-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GI9gOeKf6cK68+ndvACqUBI7/6yTX8BN63Z+QwCDW35EEaMoDzclTJ5RDhqi7dzl Bd16+2WhSM7wcB2C9Zx7ew== 0001047469-04-004893.txt : 20080626 0001047469-04-004893.hdr.sgml : 20080626 20040218172456 ACCESSION NUMBER: 0001047469-04-004893 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040217 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040218 DATE AS OF CHANGE: 20080620 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERITRANS CAPITAL CORP CENTRAL INDEX KEY: 0001064015 IRS NUMBER: 522102424 STATE OF INCORPORATION: DE FISCAL YEAR END: 0607 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 814-00193 FILM NUMBER: 04613993 BUSINESS ADDRESS: STREET 1: 747 THIRD AVENUE STREET 2: 4TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 2123552449 MAIL ADDRESS: STREET 1: 747 THIRD AVENUE STREET 2: 4TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 8-K 1 a2129098z8-k.txt 8-K 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 FEBRUARY 18, 2004 ----------------- Date of Report (Date of Earliest Event Reported) Ameritrans Capital Corporation -------------------------------------------------------------- (Exact name of Registrant as specified in its charter) Delaware 333-63951 52-2102424 ------------------------------- ----------- ---------------- (State or other jurisdiction of (Commission (I.R.S. Employee incorporation or organization) File No.) I.D. Number) 747 Third Avenue, 4th Floor New York, New York 10017 --------------------------------------- ---------- (Address of principal executive offices (Zip Code) (800) 214-1047 ------------------------ (Registrant's telephone number, including area code) ITEM 7. Financial Statements and Exhibits c. Exhibits 99.1 Press Release dated February 18, 2004 ITEM 12. Results of Operations and Financial Condition. On February 18, 2004 Ameritrans Capital Corporation issued a press release announcing its results for the quarter ended December 31, 2003. The press release is attached hereto as Exhibit 99.1. The information furnished is not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, is not subject to the liabilities of that section and is not deemed incorporated by reference in any filing under the Securities Act of 1933, as amended. -2- SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly authorized and caused the undersigned to sign this Report on the Registrant's behalf. AMERITRANS CAPITAL CORPORATION By: /s/ GARY C. GRANOFF ---------------------------------- Name: Gary C. Granoff Title: President Dated: February 18, 2004 Exhibit Index Exhibit Number Description - ------- ----------- 99.1 Press Release dated February 18, 2004 -3- EX-99.1 3 a2129098zex-99_1.txt EXHIBIT 99.1 Exhibit 99.1 For Immediate Release FOR: FROM: Ameritrans Capital Corporation Gregory FCA Communications, Inc. For more information Contact: For more information Contact: Gary Granoff Kathy Keyser (212) 355-2449 (610) 642-8253 AMERITRANS REPORTS SECOND QUARTER FISCAL 2004 RESULTS New York, NY, February 18, 2004- Ameritrans Capital Corporations (NASDAQ: AMTC, AMTCP) reported financial results for the quarter ended December 31, 2003. For the company's second fiscal quarter, total investment income was $1.39 million compared to $1.59 million during the prior comparable period. Ameritrans reported a net loss available to common shareholders for the second quarter of fiscal 2004 of ($278,191) or ($0.14) per basic and diluted common share, versus net income of $174,912 or $0.09 per basic and diluted common share for the same period of fiscal 2003. The Company's net loan portfolio at December 31, 2003 was $53.2 million versus $56.9 million at December 31, 2002. Not included in the net loan portfolio for the period ended December 31, 2003 was $1.42 million of medallions owned which are represented through inter-company receivables from wholly-owned subsidiaries. The Company's net equity securities at December 31, 2003 was $1,043,379 versus $590,638 at December 31, 2002. For the six months ended December 31, 2003, Ameritrans reported total investment income of $2.83 million, compared to $3.19 during the prior comparable period. Net loss available to common shareholders for the six months ended December 31, 2003 was ($480,964) or ($0.24) per basic and diluted common share, versus $397,268, or $0.20 for the six months ended December 31, 2002. Commenting on the results, Gary C. Granoff, Ameritrans' president said, "Our second quarter was difficult due to the problems in our Chicago medallion loan program and the decreasing interest rate environment. Our dedicated team has made, and will continue to make significant headway in taking the steps necessary to return our company to profitability." Ameritrans Capital Corporation is a specialty finance company engaged in making loans to and investments in small businesses. Ameritrans' wholly owned subsidiary Elk Associates Funding Corporation, was licensed by the United States Small Business Administration as a Small Business Investment Company (SBIC) in 1980. The company maintains its offices at 747 Third Avenue; 4th Floor; New York, NY 10017. # # # THIS ANNOUNCEMENT CONTAINS FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. SUCH STATEMENTS ARE SUBJECT TO CERTAIN RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE PRESENTLY ANTICIPATED OR PROJECTED. AMERITRANS CAPITAL CORPORATION CAUTIONS INVESTORS NOT TO PLACE UNDUE RELIANCE ON FORWARD-LOOKING STATEMENTS, WHICH SPEAK ONLY AS TO MANAGEMENT'S EXPECTATIONS ON THIS DATE. AMERITRANS CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2003 (UNAUDITED) JUNE 30, 2003 ----------------- ------------- ASSETS Loans receivable............................................ $53,477,811 $55,306,678 Less: unrealized depreciation on loans receivable........... (288,500) (238,500) =========== =========== Loans receivable, net................................... 53,189,311 55,068,178 Cash and cash equivalents................................... 474,538 498,669 Accrued interest receivable, net of unrealized depreciation of $394,500 and $691,000, respectively.................... 1,107,404 1,321,591 Assets acquired in satisfaction of loans.................... 854,189 1,142,189 Receivables from debtors on sales of assets acquired in satisfaction of loans..................................... 427,470 431,258 Equity securities........................................... 1,043,379 929,405 Property and leasehold improvements, net.................... 446,298 173,100 Medallions -- See Note 2.................................... 1,418,901 -- Prepaid expenses and other assets........................... 591,114 527,511 ----------- ----------- TOTAL ASSETS.............................................. $59,552,604 $60,091,901 =========== =========== LIABILITIES AND TOTAL STOCKHOLDERS EQUITY LIABILITIES Debentures payable to SBA................................. $10,480,000 $ 9,200,000 Notes payable, banks...................................... 32,779,902 34,130,000 Accrued expenses and other liabilities.................... 541,251 485,710 Accrued interest payable.................................. 192,226 219,671 Accrued dividend payable.................................. 84,375 84,375 ----------- ----------- TOTAL LIABILITIES......................................... 44,077,754 44,119,756 =========== =========== COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY Preferred stock 500,000 shares authorized, none issued or outstanding............................................. -- -- 9 3/8% cumulative participating redeemable preferred stock $.01 par value, $12.00 face value, 500,000 shares authorized; 300,000 shares issued and outstanding....... 3,600,000 3,600,000 Common stock $.0001 par value: 5,000,000 shares authorized; 2,045,600 shares issued, 2,035,600 outstanding............ 205 205 Additional paid-in-capital.................................. 13,869,545 13,869,545 Accumulated deficit......................................... (1,678,689) (1,197,725) Accumulated other comprehensive income...................... (246,211) (229,880) ----------- ----------- 15,544,850 16,042,145 Less: Treasury stock, at cost, 10,000 shares of common stock..................................................... (70,000) (70,000) ----------- ----------- TOTAL STOCKHOLDERS' EQUITY................................ 15,474,850 15,972,145 ----------- ----------- TOTAL LIABILITIES AND STOCKHOLDERS EQUITY................. $59,552,604 $60,091,901 =========== ===========
The accompanying notes are an integral part of these financial statements. AMERITRANS CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
THREE MONTHS ENDED THREE MONTHS ENDED SIX MONTHS ENDED SIX MONTHS ENDED DECEMBER 31, 2003 DECEMBER 31, 2002 DECEMBER 31, 2003 DECEMBER 31, 2002 ------------------ ------------------ ----------------- ----------------- INVESTMENT INCOME Interest on loans receivable............... $1,331,027 $1,543,557 $2,721,202 $3,094,557 Fees and other income...... 57,222 45,312 108,446 99,569 ---------- ---------- ---------- ---------- TOTAL INVESTMENT INCOME................. 1,388,249 1,588,869 2,829,648 3,194,126 ---------- ---------- ---------- ---------- OPERATING EXPENSES Interest................... 342,679 526,329 715,432 1,067,015 Salaries and employee benefits................. 241,019 214,135 487,566 434,048 Occupancy costs............ 48,178 39,497 98,241 73,482 Professional fees.......... 241,999 147,786 354,882 262,371 Miscellaneous administrative expenses................. 315,423 235,784 606,509 455,496 Loss on assets acquired in satisfaction of loans, net...................... 6,168 4,940 36,069 14,664 Foreclosure expenses....... 53,902 41,985 263,532 120,171 Write off and depreciation of interest and loans receivable............... 355,662 119,126 611,554 192,354 ---------- ---------- ---------- ---------- TOTAL OPERATING EXPENSES............... 1,605,030 1,329,582 3,173,785 2,619,601 ---------- ---------- ---------- ---------- OPERATING (LOSS) INCOME................. (216,781) 259,287 (344,137) 574,525 ---------- ---------- ---------- ---------- OTHER INCOME Rental income.............. 23,712 -- 37,548 -- Gain on sale of securities............... -- -- 5,665 2,976 ---------- ---------- ---------- ---------- TOTAL OTHER INCOME....... 23,712 -- 43,213 2,976 ---------- ---------- ---------- ---------- (LOSS) INCOME BEFORE INCOME TAXES........... (193,069) 259,287 (300,924) 577,501 ---------- ---------- ---------- ---------- INCOME TAXES................. 747 -- 11,290 11,483 NET (LOSS) INCOME........ (193,816) 259,287 (312,214) 566,018 DIVIDENDS ON PREFERRED STOCK...................... (84,375) (84,375) (168,750) (168,750) NET (LOSS) INCOME AVAILABLE TO COMMON SHAREHOLDERS........... $ (278,191) $ 174,912 $ (480,964) $ 397,268 ---------- ---------- ---------- ---------- WEIGHTED AVERAGE SHARES OUTSTANDING - Basic.................... 2,035,600 2,035,600 2,035,600 2,035,600 ========== ========== ========== ========== - Diluted.................. 2,035,600 2,035,600 2,035,600 2,035,600 ========== ========== ========== ========== NET (LOSS) INCOME PER COMMON SHARE ========== ========== ========== ========== - Basic.................... $ (0.14) $ 0.09 $ (0.24) $ 0.20 ========== ========== ========== ========== - Diluted.................. $ (0.14) $ 0.09 $ (0.24) $ 0.20 ========== ========== ========== ==========
The accompanying notes are an integral part of these financial statements. -----END PRIVACY-ENHANCED MESSAGE-----