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: November 3, 2003
SUMMIT SECURITIES, INC.
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(Exact name of registrant as specified in its charter)
Idaho 1-16177 82-0438135
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(State or other jurisdiction of (Commission File (IRS Employer
incorporation) Number) Identification Number)
601 W. 1st Avenue, Spokane, Washington 99201
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (509) 838-3111
None
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(Former name or former address, if change since last report)
ITEM 5. OTHER EVENTS.
On November 3, 2003, the Registrant issued a press release regarding
the suspension of the payment of dividends on the Registrant's preferred stock
and a discussion of the Registrant's current liquidity. The text of the press
release is as follows:
SPOKANE WA: November 3, 2003 -- Summit Securities, Inc.'s (AMEX:SGM.pr)
board of directors determined today to temporarily suspend the payments of
monthly dividends on all series of the company's preferred stock. Dividends on
the preferred stock of each series will continue to accrue at the rates set
forth in the statement of rights with respect to each series.
The dividend suspension is part of the company's ongoing effort to
conserve liquidity. The company currently has cash of approximately $7 million
and estimates its cash needs over the next three months for operations and
maturing obligations to be approximately $10 million. Because the company is
currently unable to sell securities publicly, which sales historically have been
significant sources of liquidity, the company is exploring other options to
improve its liquidity position. No assurances can be given that these efforts
will be successful. The company has engaged financial advisors to assist it in
evaluating its strategic options.
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.
SUMMIT SECURITIES, INC.
Date: November 3, 2003 By: /s/ William A. Smith
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William A. Smith,
Principal Financial Officer