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
Commission file Number 0-17536
Date of Report (Date of earliest event reported) October 6, 1997
SEVENSON ENVIRONMENTAL SERVICES, INC.
(Exact name of registrant as specified in its charter)
Delaware 16-1091535
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
2749 Lockport Road
P.O. Box 396
Niagara Falls, NY 14302
(Address of principal executive offices) (Zip Code)
(Registrant's telephone number, including area code) (716) 284-0431
NOT APPLICABLE
(Former name, former address and former fiscal year, if changed since last
report)
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Item 5. Other Events
Sevenson Environmental Services, Inc. (the "Company"),
a Delaware corporation, has declared a eight-for-five
stock split in the form of a 60% stock dividend,
payable on October 27, 1997 to stockholders of record
as of October 20, 1997. The stock dividend is payable
in Common Stock, on the outstanding Common Stock of the
Company, and payable in Class B Common Stock, on the
outstanding Class B Common Stock of the Company.
Stockholders will receive three additional shares of
Common Stock or Class B Common Stock for each five
shares of Common Stock or Class B Common Stock they
hold on the record date. In lieu of fractional shares,
each stockholder will be paid a cash equivalent based
on the average of the bid and ask prices of the
Company's Common Stock on the record date.
Item 7. Exhibits
(a) Attached as an exhibit is the Company's press release
announcing the stock split in the form of a stock
dividend.
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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 behalf of the undersigned hereunto duly authorized.
SEVENSON ENVIRONMENTAL SERVICES, INC.
Date: October 6, 1997 By /s/ William J. McDermott
William J. McDermott
Vice President and
Secretary
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Exhibit (a) NEWS RELEASE
Contact: William J. McDermott
Vice President - Finance
(716) 284-0431
For Immediate Release
SEVENSON ENVIRONMENTAL SERVICES, INC.
DECLARES EIGHT-FOR-FIVE STOCK SPLIT
IN THE FORM OF A 60% STOCK DIVIDEND
Niagara Falls, NY, October 7, 1997 -- The Board of Directors of
Sevenson Environmental Services, Inc. (NASDAQ/NMS-SEVN) yesterday
declared an eight-for-five stock split in the form of a 60% stock
dividend, payable in Common Stock, on the outstanding Common
Stock of Sevenson, and payable in Class B Common Stock, on the
outstanding Class B Common Stock of Sevenson. The stock dividend
is payable on October 27, 1997 to stockholders of record as of
October 20, 1997.
Stockholders will receive three additional shares of Common Stock
or Class B Common Stock for each five shares of Common Stock or
Class B Common Stock they hold on the record date. In lieu of
fractional shares, each stockholder will be paid a cash
equivalent based on the average of the bid and ask prices of
Sevenson's Common Stock on the record date.
It is anticipated that Sevenson will issue approximately
1,169,205 new shares of Common Stock and 2,818,965 shares of
Class B Common Stock. Total shares outstanding will increase to
approximately 2,601,240 shares of Common Stock and 7,517,240
shares of Class B Common Stock. (All per share amounts will be
retroactively adjusted to reflect the stock dividend).
Sevenson's President, Michael A. Elia, said, "The Board's action
yesterday is intended to increase the public float in our shares
in anticipation of NASDAQ's new public float requirement which
becomes effective early next year. It is also expected that the
increase in shares and resulting lower share price will enhance
share value by increasing liquidity and trading".
Management anticipates Sevenson's next regular quarterly cash
dividend will be paid on December 1, 1997, and expects the
current dividend rate of 5-1/2 cents per share will be adjusted
proportionately to reflect the split.
Sevenson provides a comprehensive range of field services for the
remediation of sites and facilities contaminated by hazardous
materials. Sevenson, which is headquartered in Niagara Falls,
New York, operates in the United States and Canada. Since
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entering the site remediation business in 1979, Sevenson has
performed over 600 projects including projects at the Love Canal
and 60 other Superfund sites.
Corporate Headquarters: Niagara Falls, NY
(716) 284-0431
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