UNITED STATES 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): AUGUST 18, 1999
STEWART ENTERPRISES, INC.
(Exact name of registrant as specified in its charter)
LOUISIANA 0-19508 72-0693290
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
110 VETERANS MEMORIAL BOULEVARD
METAIRIE, LOUISIANA 70005
(Address of principal executive offices) (Zip Code)
(504) 837-5880
(Registrant's telephone number, including area code)
NOT APPLICABLE
(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS
On August 18, 1999 the Company issued the following press release.
CONTACT: Kenneth C. Budde
Stewart Enterprises, Inc.
110 Veterans Memorial Boulevard
Metairie, LA 70005
504/837-5880
FOR IMMEDIATE RELEASE
STEWART ENTERPRISES ANNOUNCES STOCK REPURCHASE PROGRAM
Metairie, Louisiana, August 18, 1999 ... Stewart Enterprises, Inc. (Nasdaq
NMS: STEI) announced today that its Board of Directors has authorized the
repurchase of up to 5% of its outstanding common stock, or approximately 5.6
million shares.
Joseph P. Henican, III, Vice Chairman and Chief Executive Officer said: "Our
Board believes that the current market valuation of our common stock does not
adequately reflect the Company's inherent value or future potential. As a
result, we believe that this repurchase program represents a prudent use of
our capital and an effective way to reinvest in ourselves, while maintaining
a strong balance sheet and sufficient financial resources to pursue other
attractive investment opportunities that may become available."
The Company has approximately 111.8 million common shares outstanding, of
which approximately 108.2 million are Class A shares and 3.6 million are
Class B shares. The repurchases will be limited to the Company's Class A
common stock and will be made in the open market or in privately negotiated
transactions at such times and in such amounts as management deems
appropriate, depending on market conditions and other factors. The closing
price of the Company's Class A common stock on August 17 was $6-9/32.
Founded in 1910, Stewart Enterprises is the third largest provider of
products and services in the death care industry in North America, currently
owning and operating 630 funeral homes and 157 cemeteries in North America,
South America, Europe and the Pacific Rim.
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Statements made herein that are not historical facts are forward-looking
statements. The Company's market value and financial results could differ
materially from expectations due to several important factors including the
following: the Company's ability to make acquisitions and enter new markets;
the economy, death rate and competition in the Company's markets; financial
market conditions, including stock and bond prices and interest rates; the
Company's ability to achieve economies of scale and manage growth; and the
performance of acquired businesses. Such factors, and others, are more fully
described in Item 5 of the Company's Form 10-Q for the quarter ended April 30,
1999. The Company assumes no obligation to update information contained
herein.
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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 thereunto duly authorized.
STEWART ENTERPRISES, INC.
August 18, 1999 /s/ KENNETH C. BUDDE
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KENNETH C. BUDDE
EXECUTIVE VICE PRESIDENT
CHIEF FINANCIAL OFFICER
