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SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Act of 1934
Date of Report (Date of earliest event reported): December 16, 1999
MOHAWK INDUSTRIES, INC.
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(Exact name of registrant as specified in its charter)
Delaware 01-19826 52-1604305
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(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification No.)
incorporation)
160 South Industrial Blvd., Calhoun, Georgia 30701
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(Address, including zip code, of principal executive offices)
(706) 629-7721
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(Registrant's telephone number, including area code)
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Item 5. Other Events
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On December 16, 1999, Mohawk Industries, Inc. ("Mohawk") issued a
press release describing an increase of 5,000,000 shares to its existing
stock repurchase program bringing the total authorized repurchases up to a
total of 10,000,000 shares of its outstanding common stock. A copy of the
press release is included as an exhibit to this report and incorporated
herein by reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
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C. Exhibits
99.1 Press Release dated December 16, 1999
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SIGNATURE
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.
Mohawk Industries, Inc.
Date: December 16, 1999 By: /s/ Frank H. Boykin
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Frank H. Boykin
Corporate Controller
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INDEX TO EXHIBITS
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Exhibit
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99.1 Press Release dated December 16, 1999
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EXHIBIT 99.1
Page 1 of 2
Mohawk Industries, Inc.
Press Release dated December 16, 1999
NEWS RELEASE [MOHAWK LOGO]
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Post Office Box 12069
South Industrial Blvd.
Calhoun, GA 30703
(706) 629-7721
For Release: Immediately
Contact: John D. Swift, Chief Financial Officer
MOHAWK INDUSTRIES, INC. ANNOUNCES INCREASE IN
STOCK REPURCHASE PROGRAM
Calhoun, Georgia, December 16, 1999 - Mohawk Industries, Inc. (NYSE:MHK) today
announced that its Board of Directors has authorized an increase of 5,000,000
shares to its existing stock purchase program bringing the total authorized
repurchases up to a total of 10,000,000 shares of its outstanding common stock.
The repurchase will be made in the open market at such times and at such prices
as management may from time to time determine is appropriate. The Company has
purchased a total of approximately 4,015,000 shares under its original plan as
of December 15, 1999. Some of the repurchased shares may be used for awards of
stock and grants of stock options under the Company's existing compensation and
benefit plans.
Commenting on the decision to purchase these shares, David L. Kolb, Chairman and
Chief Executive Officer of Mohawk stated, "Based on our current stock price, we
continue to believe this stock repurchase represents an excellent investment and
provides our stockholders with a significant value for the long term. We plan
to actively pursue this opportunity. Our decision to purchase these shares does
not change Mohawk's acquisition strategy or diminish our ability to obtain the
financial resources to fund our future growth, whether internal or external. We
believe the stock buy-back program is another opportunity to provide our
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EXHIBIT 99.1
Page 2 of 2
Mohawk Industries, Inc.
Press Release dated December 16, 1999
shareholders increasing value for their investments. We are able to fund the
purchase of these shares with the current availability under our existing
revolving credit agreement."
Certain of the statements in the immediately preceding paragraphs constitute
"forward-looking statements" within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934,
as amended, and for those statements, Mohawk claims the protection of the safe
harbor for forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995. Those statements are based on assumptions
regarding the Company's future financial performance, the financial resources
available to the Company and the success of the Company's stock buyback program.
These or other assumptions could prove inaccurate and therefore, there can be no
assurance that the "forward-looking statements" will prove to be accurate. The
following important factors affect the future results of Mohawk and could cause
those results to differ materially from those expressed in the forward-looking
statements: materially adverse changes in economic conditions generally in the
carpet, rug and floor covering markets served by Mohawk; competition from other
carpet, rug and floor covering manufacturers; raw material prices, timing and
level of capital expenditures; the successful integration of acquisitions
including the challenges inherent in diverting Mohawk's management attention and
resources from other strategic matters and from operational matters for an
extended period of time; the successful introduction of new products; the
successful rationalization of existing operations; and other risks identified
from time to time in the Company's SEC filings and public announcements.
Mohawk is a leading producer of woven and tufted broadloom carpet and rugs for
residential and commercial applications. The Company designs, manufactures and
markets carpet in a broad range of colors, textures and patterns and is widely
recognized through its premier brand names, some of which include "Mohawk,"
"Aladdin," "Alexander Smith," "Bigelow," "Durkan," "Galaxy," "Harbinger,"
"Helios," "Horizon," "Image," "Karastan," "Mohawk Commercial" and "World."
Mohawk offers a broad line of washable accent and bath rugs through Aladdin and
Newmark & James; area rugs through Karastan, American Rug Craftsmen and American
Weavers; and decorative throws, placemats, table runners and kitchen chair pads
through American Weavers. Mohawk also offers a complete laminate product line
under the INSIGNIA brand name and distributes carpet padding and ceramic tile.
The Company markets its products primarily through retailers and commercial
dealers.
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