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): April 18, 1995
ROANOKE ELECTRIC STEEL CORPORATION
(Exact name of Registrant as specified in its charter)
Virginia 0-2389 54-0585263
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
102 Westside Blvd., N.W., Roanoke, Virginia 24017
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (703) 342-1831
N/A
(Former name, former address and former fiscal year, if
changed since last report)
Item 5. Other Events.
Roanoke Electric Steel Corporation (NASDAQ-NNM: RESC) today
reported that at a regular meeting of the Board of Directors of
the Corporation held April 18, 1995, the Board declared a 3-for-2
common stock split payable May 1, 1995, to shareholders of record
May 1, 1995, with a distribution date of May 25, 1995. Each
shareholder will receive one additional share of common stock for
each two shares held on the record date, with cash being paid in
lieu of issuing fractional shares. The stock split will result
in the issuance of approximately 2,677,200 shares, resulting in
approximately 8,031,600 shares outstanding after the split.
In addition, the Directors approved a 12.5% increase in the
cash dividend rate and declared the 146th consecutive quarterly
cash dividend in the amount of 9 cents per share of common stock
payable May 25, 1995 to shareholders of record May 1, 1995. The
new quarterly dividend rate equates to an annual dividend rate of 36
cents per share, which is equivalent to 54 cents on the pre-split
shares, or a 12.5% increase over the previous rate of 48 cents
per share.
See press release attached hereto as Exhibit 99.
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits.
(c) Exhibits.
99 - Press Release dated April 19, 1995
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.
ROANOKE ELECTRIC STEEL CORPORATION
By Thomas J. Crawford
Thomas J. Crawford, Assistant Vice President,
Secretary
Date: May 2, 1995
EXHIBIT NO. 99
ROANOKE ELECTRIC STEEL CORPORATION Merchant Steel Products
P.O. BOX 13948 GENERAL OFFICE 703--342-1831
ROANOKE, VIRGINIA--24038-3948 TELECOPIER 703--342-9437
NEWS RELEASE FOR IMMEDIATE RELEASE
CONTACT: T. Joe Crawford
(703) 342-1831
ROANOKE ELECTRIC STEEL CORPORATION
SPLITS STOCK 3-FOR-2 AND RAISES QUARTERLY DIVIDEND
ROANOKE, Virginia, April 19, 1995 - - Roanoke Electric Steel
Corporation (NASDAQ-NNM: RESC) today reported that at a regular
meeting of the Board of Directors of the Corporation held April
18, 1995, the Board declared a 3-for-2 common stock split payable
May 1, 1995, to shareholders of record May 1, 1995, with a
distribution date of May 25, 1995. Each shareholder will receive
one additional share of common stock for each two shares held on
the record date, with cash being paid in lieu of issuing
fractional shares. The stock split will result in the issuance
of approximately 2,677,200 shares, resulting in approximately
8,031,600 shares outstanding after the split.
In addition, the Directors approved a 12.5% increase in the
cash dividend rate and declared the 146th consecutive quarterly
cash dividend in the amount of 9 cents per share of common stock
payable May 25, 1995 to shareholders of record May 1, 1995. The
new quarterly dividend rate equates to an annual dividend rate of 36
cents per share, which is equivalent to 54 cents on the pre-split
shares, or a 12.5% increase over the previous rate of 48 cents
per share.
Donald G. Smith, Chairman and Chief Executive Officer,
stated:
"The stock split is intended to broaden the market for the
Company's shares, while the increased dividend reflects the
strong earnings increase in 1994 over the prior year and
the Board's confidence in sustaining growth for the current
year. Earnings in 1994 before the cumulative effect of
accounting changes were $8,766,435 - an increase of 84.6%
over 1993 earnings of $4,750,106. In addition, 1994 was
the third consecutive year of significant earnings growth,
with earnings from operations being the third highest in
Company history."
