-----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, GgZE9D1sIYz6jrctqtvtCzK/mlibULNzd1cWLOiaxg6XaYCmN4v1WwTnYfgFfPS+ rEZa6XNZU9QkxALh/kHxFA== 0001169232-03-005988.txt : 20080626 0001169232-03-005988.hdr.sgml : 20080626 20031009120931 ACCESSION NUMBER: 0001169232-03-005988 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20031008 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20031009 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: 03934538 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 d57104_8k.txt CURRENT REPORT 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 October 8, 2003 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 October 8, 2003. Item 12. Results of Operations and Financial Condition. On October 8, 2003, Ameritrans Capital Corporation issued a press release announcing its year ended June 30, 2003 results. 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 Granoff ---------------------- Name: Gary Granoff Title: President Dated: October 9, 2003 Exhibit Index Exhibit Number Description - ------ ----------- 99.1 Press Release dated October 8, 2003 -3- EX-99.1 3 d57104_ex99-1.txt PRESS RELEASE 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 Fourth Quarter and Fiscal Year 2003 Results New York, NY, October 8, 2003 - Ameritrans Capital Corporation (NASDAQ: AMTC, AMTCP) today reported financial results for the fiscal year and quarter ended June 30, 2003. For the quarter ended June 30, 2003, investment income was $1.54 million compared to $1.63 million during the prior comparable period. For the fiscal year ended June 30, 2003, Ameritrans reported investment income of $6.28 million as compared to $6.27 million for the prior year. Ameritrans reported a net loss available to common shareholders for the quarter ended June 30, 2003 of $157,332, or $0.08 per basic and diluted common share, versus a net income of $110,160, or $0.05 per basic and diluted common share, in the fourth quarter of fiscal 2002. The net loss was the result of a continued increase in write offs for loan losses and foreclosure expenses, which negatively impacted earnings by approximately $300,000 during the fourth quarter. For the fiscal year ended June 30, 2003, Ameritrans reported a net income available to common shareholders of $57,714, or $0.03 per basic and common diluted share, versus net income of $970,458 or $0.54 per basic and diluted common share for fiscal year 2002. The Company's loan portfolio at June 30, 2003 was $55.1 million versus $54.8 million at June 30, 2002. 1 President of Ameritrans, Gary C. Granoff stated, "Financial results during 2003 were negatively impacted by the increased loan loss writeoffs and the higher foreclosure expenses that occurred during the second half of the year. Our loan portfolio has continued to grow and we intend to take advantage of the favorable interest rate environment, which is allowing us to reduce our cost of funds and improve our margins." Granoff continued, "However, given our combined efforts to continue building reserves for our problem loans in our Chicago taxi medallion portfolio, the Company's directors have elected not to declare a dividend on our common stock for the fourth quarter of fiscal 2003 ended June 30, as well as for the first quarter of fiscal 2004 ended September 30. We did, however, declare a regular quarterly dividend on our preferred stock for the fourth quarter of fiscal 2003 ended June 30 and the first quarter of fiscal 2004 ended September 30." Mr. Granoff further stated that, "The Company is continuing to actively market and sell or lease its medallions in Chicago and complete pending foreclosure sales. As a result of these steps, the Company will continue to incur related expenses until this process has been completed." 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. 2 CONSOLIDATED STATEMENTS OF INCOME Years Ended June 30, 2003 and 2002 - --------------------------------------------------------------------------------
2003 2002 ----------- ----------- Investment income: Interest on loans receivable $ 6,072,399 $ 5,984,678 Fees and other income 209,680 285,041 ----------- ----------- Total investment income 6,282,079 6,269,719 ----------- ----------- Operating expenses: Interest 2,076,861 2,632,918 Salaries and employee benefits 879,074 769,633 Legal fees 304,097 232,494 Other administrative expenses 1,342,129 961,257 Loss on assets acquired in satisfaction of loans, net 77,343 78,907 Directors' fees 36,250 29,750 Foreclosure expenses 313,678 126,565 Write off and depreciation on interest and loans receivable 852,512 393,145 ----------- ----------- Total operating expenses 5,881,944 5,224,669 ----------- ----------- Operating income 400,135 1,045,050 ----------- ----------- Other income: Net gain from rental activities -- 2,700 Gain on sale of securities 2,976 -- ----------- ----------- Total other income 2,976 2,700 ----------- ----------- Income before income taxes 403,111 1,047,750 Income taxes 7,897 8,854 ----------- ----------- Net income 395,214 1,038,896 Dividends on preferred stock (337,500) (68,438) ----------- ----------- Net income available to common shareholders $ 57,714 $ 970,458 =========== =========== Weighted Average Shares Outstanding Basic 2,035,600 1,800,614 =========== =========== Diluted 2,035,600 1,800,614 =========== =========== Earnings Per Common Share Basic $ 0.03 $ 0.54 =========== =========== Diluted $ 0.03 $ 0.54 =========== ===========
3 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Years Ended June 30, 2003, and 2002 - --------------------------------------------------------------------------------
2003 2002 ----------- ----------- Net income $ 395,214 $ 1,038,896 Other comprehensive income Unrealized loss on equity securities arising during the period (200,338) (43,612) ----------- ----------- Total comprehensive income $ 194,876 $ 995,284 =========== ===========
4 CONSOLIDATED BALANCE SHEETS June 30, 2003 and 2002 - --------------------------------------------------------------------------------
2003 2002 ------------ ------------ Assets Loans receivable $ 55,306,678 $ 55,029,831 Less unrealized depreciation on loans receivable (238,500) (238,500) ------------ ------------ Loans receivable, net 55,068,178 54,791,331 Cash and cash equivalents 498,669 774,062 Accrued interest receivable, net of unrealized depreciation of $691,000 in 2003 and $300,000 in 2002 1,321,591 1,103,347 Assets acquired in satisfaction of loans 1,142,189 1,108,088 Receivables from debtors on sales of assets acquired in satisfaction of loan 431,258 367,271 Equity securities 929,405 443,327 Furniture, equipment and leasehold improvements, net 173,100 107,757 Prepaid expenses and other assets 527,511 313,033 ------------ ------------ Total assets $ 60,091,901 $ 59,008,216 ============ ============ Liabilities and Stockholders' Equity Liabilities: Debentures payable to SBA $ 9,200,000 $ 7,860,000 Notes payable, bank 34,130,000 33,720,000 Accrued expenses and other liabilities 485,710 434,339 Accrued interest payable 219,671 258,358 Dividends payable 84,375 68,438 ------------ ------------ Total liabilities 44,119,756 42,341,135 ------------ ------------ 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 (1,197,725) (703,127) Accumulated other comprehensive loss (229,880) (29,542) ------------ ------------ 16,042,145 16,737,081 Less: Treasury stock, at cost, 10,000 shares of common stock (70,000) (70,000) ------------ ------------ Total stockholders' equity 15,972,145 16,667,081 ------------ ------------ Total liabilities and stockholders' equity $ 60,091,901 $ 59,008,216 ============ ============
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