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): July 20, 1999
BUCKHEAD AMERICA CORPORATION
(Exact name of registrant as specified in charter)
Commission File Number 0-22132
Delaware 58-2023732
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation)
4243 Dunwoody Club Drive,
Suite 200 30350
Atlanta, Georgia (Zip Code)
(Address of principal executive offices)
Registrant's telephone number including area code (770) 393-2662
(Former name or former address, if changed since last report) Not Applicable
867089v1
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ITEM 5. OTHER EVENTS.
On July 20, 1999, Buckhead America Corporation (the "Company") announced
that its board of directors authorized the repurchase of up to 100,000 of the
Company's approximately 2 million outstanding common shares from time to time on
the open market.
The funds for the stock repurchase program will come from the proceeds of
the recent sale of the Company's Orlando Hotel.
The Company recently completed the sale and leaseback of its 150-room,
Orlando, Florida Country Hearth Inn. A partnership in which Buckhead America
holds a 59 percent interest, agreed to sell the hotel and related property for
$13.5 million to make way for a planned expansion of the nearby Orange County
Convention Center.
The total cash proceeds from the sale was approximately $5.7 million, or
$2.95 a share, resulting in a pretax gain of approximately $4 million, or $2.08
a share. The leaseback and continued operation of the property as a Country
Hearth Inn until 2001 will generate additional cash flow of approximately $2
million to the partnership.
Proceeds from the Orlando transaction will be used for share repurchases,
for the continued expansion of the Country Hearth Inn lodging system and for
other corporate purposes.
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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 its behalf by the
undersigned hereunto duly authorized.
BUCKHEAD AMERICA CORPORATION
Date: July 30, 1999 By:/s/ Robert B. Lee
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Robert B. Lee, Vice President and Chief
Financial Officer
