<PAGE> 1
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 30, 1999
PC SERVICE SOURCE, INC.
(Exact Name of Registrant as Specified in Charter)
<TABLE>
<S> <C> <C>
DELAWARE 0-23686 52-1703687
(State or other jurisdiction of (Commission File Number) (I.R.S. employer identification no.)
incorporation or organization)
2350 VALLEY VIEW LANE, DALLAS, TEXAS 75234
(Address of principal executive offices) (Zip Code)
</TABLE>
(972) 481-4000
(Registrant's Telephone Number, Including Area Code)
(Former Name or Former Address, if Changed Since Last Report)
<PAGE> 2
ITEM 5. OTHER EVENTS.
On July 30, 1999, PC Service Source, Inc., a Delaware corporation (the
"Company"), issued a press release announcing its adoption of an amendment to
its stock repurchase program increasing the number of shares the Company is
authorized to repurchase thereunder in the open market or through privately
negotiated transactions from 600,000 to 1,000,000.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) Exhibits.
99.1 -- Press Release, dated July 30, 1999, announcing the
adoption of an amendment to the Company's stock
repurchase program.*
- --------------------
* Filed herewith.
2
<PAGE> 3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, PC
Service Source, Inc. has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Date: July 30, 1999 PC SERVICE SOURCE, INC.
By: /s/ ROBERT J. BOUTIN
------------------------------------------
Robert J. Boutin,
Chief Financial Officer
3
<PAGE> 4
EXHIBIT INDEX
EXHIBIT
NUMBER EXHIBIT
- ------- -------
99.1 -- Press Release, dated July 30, 1999, announcing the adoption
of an amendment to the Company's stock repurchase program.*
- --------------------
* Filed herewith.
<PAGE> 1
EXHIBIT 99.1
NEWS RELEASE
FOR IMMEDIATE RELEASE
JULY 30, 1999
CONTACT: ROBERT J. BOUTIN
SR. VP & CHIEF FINANCIAL OFFICER
PC SERVICESOURCE
972.481.4000
PC SERVICESOURCE ANNOUNCES INCREASED STOCK REPURCHASE
PROGRAM TO 1,000,000 SHARES
Dallas, TX., July 30, 1999 - PC ServiceSource (NASDAQ-PCSS) today
stated that its Board of Directors has authorized an increase of its stock
repurchase program enabling the company to buy up to 1,000,000 shares of common
stock, up from the previously authorized 600,000 shares.
The Company also announced that through July 30, 1999, it had purchased
532,500 shares under the program at an average price of $4.00. The repurchases
reduce the number of shares outstanding to 5,269,320.
Avery More, Chairman and CEO of PC ServiceSource, stated "We believe
that at the current market price, PCSS stock remains undervalued. We are
continuing to purchase shares and have decided to increase the number of shares
under the repurchase agreement to take advantage of this situation."
Under the terms of the company's repurchase program, purchases of
common stock by the company may be made in the open market or through privately
negotiated transactions at prevailing market prices depending on market
conditions. The repurchased stock will become treasury shares, available for
general corporate purposes.
PC ServiceSource defines Service Logistics outsourcing as the following
business processes: Freight Logistics, Distribution Logistics, Exchange
Logistics, Parts Lifecycle Management, Inventory Risk Management, Parts Order
Logistics, Parts Sourcing Logistics, Warranty Information Logistics, Repair
<PAGE> 2
Logistics, Same-Day Turnaround Notebook Repair, and Component Repair Services.
PC ServiceSource provides Service Logistics outsourcing and support for more
than 30 major computer manufacturers and over 20,000 service providers, and is
widely recognized as the largest supplier of Service Logistics to the PC
industry. PC ServiceSource has implemented many industry innovations, including
the PC Warranty Information Network (PC WIN), the PC industry's only real-time,
Internet-based system for multiple vendor warranty transaction processing and
service parts ordering in a single, standardized format. General and financial
data is located on the Internet at www.pcservice.com.
- --------------------------------------------------------------------------------
Caution Regarding Forward-Looking Statements: The Company occasionally makes
forward-looking statements concerning its plans, goals, product and service
offerings, and anticipated financial performance. These forward-looking
statements may generally be identified by introductions such as "outlook" for an
upcoming period of time, or words and phrases such as "should", "expect",
"hope", "plans", "projected", "believes", "forward-looking" (or variants of
those words and phrases) or similar language indicating the expression of an
opinion or view concerning the future. These forward-looking statements are
subject to risks and uncertainties based on a number of factors and actual
results or events may differ materially from those anticipated by such
forward-looking statements. These factors include, but are not limited to, those
described under the heading "Caution Regarding Forward-Looking Statements" in
the Company's Report on Form 10K for 1998 as it may be updated in any subsequent
Report on Form 10Q, all as filed with the Securities and Exchange Commission.
The Company does not plan to generally publicly update prior forward-looking
statements for unanticipated events or otherwise and, accordingly, prior
forward-looking statements should not be considered to be "fresh" simply because
the Company has not made additional comments on those forward-looking
statements.
