UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
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FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported): February 25, 1999
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Mid Atlantic Medical Services, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 1-13340 52-1481661
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(State or other jurisdiction (Commission File No.) (IRS Employer
of incorporation) Identification No.)
4 Taft Court, Rockville, Maryland 20850
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(Address of principal (Zip Code)
executive offices)
Registrant's telephone number, including area code: (301) 294-5140
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(Former name or former address, if changed since last report.)
Page 1 of 4 pages. Exhibit index
is on page 2.
<PAGE>1
ITEM 5. OTHER EVENTS.
On February 26, 1999 Mid Atlantic Medical Services, Inc. issued a press
release announcing that on February 25, 1999, the Board of Directors authorized
a $20 million stock repurchase program to extend through September 2, 1999.
The press release is filed as Exhibit 99.1 to this Current Report on Form 8-K.
The information in this press release is incorporated into this Current Report
on Form 8-K by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
99.1 Press Release dated February 26, 1999
<PAGE>2
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.
MID ATLANTIC MEDICAL SERVICES, INC.
By: /s/ Robert E. Foss
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Robert E. Foss
Senior Executive Vice President
and
Chief Financial Officer
Dated: February 26, 1999
NEWS
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FOR IMMEDIATE RELEASE FOR MORE INFORMATION CONTACT:
Friday, February 26, 1998 Diane Landry King 301-838-5636
MAMSI BOARD AUTHORIZES NEW STOCK PROGRAM
Rockville, Md. -- The Board of Directors of Mid Atlantic Medical
Services, Inc. (MAMSI) (NYSE-MME) -- one of the largest managed care companies
in the mid-Atlantic region -- authorized a new $20 million share repurchase
program. Under the program, authorized at a meeting last night, the company may
purchase its stock on the open market, through block trades, or in private
transactions. The program is in effect until September 2, 1999.
Mid Atlantic Medical Services, Inc. is one of the largest managed care
companies in the mid-Atlantic region, with its health plan subsidiaries covering
more than 1.8 million lives in Maryland, Washington DC, Virginia, Pennsylvania,
North Carolina, Delaware, and West Virginia. The company's internet address is
www.mamsi.com.
# # #
Note 1: Safe Harbor Statement under the Private Securities Litigation Reform Act
of 1995: All forward-looking information or statements contained in this release
are based on management's current knowledge of factors, all with inherent risks
and uncertainties, affecting MAMSI's business. MAMSI's actual results may differ
materially if these assumptions prove invalid. Significant risk factors, while
not all-inclusive, are: the possibility of increasing price competition in the
Company's marketplace; the possibility of state or Federal budget mandates that
reduce premium levels; the possibility of increased medical expenses due to
increased utilization, inflation or legislative mandates; and the possibility
that the Company is not able to expand its Service Area as planned. Investors
should review other risks and uncertainties contained in Company documents filed
with the Securities and Exchange Commission.
Note 2: MAMSI is a regional holding company for health care organizations that
provide comprehensive health insurance products and services including: M.D.
IPA, a traditional HMO, and M.D. IPA Preferred, an open-ended version of the
HMO; Optimum Choice, Inc., a non-federally qualified HMO; Optimum Choice of the
Carolinas, Inc. (OCCI); Optimum Choice, Inc. of Pennsylvania (OCIPA); Alliance
PPO, LLC, a preferred provider organization; Mid Atlantic Psychiatric Services,
Inc. (MAPSI), a preferred provider organization offering managed psychiatric
health care services; MAMSI Life and Health Insurance Company, an indemnity
insurance company; HomeCall, Inc. and FirstCall, Inc., home health care
companies; and HomeCall Pharmaceutical Services, Inc., a mail order pharmacy and
home infusion services company.
Note 3: Mid Atlantic Medical Services, Inc. securities are traded on the New
York Stock Exchange (NYSE-MME).
