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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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) OCTOBER 14, 1999
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WALTER INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 000-20537 13-3429953
(State or other jurisdiction of (Commission (IRS Employer
incorporation or organization) File Number) Identification No.)
1500 NORTH DALE MABRY HIGHWAY, TAMPA, FLORIDA 33607
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (813) 871-4811
NOT APPLICABLE
(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS
On October 14, 1999, the Board of Directors of Walter Industries, Inc. (the
"Company") declared a quarterly dividend of $.03 per share for each outstanding
share of common stock, par value $.01 per share of the Company. The dividend is
payable on November 30, 1999 to shareholders of record on November 10, 1999.
The Board of Directors also authorized up to $25 million in additional
repurchases of the Company's common stock.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) EXHIBITS
EXHIBIT NUMBER DESCRIPTION
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99.1 Press Release Dated October 14, 1999
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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: OCTOBER 22, 1999
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WALTER INDUSTRIES, INC.
By: /S/ ARTHUR W. HUGE
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Title: Arthur W. Huge
Executive Vice President and
Principal Financial Officer
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NEWS WALTER INDUSTRIES, INC.
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FOR FURTHER INFORMATION CONTACT:
Public Relations Department
Walter Industries, Inc.
P. O. Box 31601
CONTACT: David L. Townsend Tampa, FL 33631-3601
Vice President - Administration Telephone: (813) 871-4448/871-4439
Walter Industries, Inc. Or visit the Walter Industries
(813) 871-4448 Web site at www.walterind.com
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FOR IMMEDIATE RELEASE
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WALTER INDUSTRIES TO INITIATE QUARTERLY DIVIDEND,
ANNOUNCES NEW SHARE BUYBACK AUTHORIZATION
Tampa, FL, October 14, 1999 -- Walter Industries, Inc. (NYSE: WLT) today
announced two measures to enhance shareholder value:
First, the Company's Board of Directors has approved the initiation of a
quarterly dividend of $0.03 per common share, effective with the Company's
fiscal first quarter ended August 31, 1999. Second, the Directors authorized up
to $25.0 million in additional repurchases of Walter Industries common stock.
The Directors declared the first dividend payable on November 30, 1999 to
shareholders of record on November 10, 1999.
The share repurchase authorization expands the Company's previous four
million share buyback program initiated in July 1998 that the Company said has
been substantially completed. The new authorization allows the Company to make
purchases from time to time on the open market at prevailing prices or in
privately negotiated transactions.
The Company has approximately 50,036,000 shares of common stock
outstanding.
"We are pleased to announce these initiatives on behalf of our
shareholders," said Kenneth E. Hyatt, Walter Industries Chairman and Chief
Executive Officer. "Both actions underscore our confidence in the Company's
prospects for long-term growth. In addition, payment of a cash dividend will
provide a direct return to our current shareholders as well as help broaden our
investor base to individual investors and institutions with dividend income
criteria."
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NOTE TO EDITOR: Walter Industries, Inc., based in Tampa, Florida, is a
diversified, multi-subsidiary company with major interests in
homebuilding/financing and industrial operations. Walter Industries and its
subsidiaries employ 7,700 worldwide and generate approximately $1.9 billion in
revenues annually.