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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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): April 22, 1999
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SEROLOGICALS CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 0-26126 58-2152225
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(State of other (Commission file number) (IRS Employer
jurisdiction) identification No.)
780 Park North Blvd.
Suite 110
Clarkston, Georgia 30021
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(Address of Principal executive offices) (Zip code)
Registrant's telephone number, including area code: (404) 296-5595
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(Former name or former address, if changed since last report)
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Item 5. Other Events
On April 22, 1999, Serologicals Corporation issued a press release, the
text of which is attached hereto as Exhibit 99.1 and is incorporated herein by
reference, announcing that the Board of Directors has authorized the investment
of up to $20 million to repurchase shares of the Company's common stock.
Item 7. Financial Statements and Exhibits
a) Exhibits
99.1 Press Release of the Company dated April 22, 1999
SIGNATURES
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.
Serologicals Corporation
(Registrant)
Date: April 23, 1999 By: /s/ Russell H. Plumb
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Russell H. Plumb
Vice President/Chief Financial
Officer (Principal Financial
and Accounting Officer)
NEWS
FOR IMMEDIATE RELEASE
Contact: Russell H. Plumb
Chief Financial Officer
(404) 296-5595
SEROLOGICALS AUTHORIZES SHARE REPURCHASE PLAN
ATLANTA (April 22, 1999) - Serologicals Corporation (Nasdaq/NM: SERO) today
announced that its Board of Directors has authorized the investment of up to
$20 million to repurchase shares of the Company's common stock. The timing
and size of purchases are subject to market conditions, prevailing stock
prices and Serologicals' capital resources. As of April 21, 1999 the Company
had approximately 24.9 million shares of common shares outstanding.
Harold J. Tenoso, Ph.D., President and Chief Executive Officer, remarked,
"We believe that our stock is undervalued and that the purchase of our shares
at the prevailing market prices affords Serologicals a highly attractive
investment opportunity. We are fortunate that the Company's strong financial
position and cash flow allow us to implement this program for our
shareholders. To ensure that we have the financial resources necessary to
take advantage of future opportunities, we are in negotiations with a bank and
intend to increase our revolving credit facility up to $75 million. We have
no outstanding borrowings at this time within our current $35 million credit
facility."
Serologicals Corporation, headquartered in Atlanta, is a leading
worldwide provider of biological materials and services to major healthcare
companies. The Company provides value-added antibody-based products that are
used as the active ingredients in therapeutic products for the treatment and
management of diseases such as Rh incompatibility in newborns, rabies and
hepatitis and in diagnostic products such as blood typing reagents and
diagnostic test kits. Additionally, the Company, through its protein
fractionation facility, provides a variety of proteins used in diagnostic
reagents and tissue culture media components for use as additives in biotech
products.
This release may contain certain forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995 including, without
limitation, statements regarding the Company's intent to repurchase shares of
its common stock and increase its revolving line of credit. These forward-
looking statements are subject to certain risks, uncertainties and other
factors, including changes in the market for the Company's common stock, the
existence of alternative investment opportunities, the stability of the
Company's cash flow and the ability to attract additional borrowing capacity
at expected levels with appropriate terms and conditions, which could cause
actual events to differ materially. Additional information on factors that
could potentially affect the Company or its financial results may be found
in the Company's filings with the Securities and Exchange Commission.
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