<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) August 27, 1998
Advanta Corp.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 0-14120 23-1462070
- ---------------------------- ---------------- -------------------
(State or other jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification No.)
Welsh & McKean Road, P.O. Box 844
Spring House, Pennsylvania 19477
- ---------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (215) 657-4000
-----------------
<PAGE> 2
ITEM 5. OTHER EVENTS
On August 27, 1998, Advanta Corporation announced that its Board of Directors
has authorized the repurchase of up to two million shares of the Company's Class
A and Class B common stock. Shares purchased will be retired and available for
later reissue in connection with potential future stock dividends, employee
benefit plans and other general corporate purposes.
The repurchases, which represent up to approximately 8% of the Company's 25.3
million shares of Class A and Class B common stock currently outstanding, net of
treasury shares, will be made from time to time through open market purchases or
privately negotiated transactions at the discretion of the Company and in
accordance with the rules of the Securities and Exchange Commission. The amount
and timing of the repurchases will depend on market conditions.
Advanta is a highly focused financial services company with 2,400 employees,
approximately $10.0 billion in managed assets and an additional $8.2 billion in
assets serviced for third parties. Advanta provides consumers and small
businesses with innovative products and services including mortgages, equipment
leases, business credit cards, insurance and deposit products. The Company also
provides a full range of loan purchasing, contract servicing and securitization
services to the mortgage industry.
This Report on Form 8-K contains forward-looking statements that are subject to
certain risks and uncertainties that could cause results to differ materially
from those projected. The most significant among these risks and uncertainties
are: (1) factors that affect consumer debt; (2) competitive pressures; (3) the
level of delinquencies and charge-offs; (4) the rate of prepayments; (5) the
level of expenses; (6) the timing of the securitizations of the Company's
receivables; and (7) the ratings on the debt of the Company and its
subsidiaries. Additional risks that may affect the Company's future performance
are detailed in the Company's filings with the Securities and Exchange
Commission, including its most recent Annual Report on Form 10-K and its
Quarterly Reports on Form 10-Q.
<PAGE> 3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of l934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Advanta Corp.
By: /s/ Elizabeth H. Mai
---------------------------------------
Elizabeth H. Mai, Senior Vice President
and General Counsel
Date: August 31, 1998
