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UNITED STATES
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 (Date of earliest event reported) July 16, 1999
OroAmerica, Inc.
(Exact name of registrant as specified in its charter)
Delaware 0-21862 94-2385342
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
443 North Varney Street, Burbank, California 91502
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (818) 848-5555
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ITEM 5. OTHER EVENTS.
On July 16, 1999, OroAmerica, Inc. (the "Company") issued the press
release, filed herewith as Exhibit 99.1 and incorporated herein by reference,
which announced that the Company's Board of Directors had approved the
repurchase of up to an additional 300,000 shares of its outstanding common
stock. The stock repurchases may be executed from time to time on the open
market at prevailing prices, or off the market in negotiated transactions.
ITEM 7. EXHIBITS
99.1 Press release issued by the Company on July 16, 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.
Date: July 20, 1999 OROAMERICA, INC.
By: SHIU SHAO
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Shiu Shao,
Chief Operating Officer,
Chief Financial Officer,
Vice President and Director
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EXHIBIT 99.1
CONTACTS: Shiu Shao Philip Bourdillon/
Chief Operating Officer Eugene Heller
Chief Financial Officer Silverman Heller Associates
(818) 848-5555 (310) 208-2550
FOR IMMEDIATE RELEASE
OROAMERICA, INC. PLANS ADDITIONAL STOCK REPURCHASE
BURBANK, CALIFORNIA (JULY 16, 1999) -- OROAMERICA, INC. (NASDAQ NM: OROA) today
announced that its Board of Directors has authorized the repurchase of up to an
additional 300,000 shares of its outstanding common stock. The stock repurchases
may be executed from time to time on the open market at prevailing prices, or
off the market in negotiated transactions.
"We continue to believe that the intrinsic value of the Company is not reflected
in its current market value," said Guy Benhamou, Chairman and Chief Executive
Officer of OroAmerica. "Given our cash position, and with the stock trading at a
substantial discount to book value, we consider the repurchase of shares to be a
prudent use of shareholder assets."
Pursuant to a prior stock repurchase announcement in September 1998, the Company
recently completed the repurchase of 300,000 shares of its common stock at an
average price of approximately $7.80 per share. At April 30, 1999 there were
approximately 6.3 million weighted-average common shares outstanding.
OroAmerica, Inc., with facilities in the United States and overseas, designs,
manufactures and distributes gold and silver jewelry products.
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