UNITED STATES | ||
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): June 13, 2014 | ||
AVISTA CORPORATION | ||
(Exact name of registrant as specified in its charter) | ||
Washington | 1-3701 | 91-0462470 |
(State of other jurisdiction of incorporation) | (Commission file number) | (I.R.S. Employer Identification No.) |
1411 East Mission Avenue, Spokane, Washington | 99202-2600 | |
(Address of principal executive offices) | (Zip Code) | |
Registrant's telephone number, including area code: | 509-489-0500 | |
Web site: http://www.avistacorp.com | ||
(Former name or former address, if changed since last report) | ||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Section 8 – Other Events
Item 8.01 Other Events.
On June 13, 2014, Avista Corporation (Avista Corp. or the Company) issued a press release announcing that the Board of Directors of the Company has approved the repurchase of up to 4 million shares of the Company’s outstanding common stock, conditioned upon the consummation of the planned sale of Ecova, Inc., which was announced on May 29, 2014. Repurchases of common stock will commence on the later of the date of the closing of the Ecova sale or July 7, 2014 and will not continue past December 31, 2014. A copy of the press release is filed as Exhibit 99.1 and the information relating to the stock repurchase program contained there is incorporated herein by reference.
Section 9 - Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
99.1 Press release dated June 13, 2014, which is being filed pursuant to Item 8.01.
Neither the filing of any press release as an exhibit to this Current Report nor the inclusion in such press release of a reference to Avista Corp.'s Internet address shall, under any circumstances, be deemed to incorporate the information available at such Internet address into this Current Report. The information available at Avista Corp.'s Internet address is not part of this Current Report or any other report furnished or filed by Avista Corp. with the Securities and Exchange Commission.
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 thereunto duly authorized.
AVISTA CORPORATION | ||
(Registrant) | ||
Date: | June 13, 2014 | /s/ Mark T. Thies |
Mark T. Thies | ||
Senior Vice President, | ||
Chief Financial Officer, and Treasurer | ||
Contact:
Media: Casey Fielder (509) 495-4916 casey.fielder@avistacorp.com
Investors: Jason Lang (509) 495-2930 jason.lang@avistacorp.com
Avista 24/7 Media Access (509) 495-4174
Avista Corp. Announces Stock Repurchase Program
SPOKANE, Wash. - June 13, 2014: Avista Corp. (NYSE:AVA) today announced that its board of directors has approved the repurchase of up to 4 million shares of the company's outstanding common stock, conditioned upon the consummation of the planned sale of Ecova, Inc. (Ecova), which was announced on May 29, 2014. Repurchases of common stock will commence on the later of the date of the closing of the Ecova sale or July 7, 2014 and will not continue past Dec. 31, 2014.
The company has entered into an agreement with a broker-dealer designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. Repurchases will be made by the broker-dealer at its discretion, consistent with pricing, timing and volume limitations contained in the agreement and the regulations of the Securities and Exchange Commission. Repurchases will be made in the open market or in privately negotiated transactions. The agreement will expire on Dec. 31, 2014, but could be terminated by the company before that date. There is no assurance that the goal of repurchasing 4 million shares will be achieved.
Repurchases of shares will be funded with the expected net proceeds from the planned sale of Ecova and other available cash on hand.
About Avista
Avista Corp., incorporated in 1889 and based in Spokane, Wash., is an energy company involved in the production, transmission and distribution of energy as well as other energy-related businesses. Avista Utilities is our operating division that provides electric service to 367,000 customers and natural gas to 326,000 customers. Our service territory covers 30,000 square miles in eastern Washington, northern Idaho and parts of southern and eastern Oregon, with a population of 1.6 million. Our stock is traded under the ticker symbol "AVA." For more information about Avista, please visit www.avistacorp.com.
This news release contains forward-looking statements regarding the company’s current expectations. Forward-looking statements are all statements other than historical facts. Such statements speak only as of the date of the news release and are subject to a variety of risks and uncertainties, many of which are beyond the company’s control, which 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 ended Dec. 31, 2013 and the Quarterly Report on Form 10-Q for the quarter ended March 31, 2014.
Avista Corp. and the Avista logo are trademarks of Avista Corporation.
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SOURCE: Avista Corporation