SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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 9, 2000 (August 8, 2000)
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IDACORP, INC.
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(Exact Name of Registrant as Specified in Charter)
Idaho 1-14465 82-0505802
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
1221 W. Idaho Street, Boise, ID 83702-5627
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (208) 388-2200
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(Former Name or Former Address, if Changed Since Last Report)
Item 5. Other Events.
On August 8, 2000, IDACORP, Inc. (the "Company") announced a share
repurchase program to acquire up to 350,000 of its outstanding shares of common
stock, $2.50 par value per share (the "Common Stock") over up to a 12 month
period. The purchases may be made in open market transactions, including block
purchases, or in privately negotiated transactions. The shares to be repurchased
represent approximately 0.9% of the Company's 37.6 million shares outstanding as
of August 8, 2000. The stock may be purchased from time to time as the Company's
financial condition and market conditions permit. There is no assurance as to
the actual number of shares that will be repurchased under the program and, in
fact, the program can be suspended by the Board of Directors at any time. The
Company will use its cash on hand or short term borrowings to acquire the
shares. Repurchased shares will be used for ongoing and future acquisitions or
other corporate purposes, including the acquisition of RMC Holdings, Inc.
This news release may contain forward-looking statements regarding the
company's current expectations. These statements are subject to a variety of
risks and uncertainties that could cause actual results to differ materially
from the expectations. These risks and uncertainties include, in addition to
those discussed herein, all of the factors discussed in the Company's Annual
Report on Form 10-K for the year 1999 and the Quarterly Reports on Form 10-Q for
the quarters ended March 31, 2000 and June 30, 2000. The results of operations
for the interim periods are not necessarily indicative of the results to be
expected for the full year.
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 hereunto duly authorized.
IDACORP, INC.
Dated: August 9, 2000
By: /s/ J. LaMont Keen
Name: J. LaMont Keen
Title: Senior Vice President of Administration
and Chief Financial Officer
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Exhibit Index
Exhibit Number Description
99.1 Press Release of IDACORP, Inc. issued on August 8, 2000.
BOISE, IDAHO, August 8, 2000. Idacorp, Inc. (NYSE: IDA), (the "Company") today
announced that its Board of Directors has approved the institution of a stock
repurchase program for the Company. Under the program, the Company has the
authority to repurchase up to 350,000 shares of the Company's outstanding common
stock, par value $2.50 per share, over up to a 12 month period. The purchases
may be made in open market transactions, including block purchases, or in
privately negotiated transactions.
The stock repurchases will be made in compliance with the SEC's Rule 10b-18, and
will be dependent upon market conditions and the availability of common stock.
The shares to be repurchased represent approximately 0.9% of the Company's 37.6
million shares outstanding as of August 8, 2000. The stock may be purchased from
time to time as the Company's financial condition and market conditions permit.
There is no assurance as to the actual number of shares that will be repurchased
under the program and, in fact, the program can be suspended by the Board of
Directors at any time.
The Company will use its cash on hand or short term borrowings to acquire the
shares. Repurchased shares will be added to the Company's treasury, and will be
used for ongoing and future acquisitions or other corporate purposes, including
the acquisition of RMC Holdings, Inc.
IDACORP, Inc., formed in 1998, is the holding company over the regulated
electric utility, Idaho Power Co., and the non-regulated activities of Ida-West
Energy Company, its independent power project management and development arm;
IDACORP Energy, a marketer of energy and energy-related products and services;
IDACORP Services, a marketer of products and services to residential and
business customers; IDACORP Financial Services, which makes non-utility
investments, primarily in affordable housing projects; and IDACORP Technologies,
a subsidiary focused on new, clean energy technologies.
This news release may contain forward-looking statements regarding the company's
current expectations. These statements are subject to a variety of risks and
uncertainties that could cause actual results to differ materially from the
expectations. These risks and uncertainties include, in addition to those
discussed herein, all of the factors discussed in the company's Annual Report on
Form 10-K for the year 1999 and the Quarterly Reports on Form 10-Q for the
quarters ended March 31, 2000 and June 30, 2000. The results of operations for
the interim periods are not necessarily indicative of the results to be expected
for the full year.
Media contact: Larry Spencer. Telephone: (208) 388-2664
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