-----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, I5IlvtUqtKtz/g27sSs2n3r90h50LxkNqJTZ/3VYSVNidfeEu2fMbi9C71XjuoC6 t6ujWw+fWJTPawAZIhQ8Lw== 0000950134-97-007538.txt : 19971022 0000950134-97-007538.hdr.sgml : 19971022 ACCESSION NUMBER: 0000950134-97-007538 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19971016 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19971021 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: SEARCH FINANCIAL SERVICES INC CENTRAL INDEX KEY: 0000318672 STANDARD INDUSTRIAL CLASSIFICATION: SHORT-TERM BUSINESS CREDIT INSTITUTIONS [6153] IRS NUMBER: 411356819 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-09539 FILM NUMBER: 97698573 BUSINESS ADDRESS: STREET 1: 600 N PEARL STREET STREET 2: SUITE 2500 CITY: DALLAS STATE: TX ZIP: 75201-2899 BUSINESS PHONE: 2149656000 MAIL ADDRESS: STREET 1: 600 N PEARL STREET STREET 2: SUITE 2500 CITY: DALLAS STATE: TX ZIP: 75201-2899 FORMER COMPANY: FORMER CONFORMED NAME: SEARCH CAPITAL GROUP INC DATE OF NAME CHANGE: 19930910 FORMER COMPANY: FORMER CONFORMED NAME: SEARCH NATURAL RESOURCES INC DATE OF NAME CHANGE: 19920703 8-K 1 FORM 8-K 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 8-K 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 16, 1997 -------------------------------- SEARCH FINANCIAL SERVICES INC. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in charter) DELAWARE 0-9539 41-1356819 - -------------------------------------------------------------------------------- (State or other jurisdiction of (Commission File Number) (I.R.S. Employer incorporation) Identification No.) 600 N. PEARL STREET SUITE 2500 DALLAS, TEXAS 75201-2899 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (214) 965-6000 ----------------------------- NOT APPLICABLE - -------------------------------------------------------------------------------- (Former name or former address, if changed since last report) 2 ITEM 5. OTHER EVENTS. On October 16, 1997, Registrant announced that, as part of an overall program to reduce overhead expenses, Anthony J. Dellavechia had stepped down as Registrant's President and Chief Operating Officer and that certain other executives had left the company along with other administrative personnel. Search's Chairman and Chief Executive Officer, George Evans, will reassume the position of President. In making the announcement, Registrant also announced that (1) total personnel cuts, including those resulting from the closing of MS Financial, Inc.'s Mobile, Alabama and Jackson, Mississippi facilities, are expected to result in overhead savings of approximately $3.5 million to $4 million per year and (2) Registrant currently anticipates that results for the three-month period ended September 30, 1997 will approximate the possible loss of $0.35 per share referenced in the most recent analyst report published by Principal Financial Securities. The press release issued by Registrant with respect to the foregoing is filed herewith as Exhibit 99. -2- 3 ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS. (a) EXHIBITS. Exhibit No. Description 99 Press Release dated October 16, 1997 -3- 4 SIGNATURE 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. SEARCH FINANCIAL SERVICES INC. By: /s/ Ellis A. Regenbogen ------------------------------- Ellis A. Regenbogen Executive Vice President Dated: October 21, 1997 -4- 5 EXHIBIT INDEX
Exhibit No. Description - ----------- ----------- 99 Press Release dated October 16, 1997
-5- EX-99 2 PRESS RELEASE DATED 10/16/97 1 EXHIBIT 99 Contact: James F. Leary Vice Chairman, Finance (214) 965-6011 or Robert D. Idzi Senior Executive VP & CFO (214) 965-6002 FOR IMMEDIATE RELEASE: October 16, 1997 SEARCH FINANCIAL REPORTS MANAGEMENT CHANGES AND OVERHEAD REDUCTIONS DALLAS, Texas -- Search Financial Services Inc. today announced that, as part of an overall program to reduce ongoing overhead expenses, Anthony J. Dellavechia has stepped down as president and COO of Search. In addition, Andy Tenney, 66, executive vice president - operations, retired, and Joe Dorman, formerly senior vice president, marketing, left the company, along with other administrative personnel. Also, Search had planned to maintain a regional center in the prior MS headquarters in Jackson, Mississippi, plus a collection center in Mobile. In an effort to further reduce overhead, these two centers are being closed and their operations transferred to Dallas, where there currently exists an infrastructure to service the assets. Total personnel cuts including Jackson, Mobile, and Dallas headquarters approximate 83 personnel at a cost savings of approximately $3.5 to $4 million per year. Search's chairman and CEO, George C. Evans, will assume the position of president, which he formerly held. In making the announcement, Mr. Evans noted that president and COO was a new position in the company's organizational structure created earlier this year in anticipation of Search's acquisition of MS Financial, Inc. ("MS") and other anticipated large acquisitions. However, unexpected regulatory delays in the completion of the MS acquisition prevented Search from pursuing additional acquisition opportunities that had been projected to produce revenues to offset Search's overhead expenses that had been built up in expectation of a more rapid expansion/growth pace. "By the time the MS acquisition was finalized, MS' servicing portfolio was considerably smaller than we originally contemplated it would be at closing and we had missed several other significant acquisition opportunities. These significant reductions in overhead will bring our expense structure more in line with the size of our asset base." Evans said. -continued- 2 Since the closing of the MS acquisition on July 31, 1997, Search has been reducing operating expenses by eliminating staff and facility redundancies created by the merger. Evans stated that during August and September, Search had successfully reduced MS' overhead by approximately 70%. The benefit of the newly implemented expense reductions will not be reflected in earnings reports until future periods and Search currently anticipates that results for the three-month period ended September 30, 1997 will approximate the possible loss of $0.35 per share referenced in the most recent analyst report published by Principal Financial Securities. Search Financial Services Inc. is a specialized financial services company engaged in the purchasing, financing, and servicing of nonprime automobile installment loans originated by franchised and independent automobile dealers. Search also engages in direct lending consumer finance operations through its 21 branch offices in seven states and Puerto Rico. Search common shares and its 9%/7% convertible preferred shares are traded on the NASDAQ National Market under the symbols "SFSI" and "SFSIP", respectively. # # # -----END PRIVACY-ENHANCED MESSAGE-----