SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
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Date of Report (date of earliest event reported): March 31, 1998
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SPEIZMAN INDUSTRIES, INC.
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(Exact Name of Registrant as Specified in Its Charter)
North Carolina 0-8544 56-0901212
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
508 West 5th Street, Charlotte, North Carolina 28202
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(Address of Principal Executive Offices) (ZIP Code)
(704) 372-3751
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(Registrant's Telephone Number, Including Area Code)
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(Former Name of Former Address, if Changed Since Last Report)
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ITEM 5. Other Events.
On March 31, 1998, Speizman Industries, Inc. (the "Company") announced
a stock repurchase plan applicable to the Company's common stock. Details of the
announced plan are shown in the Company's press release, which is attached as
Exhibit 1 and is incorporated herein by reference.
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ITEM 7. Financial Statements and Exhibits
(a) Financial Statements: NONE.
(b) Exhibits:
(1) Press released issued by the Company on March 31, 1998.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
SPEIZMAN INDUSTRIES, INC.
Date: April 6, 1998 By: /s/ Josef Sklut
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Josef Sklut, Vice President-Finance
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EXHIBIT INDEX
EXHIBIT
NUMBER DESCRIPTION
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1 Press Release issued by the Company on March 31, 1998.
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EXHIBIT 1
SPEIZMAN INDUSTRIES, INC.
508 WEST FIFTH STREET O P.O. BOX 31215 O CHARLOTTE, NC 28231
704-372-3751 O TELEX 575299 O FAX NO. 704-376-3153
WEB ADDRESS: WWW.SPEIZMAN.COM
PRESS RELEASE NASDAQ Symbol:
SPZN
Contact: Josef Sklut
Vice President-Finance
Charlotte, NC - March 31, 1998 - Speizman Industries today announced that its
Board of Directors has authorized the repurchase of up to $500,000 of the
Company's common stock. The repurchases are to be made from time to time in open
market transactions during 1998 and 1999. The timing of share purchases, the
actual number of shares purchased and the price to be paid will depend upon the
availability of shares, the prevailing market prices and other considerations
which may in the opinion of the Board of Directors or management affect the
advisability of purchasing SPZN shares. Funds for these purchases will be taken
from available cash flow and borrowings under the available credit facility.
Based on the closing price of the Company's stock on March 30, 1998 of $7.00 per
share, the number of shares authorized for repurchase represents approximately
2.2% of the 3,279,806 shares currently issued and outstanding. The repurchased
shares will become treasury shares, available for reissuance for various
corporate purposes.
Commenting on the announcement, Robert S. Speizman, President, stated "We
believe that an investment in our shares at current price levels represents a
sound use of the Company's funds."
Speizman Industries, Inc. acts as an exclusive U.S. and Canadian distributor for
six major Italian manufacturers of textile equipment and several leading U.S.
manufacturers of laundry equipment. The Company's common stock trades on The
Nasdaq Stock Market under the symbol: SPZN.
