UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K/A
Amendment No. 1
To
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 24, 2013
RCS Capital Corporation
(Exact name of registrant as specified in its charter)
Delaware | 001-35924 | 38-3894716 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
405 Park Ave., 15th Floor New York, NY |
10022 | |
(Address of principal executive offices) | (Zip Code) |
(866) 904-2988
(Registrant’s telephone number, including area code)
Not Applicable
(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)) |
EXPLANATORY NOTE
On October 24, 2013, RCS Capital Corporation (the “Company”) filed with the U.S. Securities and Exchange Commission (the “SEC”) a Current Report on Form 8-K (the “Original Form 8-K”), for the purpose of announcing its financial results for the fiscal quarter ended September 30, 2013. Subsequent to such filing, the Company issued a press release containing an upwards adjustment to earnings and earnings per share attributable to the Company from those reported on October 24, 2013 resulting from the allocation of certain corporate overhead expenses to non-controlling interests. The corrected earnings and earnings per share are reflected in the press release attached to this Current Report on Form 8-K/A as Exhibit 99.1 and will appear in the financial statements included in the Company’s Quarterly Report on Form 10-Q to be filed in early November.
Item 2.02. Results of Operations and Financial Condition.
On October 28, 2013, the Company issued a press release containing an upwards adjustment to earnings and earnings per share attributable to the Company for the fiscal quarter ended September 30, 2013 from those reported on October 24, 2013. A copy of the press release is attached to this Current Report on Form 8-K/A as Exhibit 99.1.
The information furnished under this Item 2.02 of this Current Report on Form 8-K/A, including Exhibit 99.1, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), as amended, or otherwise subject to the liabilities of that Section. The information in this Item 2.02, including Exhibit 99.1, shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act regardless of any general incorporation language in such filing.
Item 7.01. Regulation FD Disclosure.
The information set forth under Item 2.02 of this Current Report on Form 8-K/A is hereby included by reference in this Item 7.01.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. | Description | |
99.1 | Press Release dated October 28, 2013 |
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 hereunto duly authorized.
RCS Capital Corporation | ||||
Date: October 28, 2013 | By: | /s/ William M. Kahane | ||
Name: | William M. Kahane | |||
Title: | Chief Executive Officer and Director |
FOR IMMEDIATE RELEASE
RCS Capital Corporation Announces an Upwards Adjustment to Third Quarter 2013 Net Income
New York, New York, October 28, 2013 – RCS Capital Corporation (NYSE: RCAP) (“RCAP”) announced today an upwards adjustment to third quarter 2013 earnings and earnings per share attributable to RCAP from those previously reported on October 24, 2013. The upward adjustment resulted from the allocation of certain corporate overhead expenses to non-controlling interests. The adjusted earnings and earnings per share are reflected in the table below and will appear in the financial statements included in the Company’s Quarterly Report on Form 10-Q to be filed in early November.
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, 2013 | September 30, 2013 | |||||||||||||||
(Dollars in thousands, except share and per share data) | As Reported | Corrected | As Reported | Corrected | ||||||||||||
Income before taxes | $ | 11,645 | $ | 11,645 | $ | 64,996 | $ | 64,996 | ||||||||
Provision for income taxes | 246 | 466 | 406 | 626 | ||||||||||||
Net Income | 11,399 | 11,179 | 64,590 | 64,370 | ||||||||||||
Less: Income attributable to non-controlling interests | 11,088 | 10,541 | 64,077 | 63,530 | ||||||||||||
Net Income attributable to RCS Capital Corporation | $ | 311 | $ | 638 | $ | 513 | $ | 840 | ||||||||
Per Share Data | ||||||||||||||||
Net Income per share attributable to RCS Capital Corporation | $ | 0.12 | $ | 0.26 | $ | 0.21 | $ | 0.34 | ||||||||
Weighted average shares used in basic and diluted net income per share | 2,500,000 | 2,500,000 | 2,500,000 | 2,500,000 |
About RCAP
RCAP is a publicly traded Delaware holding company listed on the New York Stock Exchange that was formed to operate and grow businesses focused on the retail direct investment industry. RCAP holds a direct minority economic interest in Realty Capital Securities, LLC, a FINRA registered wholesale broker-dealer and an investment banking and capital markets business, American National Stock Transfer, LLC, an SEC registered transfer agent, and RCS Advisory Services, LLC, a transaction management services business. Additional information about RCAP can be found on its website at www.rcscapital.com. RCAP may disseminate information about itself, including the results of its operations and financial information, via social media platforms such as Facebook, LinkedIn and Twitter.
Important Notice
The statements in this press release include statements regarding the intent, belief or current expectations of RCAP and members of its management team, as well as the assumptions on which such statements are based, and generally are identified by the use of words such as “may,” “will,” “seeks,” “strives,” “anticipates,” “believes,” “estimates,” “expects,” “plans,” “intends,” “should” or similar expressions. Actual results may differ materially from those contemplated by such forward-looking statements, including as a result of those factors set forth in the Risk Factors section of RCAP’s prospectus. The following additional factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: the ability to obtain requisite approvals necessary for potential acquisitions; market volatility; unexpected costs or unexpected liabilities that may arise from the potential acquisitions, whether or not consummated; the inability to retain key personnel; the deterioration of market conditions; and future regulatory or legislative actions that could adversely affect the parties to potential acquisitions. Further, forward-looking statements speak only as of the date they are made, and RCAP undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law.
Investor Inquiries:
Anthony J. DeFazio | Brian S. Block, EVP & CFO |
DDCworks | RCS Capital Corporation |
tdefazio@ddcworks.com | bblock@arlcap.com |
Ph: 484-342-3600 | Ph: 866-904-2988 |
RCS Capital Corporation |
Consolidated Statements of Income |
(Unaudited) |
(Dollars in thousands, except share and per share data) |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
REVENUES | ||||||||||||||||
Commissions | $ | 139,166 | $ | 64,999 | $ | 408,869 | $ | 139,685 | ||||||||
Dealer manager fees | 69,485 | 41,545 | 231,586 | 81,823 | ||||||||||||
Investment banking advisory services | 7,445 | - | 15,415 | 925 | ||||||||||||
Transfer agency revenue | 2,830 | - | 5,760 | - | ||||||||||||
Services revenue | 3,006 | 253 | 8,000 | 786 | ||||||||||||
Reimbursable expenses | 1,754 | 19 | 2,689 | 141 | ||||||||||||
Other | 99 | - | 113 | 36 | ||||||||||||
Total revenues | 223,785 | 106,816 | 672,432 | 223,396 | ||||||||||||
EXPENSES | ||||||||||||||||
Third-party commissions | 139,205 | 64,985 | 408,913 | 139,664 | ||||||||||||
Third-party reallowance | 24,109 | 10,106 | 66,337 | 21,240 | ||||||||||||
Internal commissions, payroll and benefits | 31,938 | 14,306 | 90,298 | 32,858 | ||||||||||||
Conferences and seminars | 5,476 | 2,946 | 17,730 | 10,524 | ||||||||||||
Travel | 2,315 | 1,302 | 4,738 | 4,329 | ||||||||||||
Marketing and advertising | 1,655 | 924 | 4,876 | 1,077 | ||||||||||||
Professional fees | 1,503 | 288 | 3,467 | 1,104 | ||||||||||||
Data processing | 2,045 | - | 4,388 | - | ||||||||||||
Management fee | 1,335 | - | 2,013 | - | ||||||||||||
Other | 2,559 | 384 | 4,676 | 1,060 | ||||||||||||
Total expenses | 212,140 | 95,241 | 607,436 | 211,856 | ||||||||||||
Income before taxes | 11,645 | 11,575 | 64,996 | 11,540 | ||||||||||||
Provision for income taxes | 466 | - | 626 | - | ||||||||||||
Net income | 11,179 | 11,575 | 64,370 | 11,540 | ||||||||||||
Less: Net Income attributable to non-controlling interests | 10,541 | 11,575 | 63,530 | 11,540 | ||||||||||||
Net income attributable to RCS Capital Corporation | $ | 638 | $ | - | $ | 840 | $ | - | ||||||||
Per Share Data | ||||||||||||||||
Net Income per share attributable to RCS Capital Corporation | $ | 0.26 | n/a | $ | 0.34 | n/a | ||||||||||
Weighted average shares used in basic and diluted net income per share | 2,500,000 | 2,500,000 |