-----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, HlU7rwYJ/9GKCKwWMHljhrFc/S/+J4wecDwzT41Dn+uTVxYBB238fBwu7+rNfHCr 7eHDCyAsoZRQSBCh6/I2SA== 0000950168-95-000849.txt : 19951011 0000950168-95-000849.hdr.sgml : 19951011 ACCESSION NUMBER: 0000950168-95-000849 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19950629 ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19951010 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: EMERGENT GROUP INC CENTRAL INDEX KEY: 0000277028 STANDARD INDUSTRIAL CLASSIFICATION: PERSONAL CREDIT INSTITUTIONS [6141] IRS NUMBER: 570513287 STATE OF INCORPORATION: SC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-08909 FILM NUMBER: 95579505 BUSINESS ADDRESS: STREET 1: P.O. BOX 17526 STREET 2: 233 NORTH MAIN STREET STE 350 CITY: GREENVILLE STATE: SC ZIP: 29606 BUSINESS PHONE: 8032358056 MAIL ADDRESS: STREET 1: P.O. BOX 17526 STREET 2: 15 SOUTH MAIN ST SUITE 750 CITY: GREENVILLE STATE: SC ZIP: 29606 FORMER COMPANY: FORMER CONFORMED NAME: NRUC CORP DATE OF NAME CHANGE: 19911002 FORMER COMPANY: FORMER CONFORMED NAME: NATIONAL RAILWAY UTILIZATION CORP DATE OF NAME CHANGE: 19840813 8-K/A 1 EMERGENT GROUP, INC. 8-K/A #1 40238.1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 1 TO FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report: June 29, 1995 EMERGENT GROUP, INC. (Exact name of registrant as specified in its charter) South Carolina 0-8909 57-0513287 (State of other juris- (Commission (IRS Employer diction of incorporation) File Number) Identification Number) Suite 750, 15 South Main Street, Greenville, South Carolina 29601 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (803) 235-8056 The Current Report on Form 8-K dated July 13, 1995 is amended to include the following information with respect to Item 7 thereof. Item 7. Financial Statements and Exhibits (a) Financial Statements of the Businesses Acquired. Not applicable. (b) Pro Forma Financial Information. Pro forma consolidated balance sheet and income statement information at and for the period ended June 30, 1995 is not required because such information was included in balance sheet information contained in the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 1995. A pro forma consolidated statement of income for the year ended December 31, 1994 is attached hereto as Annex A. Except for the amendment to Item 7, the above-referenced Form 8-K remains unchanged. 2 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. EMERGENT GROUP, INC. October 10, 1995 By: /s/ Robert S. Davis Vice President and Chief Financial Officer 3 EMERGENT GROUP, INC. PRO FORMA CONSOLIDATED STATEMENT OF INCOME (Unaudited) YEAR ENDED DECEMBER 31, 1994
Pro Forma Historical Adjustments Pro Forma ----------(In Thousands, Except Per Share Amounts)---------- REVENUES Interest and finance charges $10,988 ($124) (a) $10,864 Gain on sale of loans 4,007 906 (b) $4,913 Realized gain on investment sales 1,595 $1,595 Mortgage banking revenue 848 $848 Apparel manufacturing sales 10,653 $10,653 Transportation 1,317 $1,317 Gain on sale of subsidiary 585 $585 Gain on disposal of fixed assets 2,200 $2,200 Proceeds of life insurance 1,250 $1,250 Other income 1,122 $1,122 34,565 782 35,347 EXPENSES Interest 6,376 (401) (c) $5,975 Provision for credit losses 1,079 $1,079 Provision for loss on real estate and $0 personal property held for sale 1,662 $1,662 Cost of apparel manufacturing sales 6,742 $6,742 Transportation 701 $701 Provision for devaluation of investment in $0 subsidiary 2,100 $2,100 Selling, general and administrative 11,615 142 (d) $11,757 Other expense 1,188 $1,188 31,463 (259) 31,204 NET INCOME BEFORE INCOME TAXES AND MINORITY INTEREST 3,102 1,041 4,143 Provision for Federal and state income tax Current 494 52 (e) $546 Deferred 263 $263 757 52 809 NET INCOME BEFORE MINORITY INTEREST 2,345 989 3,334 Minority interest in earnings of subsidiaries (7) (7) NET INCOME $2,338 $989 $3,327 Net income per share of common stock $0.23 $0.45 Computed on the weighted average number of shares issued 10,033,100 10,033,100
EMERGENT GROUP, INC. NOTES TO PRO FORMA CONSOLIDATED STATEMENT OF INCOME (Unaudited) YEAR ENDED DECEMBER 31, 1994 The pro forma consolidated statement of income for the year ended December 31, 1994 has been adjusted to assume that the issuance and sale of the undivided ownership interest in certain unguaranteed interests in a pool of loans partially guaranteed to Emergent Business Capital, Inc, a wholly owned subsidiary of the Company, by the U. S. Small Business Administration occurred as of January 1, 1994. The following adjustments have been made: (a) To record the reduction in interest income as a result of the issuance and sale of the Certificates and the offsetting increase in interest income from the cash remaining after payoff of all bank debt by Emergent Business Capital, Inc. and affiliated companies. Interest income reduction $(528) Interest income increase 404 $(124) (b) To record the recognition of income deferred at the origination of the loan included in the pooling of loans issued and sold as the Certificates. (c) To record the reduction in interest expense resulting from the payoff of bank debt as a result ot the cash received from the issuance and sale of the Certificates. (d) To record the placement agency fees and expenses associated with the issuance and sale of the Certificates. (e) To record the income tax effect, net of net operating loss carryforward, of the additional net income recorded as a result of the issuance and sale of the Certificates. -----END PRIVACY-ENHANCED MESSAGE-----