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): April 30, 1997
The Ryland Group, Inc.
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(Exact name of registrant as specified in its charter)
Maryland 1-8029 52-0849948
(State or other jurisdiction (Commission File No.) (IRS Employer of
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 COMMON STOCK REPURCHASE PROGRAM
AND CHANGE IN DIVIDEND POLICY
The Ryland Group, Inc. has authorized the repurchase of up to 10 percent
of its outstanding shares of common stock. The company will repurchase the
shares in the open market or in privately negotiated transactions, from time
to time, subject to market conditions through its repurchase agent, Dillon,
Read, & Co or other agents selected by the company. As of April 30, 1997, the
company had approximately 16 million shares outstanding.
The company also announced that its board of directors approved a regular
cash dividend of $0.04 per share for the second quarter of 1997 to holders of
record on July 15, 1997, payable July 30, 1997. This payout represents a
decrease from the prior quarterly dividend which was $0.15 per share.
SIGNATURES
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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: April 30, 1997 /s/ Michael D. Mangan
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Michael D. Mangan
Executive Vice President
Chief Financial Officer
