's telephone number: (207) 283-0156
Item 5. Other Events.
On December 14, 1998, Intelligent Controls, Inc. announced an extension and
expansion of its previously announced stock repurchase program. A copy of
the Registrant's press release is filed herewith as an exhibit.
Item 6. Financial Statements and Exhibits.
(c) Exhibits.
99.1 Press release dated December 14, 1998, regarding
stock repurchase authorization
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, hereunto duly authorized.
INTELLIGENT CONTROLS, INC.
Date: December 14, 1998 By: /s/ Roger E. Brooks
President and Chief
Executive Officer
INDEX TO EXHIBITS
Exhibit
Number Description
- ------- -----------
99.1 Press release dated December 14, 1998, regarding
stock repurchase authorization
INTELLIGENT CONTROLS, INC.
74 INDUSTRIAL PARK ROAD, P.O. BOX 638
SACO, MAINE 04072
Telephone #: (207)283-0156
Fax #: (207)286-1439
NEWS RELEASE
Contact: Roger E. Brook (207) 283-0156, ext 121
Andrew Clement ext 126
December 14, 1998
INCON INCREASES ITS STOCK BUYBACK PROGRAM
SACO, MAINE - December 14, 1998 - Intelligent Controls, Inc. (INCON) (AMEX
symbol: ITC.EC) today announced that its Board of Directors has expanded and
extended its stock repurchase program. The Company is now authorized to
repurchase $500,000 of INCON common stock through September 1999 (as
compared to the prior authorization of $250,000 through March 1999). Stock
repurchases may be made from time to time, on the open market or through
private transactions. Shares repurchases through this program will be held
for issuance under the employee stock option plan and other compensation
plans, or for other proper corporate purposes.
In announcing this news, Roger E. Brooks, President and CEO commented, "Our
business in October and November 1998 has continued to perform very well and
in line with the record results reported for the third quarter of 1998. New
bookings in November were, in fact, a record and our present backlog is
exceptionally strong. We continue to believe our stock price is
significantly undervalued and, as such, the Company purchase of our stock is
a sound business decision."
Intelligent Controls, Inc. is a leading supplier of automatic tank gauging
systems and line leak detection equipment for the petroleum industry as well
as general predictive maintenance instrumentation for the power utility
market and other industrial applications.
Additional information about INCON may be found on its website at
www.intelcon.com.
