-----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, WvAqJBuI1tDU7tU/VNCL0jkHYpvTWfwKHLRED1ZkOJF5RTHpE8OzS/1dMpHblhR0 7jaf6KjUPFue8HhH7bQLFg== 0001064015-05-000014.txt : 20080626 0001064015-05-000014.hdr.sgml : 20080626 20050214164538 ACCESSION NUMBER: 0001064015-05-000014 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20041221 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050214 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: 05611394 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 k8kpressreleasecover.txt 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 second 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 February 14, 2005. 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 February 14, 2005 EX-99 2 filed8kfinal.txt For Immediate Release FROM: Ameritrans Capital Corporation For more information Contact: Gary C. Granoff (800) 214-1047 AMERITRANS REPORTS SECOND QUARTER FISCAL 2005 RESULTS New York, NY, February 14, 2005- Ameritrans Capital Corporation (NASDAQ: AMTC, AMTCP) reported financial results for the quarter ended December 31, 2004. For the Company's second fiscal quarter, total investment income was $1.32 million compared to $1.41 million during the prior comparable period. Ameritrans reported a net loss available to common shareholders for the second quarter of fiscal 2005 of ($411,615) or ($0.20) per basic and diluted common share, versus a net loss for the second quarter of fiscal 2004 of ($278,191) or ($.14) per basic and diluted common share. The Company's net loan portfolio at December 31, 2004 was $51.9 million versus $53.2 million at December 31, 2003. Not included in the net loan portfolio for both periods is $2.38 million of medallions owned which are represented through inter-company receivables from wholly-owned subsidiaries. The Company's net equity securities at December 31, 2004 were $1,090,857 versus $1,043,379 at December 31, 2003. For the six months ended December 31, 2004, Ameritrans reported total investment income of $2.60 million, compared to $2.87 million during the prior comparable period. Net loss available to common shareholders for the six months ended December 31, 2004 was ($411,278) or ($.20) per share versus ($480,964) or ($.24) per share for the six months ended December 31, 2003. The above information takes into account the effect on common stockholders after payment of the preferred dividends paid on the Company's outstanding 9 3/8 cumulative participating preferred stock. On an operating basis the net loss was ($327,240) for the three months ended December 31, 2004 and ($193,816) for the three months ended December 31, 2003. On an operating basis the net loss was ($242,528) for the six months ended December 31, 2004 versus ($312,214) for the six months ended December 31, 2003. Commenting on the results, Gary C. Granoff, Ameritrans' president said, "On a current operating basis, our gross investment income during the past quarter and during the last six months has been negatively impacted by loans made during the prior fiscal year in the lower interest rate environment and due to an increase in our interest expense on our bank loans since the Fed began raising short term interest rates. While we are making new loans to borrowers at higher interest rates than during the last fiscal year, it will take time for the loan portfolio to generate higher gross interest income from new loans." Mr. Granoff stated further, "This past quarter was also negatively impacted by charges to our write off and depreciation on interest and loans receivables account by a $288,541 expense and which totaled $390,059 for the first six months. These charges were essentially for a small number of diversified loans which were written down to estimated net realizable value. Furthermore, during the quarter ended December 31, 2004 we wrote off one equity investment by a separate loss on sale of securities for $50,000. We do not presently anticipate that the second half of the current fiscal year will be negatively impacted by any significant additional charges to our write off and depreciation on interest and loans receivables account." Granoff continued, "Although we have experienced a difficult quarter and first half, we have continued to increase the size of our loan portfolio and we are actively making new loans and investments which on an operating basis should help restore us to profitable operations in the future." 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, New York 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, 2004 (Unaudited) and June 30, 2004 ASSETS December 31, 2004 June 30, 2004 Loans receivable $52,584,197 $49,900,989 Less: unrealized depreciation on loans receivable (723,289) (509,770) Loans receivable, net 51,860,908 49,391,219 Cash and cash equivalents 489,074 416,600 Accrued interest receivable, net of unrealized depreciation of $92,000 and $30,500, respectively 742,205 969,912 Assets acquired in satisfaction of loans 730,655 1,421,723 Receivables from debtors on sales of assets acquired in satisfaction of loans 186,333 422,158 Equity securities 1,090,857 1,038,617 Furniture, equipment and leasehold improvements, net 392,385 439,262 Medallions 2,382,201 2,382,201 Prepaid expenses and other assets 620,135 610,214 TOTAL ASSETS $58,494,753 $57,091,906
. AMERITRANS CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS December 31, 2004 (Unaudited) and June 30, 2004 LIABILITIES AND STOCKHOLDERS' EQUITY December 31, 2004 June 30, 2004 LIABILITIES Debentures payable to SBA $12,000,000 $12,000,000 Notes payable, banks 30,645,652 28,908,652 Accrued expenses and other liabilities 599,739 578,790 Accrued interest payable 275,698 271,630 Dividends payable 84,375 84,375 TOTAL LIABILITIES 43,605,464 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 authorized; 2,045,600 shares issued, 2,035,600 outstanding 205 205 Additional paid-in-capital 13,869,545 13,869,545 Accumulated deficit (2,313,686) (1,902,408) Accumulated other comprehensive loss (196,775) (248,883) 14,959,289 15,318,459 Less: Treasury stock, at cost, 10,000 shares of common stock (70,000) (70,000) TOTAL STOCKHOLDERS' EQUITY 14,889,289 15,248,459 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $58,494,753 $57,091,906
AMERITRANS CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS For the Three Months and Six Months Ended December 31, 2004 and 2003 (Unaudited) Three Months Three Months Six Months Six Months Ended Ended Ended Ended December 31, December 31, December 31, December 31, 2004 2003 2004 2003 INVESTMENT INCOME Interest on loans receivable $1,154,708 $1,331,027 $2,283,765 $2,721,202 Fees and other income 88,687 57,222 189,227 108,446 Leasing income 73,796 23,712 125,333 37,548 TOTAL INVESTMENT INCOME 1,317,191 1,411,961 2,598,325 2,867,196 OPERATING EXPENSES Interest 441,000 342,679 823,156 715,432 Salaries and employee benefits 293,081 241,019 555,745 487,566 Occupancy costs 46,434 48,178 95,617 98,241 Professional fees 195,734 241,999 331,298 354,882 Other administrative expenses 297,485 315,423 542,953 606,509 Loss on assets acquired in satisfaction of loans, net 22,154 6,168 32,547 36,069 Foreclosure expense 9,194 53,902 14,194 263,532 Write off and depreciation on interest and loans receivable 288,541 355,662 390,059 611,554 TOTAL OPERATING EXPENSES 1,593,623 1,605,030 2,785,569 3,173,785 OPERATING LOSS (276,432) (193,069) (187,244) (306,589) OTHER INCOME (EXPENSE) (Loss) gain on sale of securities (50,000) - (50,000) 5,665 Gain on sale of asset acquired 1,884 - 1,884 Equity in loss of investee (2,010) - (4,021) - TOTAL OTHER INCOME (EXPENSE) (50,126) - (52,137) 5,665 LOSS BEFORE PROVISION FOR INCOME TAXES (326,558) (193,069) (239,381) (300,924) PROVISION FOR INCOME TAXES 682 747 3,147 11,290 NET LOSS $(327,240) $(193,816) $(242,528) $(312,214) DIVIDENDS ON PREFERRED STOCK $ (84,375) $ (84,375) $(168,750) $(168,750) NET LOSS AVAILABLE TO COMMON SHAREHOLDERS $(411,615) $(278,191) $(411,278) $(480,964) 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 PER COMMON SHARE - Basic $ (0.20) $ (0.14) $ (0.20) $ (0.24) - Diluted $ (0.20) $ (0.14) $ (0.20) $ (0.24)
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