-----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, UWJDV+9UcBHxl8ZP74ZqQcPGKY2yozkD8cPyltGIlh0uhLfF7U43F07zOm1iBFGY eUdSxgz0gS7CTZWynAmqcw== 0001064015-04-000011.txt : 20080626 0001064015-04-000011.hdr.sgml : 20080626 20041115162003 ACCESSION NUMBER: 0001064015-04-000011 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040930 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20041115 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: 041145514 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 coverletter8-k.txt 8K U.S. 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 November 15, 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) 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 (see General Instruction A.2. below): [ ] 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(17CFR240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act(17CFR240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act(17CFR240.13e-4(c)) - -------------------------------------------------------------------------------- Items to be Included in this Report Item 2.02. Results of Operations and Financial Condition Ameritrans Capital Corporation (the "Company") issued a press release to the news media announcing, among other things, the Company's results for the first quarter of 2005. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. Item 9.01. Financial Statements and Exhibits Press release, dated November 15, 2004. 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, Chief Executive Officer, Chief Financial Officer Dated: November 15, 2004 Exhibit Index Exhibit Number Description - ------- ----------- 99.1 Press Release dated November 15, 2004 EX-99 2 novemberpressrelease.txt PRESS RELEASE For Immediate Release From: Ameritrans Capital Corporation For more information Contact: Gary C. Granoff (800) 214-1047 Ameritrans Reports First Quarter Fiscal 2005 Results New York, NY, November 15, 2004 - Ameritrans Capital Corporation (NASDAQ: AMTC, AMTCP) today reported financial results for the quarter ended September 30, 2004. For the company's first fiscal quarter, total investment income decreased $174,101 or 12% to $1.28 million compared to $1.46 million during the prior comparable period. This decrease was mainly due to the impact of lower average interest rates charged on new and modified loans as well as lower outstanding loans receivable. The decrease in interest income was offset by an increase in other fees of $49,316, primarily due to an increase in origination fees, and increase in leasing income of $37,701. Ameritrans reported a net profit from operations for the first quarter of fiscal year 2005 of $84,712 versus a net loss of ($118,398) for the first quarter of fiscal year 2004. The Company continued to increase its reserves for loan losses during the quarter and the unrealized depreciation on loans receivable at September 30, 2004 was $585,089 versus $303,170 at September 30, 2003. Ameritrans reported a net profit available to common shareholders for the first quarter of fiscal year 2005 of $337 versus a net loss of ($202,773) or ($0.10) per basic and diluted common share for the same period of fiscal year 2004. The Company's net loan portfolio at September 30, 2004 was $47.7 million versus $53.8 million at September 30, 2003. In addition to the loan portfolio at September 30, 2004 the Company was carrying a total investment cost of $2,382,201 for its Chicago medallions owned by its subsidiary limited liability companies, versus a total investment cost of $0 at September 30, 2003. Commenting on the results, Gary C. Granoff, Ameritrans' president said, "This has been our first profitable quarter after sustaining losses on operations over the prior six quarters. We have continued to make progress with the resale of foreclosed medallions in our Chicago medallion loan portfolio and we have established positive cash flow and earnings from the medallions owned by our subsidiary limited liability companies. The expenses and losses incurred over the last two years as a result of the foreclosures in our Chicago taxi medallion loan portfolio have slowed considerably, although we will continue to sustain additional loss and expense as we complete the remaining foreclosures. We are presently in the process of expanding our diversified loan portfolio and economic conditions have now improved in the Chicago taxi medallion market that will permit us to take a more aggressive role in making new loans in that market. We expect to continue to grow the loan portfolio in upcoming quarters which we believe will have a positive impact on our earnings. However, this will be negatively impacted by the higher interest rates we are paying to our banks as a result of recent increases we are paying due to increases in interest rates in the market place that have occurred over the last six months and which we believe will continue to occur over the next twelve months." 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 September 30, 2004 (Unaudited) and June 30, 2004 ASSETS September 30,2004 June 30, 2004 ------------------------------- Loans receivable $ 48,324,101 $ 49,900,989 Less: unrealized depreciation on loans receivable (585,089) (509,770) ------------- ------------- Loans receivable, net 47,739,012 49,391,219 Cash and cash equivalents 727,863 416,600 Accrued interest receivable, net of unrealized depreciation of $11,500 and 30,500, respectively 787,674 969,912 Assets acquired in satisfaction of loans 1,044,492 1,421,723 Receivables from debtors on sales of assets acquired in satisfaction of loans 33,800 422,158 Equity securites 1,085,311 1,038,617 Furinture, equiptment and leasehold improvements, net 415,823 439,262 Medallions 2,382,201 2,382,201 Prepaid expenses and other assets 713,117 610,214 ---------------- ------------- TOTAL ASSETS $ 54,929,293 $ 57,091,906 ================ =============
The accompanying notes are an integral part of these financial statements. 1 AMERITRANS CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS September 30, 2004 (Unaudited) and June 30, 2004 LIABILITIES AND STOCKHOLDERS' EQUITY September 30, 2004 June 30, 2004 ----------------- --------------- LIABILITIES Debentures payable to SBA $ 12,000,000 $ 12,000,000 Notes payable, banks 26,858,652 28,908,652 Accrued expenses and other liabilities 570,994 578,790 Accrued interest payable 171,924 271,630 Dividend payable 84,375 84,375 ------------------- ------------- TOTAL LIABILITIES 39,685,945 41,843,447 ------------------- ------------- COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY Preferred stock 500,000 shares authorized, none issued or outstanding - - 9 3/8% cumulative participating callable 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 uthorized; 2,045,600 shares issued, 2,035,600 outstanding 205 205 Additional paid-in-capital 13,869,545 13,869,545 Accumulated deficit (1,902,071) (1,902,408) Accumulated other comprehensive loss (245,331) (248,883) ------------------- ------------- 15,313,348 15,318,459 Less: Treasury stock, at cost, 10,000 shares of Common stock (70,000) (70,000) ------------------- ------------- TOTAL STOCKHOLDERS' EQUITY 15,243,348 15,248,459 ------------------- ------------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 54,929,293 $ 57,091,906 =================== =============
The accompanying notes are an integral part of these financial statements. -2- AMERITRANS CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS For the Three Months Ended September 30, 2004 and 2003 (Unaudited) Three Months Ended Three Months Ended September 30, 2004 September 30, 2003 --------------------- ------------------- INVESTMENT INCOME Interest on loans receivable $ 1,129,057 $ 1,390,175 Fees and other income 100,540 51,224 Leasing income 51,537 13,836 ----------------- ----------------- TOTAL INVESTMENT INCOME 1,281,134 1,455,235 ----------------- ----------------- OPERATING EXPENSES Interest 382,156 372,753 Salaries and employee benefits 262,664 246,547 Occupancy costs 49,183 50,063 Professional fees 135,564 112,883 Miscellaneous administrative expenses 245,468 291,086 Loss on assets acquired in satisfaction of loans, net 10,393 29,901 Foreclosure expenses 5,000 209,630 Write off and depreciation on interest and loans receivable 101,518 255,892 --------------- ----------------- TOTAL OPERATING EXPENSES 1,191,946 1,568,755 --------------- ----------------- OPERATING INCOME (LOSS) 89,188 (113,520) --------------- ----------------- OTHER INCOME (EXPENSE) Gain on sale of securities - 5,665 Equity in loss of investee (2,011) - --------------- ----------------- TOTAL OTHER INCOME (expense) (2,011) 5,665 --------------- ----------------- INCOME (LOSS) BEFORE INCOME TAXES 87,177 (107,855) --------------- ----------------- INCOME TAXES 2,465 10,543 --------------- ----------------- NET INCOME (LOSS) $ 84,712 $ (118,398) --------------- ----------------- DIVIDENDS ON PREFERRED STOCK $ (84,375) $ (84,375) --------------- ----------------- NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS $ 337 $ (202,773) --------------- ----------------- WEIGHTED AVERAGE SHARES OUTSTANDING - - Basic 2,035,600 2,035,600 ================ ================= - - Diluted 2,035,600 2,035,600 ================ ================= NET INCOME (LOSS) PER COMMON SHARE - - Basic $ 0.00 $ (0.10) ================ ================= - - Diluted $ 0.00 $ (0.10) ================ =================
The accompanying notes are an integral part of these financial statements. -3- -----END PRIVACY-ENHANCED MESSAGE-----