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 9, 1998
(Date of the earliest event reported)
Home Products International, Inc.
(Exact name of registrant as specified in its charter)
Delaware
(State of Incorporation)
0-17237 36-4147027
(Commission File Number) (I.R.S. Employer Identification No.)
4501 West 47th Street Chicago, IL 60632
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (773) 890-1010
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ITEM 5 OTHER EVENTS
Home Products International, Inc. (the "Company"), a leading
consolidator in the housewares industry, announced that its Board of
Directors has authorized a share repurchase program that will enable the
Company to acquire up to 1,000,000 shares of its common stock from time
to time in the open market, subject to market conditions. All shares
repurchased will be held as treasury shares.
As of December 31, 1998 the Company has repurchased 351,400 shares.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
c) Exhibits
Exhibit 99 - Press release dated December 9, 1998.
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.
Home Products International, Inc.
By: /s/ James E. Winslow
James E. Winslow
Executive Vice President and
Chief Financial Officer
Dated: January 11, 1999 Exhibit 99
Home Products International Announces Share Repurchase Program
Business Wire - December 09, 1998 08:04
CHICAGO-(BUSINESS WIRE)-Dec. 9, 1998-Home Products International,
Inc. (Nasdaq: HPII), a leading consolidator in the housewares industry,
today announced that its Board of Directors has authorized a share
repurchase program that will enable the Company to acquire up to
1,000,000 shares of its common stock from time to time in the open
market, subject to market conditions. If the authorized amount were
committed, the shares repurchased would represent approximately 12% of
HPI's 8,000,000 common shares outstanding. All shares repurchased will
be held as treasury shares.
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James R. Tennant, Chairman and Chief Executive Officer, noted, "This is
the first share repurchase authorized by our Board. While the primary
thrust of our business strategy is to consolidate the housewares
industry through select acquisitions, we believe the current price of
our stock represents compelling value relative to other alternatives.
In addition to offering a high return on our invested capital, the
repurchase will be meaningfully accretive to our per share earnings.
With our strong cash flows and unused borrowing power, we have the
financial resources to implement this share repurchase and continue to
pursue our acquisition strategy."
Home Products International, Inc. is an international consumer products
company specializing in the manufacturing and marketing of quality
diversified housewares products. The Company sells its products to all
the largest national retailers.
