SECURITIES AND EXCHANGE COMMISSION
Washington D.C.
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 9, 1997
The Ryland Group, Inc.
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(Exact name of registrant as specified in its charter)
Maryland 1-8029 52-0849948
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(State or other jurisdiction (Commission File No.) (IRS Employer
incorporation) Identification No.)
11000 Broken Land Parkway, Columbia, Maryland 21044
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (410) 715-7000
Not Applicable
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(Former name or former address, if changed since last report)
Item 5. Other Events
RYLAND ANNOUNCES INCREASE IN COMMON STOCK REPURCHASE PROGRAM
The Ryland Group, Inc., (NYSE: RYL) announced today that its board of
directors has authorized the repurchase of 400,000 shares of common stock
which is in addition to the Company's previously announced share repurchase
program of 10 percent of its outstanding shares of common stock. The Company
has substantially completed the originally authorized repurchase program and
expects to repurchase the additional authorized shares in the open market or
in privately negotiated transactions through its repurchase agent, SBC Warburg
Dillon, Read Inc., subject to market conditions and values. The authorization
to repurchase the additional shares brings the Company's total repurchase
authorization to 2.0 million shares.
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.
The Ryland Group, Inc.
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(Registrant)
Date: October 9, 1997 /s/ Michael D. Mangan
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Michael D. Mangan
Executive Vice President
Chief Financial Officer
