Delaware
|
0-4408
|
72-0654145
|
||
(State or other jurisdiction
|
(Commission
|
(IRS Employer
|
||
of incorporation)
|
File Number)
|
Identification No.)
|
||
One Crescent Drive, Suite 203
|
||||
Navy Yard Corporate Center
|
||||
Philadelphia, PA
|
19112
|
|||
(Address of principal executive offices)
|
(Zip Code)
|
o
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
o
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
o
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
o
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
99.1
|
Press Release
|
99.2
|
Unaudited pro forma condensed consolidated financial statements
|
Resource America, Inc. | |||
Dated: April 23, 2012
|
By:
|
/s/ Thomas C. Elliott | |
Name: Thomas C. Elliott | |||
Title: Senior Vice President and Chief Financial Officer | |||
Exhibit No.
|
Description
|
|
Ex 99.1 | Press Release | |
Ex 99.2
|
Unaudited pro forma condensed consolidated financial statements
|
Pro Forma Adjustments
|
|||||||||||||||||||||
Historical
|
Deconsolidate
Apidos
|
Record proceeds from sale of
Apidos to CVC
|
Other
adjustments
|
As Adjusted
|
|||||||||||||||||
REVENUES
|
|||||||||||||||||||||
Real estate
|
$ | 25,841 | $ | – | $ | – | $ | – | $ | 25,841 | |||||||||||
Financial fund management
|
38,380 | (14,004 | ) | 2,952 | [a] | 27,328 | |||||||||||||||
Commercial finance
|
21,795 | – | 21,795 | ||||||||||||||||||
86,016 | (14,004 | ) | – | 2,952 | 74,964 | ||||||||||||||||
COSTS AND EXPENSES
|
|||||||||||||||||||||
Real estate
|
24,465 | 24,465 | |||||||||||||||||||
Financial fund management
|
20,562 | (7,343 | ) | (1,018 | ) | [b] | 12,201 | ||||||||||||||
Commercial finance
|
15,207 | 15,207 | |||||||||||||||||||
General and administrative
|
11,522 | 11,522 | |||||||||||||||||||
Gain on sale of leases
|
(659 | ) | (659 | ) | |||||||||||||||||
Provision for possible losses
|
10,661 | 10,661 | |||||||||||||||||||
Depreciation and amortization
|
10,739 | 10,739 | |||||||||||||||||||
92,497 | (7,343 | ) | – | (1,018 | ) | 84,136 | |||||||||||||||
OPERATING (LOSS) INCOME
|
(6,481 | ) | (6,661 | ) | – | 3,970 | (9,172 | ) | |||||||||||||
OTHER INCOME (EXPENSE)
|
|||||||||||||||||||||
Gain on sale of management contract
|
6,520 | 6,520 | |||||||||||||||||||
Gain on sale of subsidiaries
|
– | 54,373 | [c] | 54,373 | |||||||||||||||||
Gain on extinguishment of servicing and
repurchase liabilities
|
4,426 | 4,426 | |||||||||||||||||||
Losses on sale of securities
|
(1,198 | ) | (1,198 | ) | |||||||||||||||||
Interest expense
|
(15,343 | ) | (15,343 | ) | |||||||||||||||||
Other income, net
|
2,242 | – | – | – | 2,242 | ||||||||||||||||
Total other income (expense)
|
(3,353 | ) | – | 54,373 | – | 51,020 | |||||||||||||||
(Loss) income from continuing operations before taxes
|
(9,834 | ) | (6,661 | ) | 54,373 | 3,970 | 41,848 | ||||||||||||||
(Benefit) provision for income taxes
|
(4,607 | ) | (2,331 | ) | 19,031 | [c] | 1,390 | 13,483 | |||||||||||||
(Loss) income from continuing operations
|
(5,227 | ) | (4,330 | ) | 35,342 | 2,580 | 28,365 | ||||||||||||||
Loss from discontinued operations, net of tax
|
(2,202 | ) | – | – | – | (2,202 | ) | ||||||||||||||
Net (loss) income
|
(7,429 | ) | (4,330 | ) | 35,342 | 2,580 | 26,163 | ||||||||||||||
Net income attributable to noncontrolling interests
|
(799 | ) | – | – | – | (799 | ) | ||||||||||||||
Net (loss) income attributable to common shareholders
|
$ | (8,228 | ) | $ | (4,330 | ) | $ | 35,342 | $ | 2,580 | $ | 25,364 |
[a]
|
reflects the Company’s 33% pro forma equity interest in the joint venture for the year ended September 30, 2011.
|
[b]
|
reflects costs the Company can charge the joint venture for shared services.
|
[c]
|
reflects the pro forma gain on the sale of Apidos, net of tax.
|
Pro Forma Adjustments
|
||||||||||||||||||||
Historical
|
Deconsolidate
Apidos
|
Record proceeds
from sale of
Apidos to CVC
|
Other
adjustments
|
As Adjusted
|
||||||||||||||||
REVENUES
|
||||||||||||||||||||
Real estate
|
$ | 8,666 | $ | – | $ | – | $ | – | $ | 8,666 | ||||||||||
Financial fund management | 6,579 | (3,482 | ) | 881 | [a] | 3,978 | ||||||||||||||
Commercial finance
|
3,419 | – | – | – | 3,419 | |||||||||||||||
18,664 | (3,482 | ) | – | 881 | 16,063 | |||||||||||||||
COSTS AND EXPENSES
|
||||||||||||||||||||
Real estate
|
7,192 | 7,192 | ||||||||||||||||||
Financial fund management
|
5,804 | (1,801 | ) | 4,003 | ||||||||||||||||
Commercial finance
|
1,963 | 1,963 | ||||||||||||||||||
General and administrative
|
2,896 | (255 | ) | [b] | 2,641 | |||||||||||||||
Gain on sale of leases
|
(37 | ) | (37 | ) | ||||||||||||||||
Provision for possible losses
|
2,250 | 2,250 | ||||||||||||||||||
Depreciation and amortization
|
2,061 | 2,061 | ||||||||||||||||||
22,129 | (1,801 | ) | – | (255 | ) | 20,073 | ||||||||||||||
OPERATING (LOSS) INCOME
|
(3,465 | ) | (1,681 | ) | – | 1,136 | (4,010 | ) | ||||||||||||
OTHER INCOME (EXPENSE)
|
||||||||||||||||||||
Gain on sale of subsidiaries
|
8,749 | 54,373 | [c] | 63,122 | ||||||||||||||||
Loss on extinguishment of debt
|
(2,190 | ) | (2,190 | ) | ||||||||||||||||
Gains on sale of securities
|
58 | 58 | ||||||||||||||||||
Interest expense
|
(2,974 | ) | (2,974 | ) | ||||||||||||||||
Other income, net
|
559 | – | – | – | 559 | |||||||||||||||
Total other income
|
4,202 | – | 54,373 | – | 58,575 | |||||||||||||||
Income (loss) from continuing operations before taxes
|
737 | (1,681 | ) | 54,373 | 1,136 | 54,565 | ||||||||||||||
Provision (benefit) for income taxes
|
154 | (589 | ) | 20,118 | [c] | 420 | 20,103 | |||||||||||||
Income (loss) from continuing operations
|
583 | (1,092 | ) | 34,255 | 716 | 34,462 | ||||||||||||||
Loss from discontinued operations, net of tax
|
(20 | ) | – | – | – | (20 | ) | |||||||||||||
Net income (loss)
|
563 | (1,092 | ) | 34,255 | 716 | 34,442 | ||||||||||||||
Net income attributable to noncontrolling interests
|
(378 | ) | – | – | – | (378 | ) | |||||||||||||
Net income (loss) attributable to common shareholders
|
$ | 185 | $ | (1,092 | ) | $ | 34,255 | $ | 716 | $ | 34,604 |
[a]
|
reflects the Company’s 33% pro forma equity interest in the joint venture for the three months ended December 31, 2011.
|
[b]
|
reflects costs the Company can charge the joint venture for shared services.
|
[c]
|
reflects the pro forma gain on the sale of Apidos, net of tax.
|
Pro Forma Adjustments
|
|||||||||||||||||
Historical
|
Deconsolidate
Apidos
|
Amounts received
from sale of Apidos
at fair value
|
As Adjusted
|
||||||||||||||
ASSETS
|
|||||||||||||||||
Cash
|
$ | 12,803 | $ | 68 | $ | 19,683 | [a] | $ | 32,418 | ||||||||
Restricted cash
|
607 | 607 | |||||||||||||||
Receivables
|
479 | 479 | |||||||||||||||
Receivables from managed entities and related parties, net
|
54,348 | 54,348 | |||||||||||||||
Investments in real estate
|
19,100 | 19,100 | |||||||||||||||
Investment securities, at fair value
|
17,330 | 17,330 | |||||||||||||||
Investments in unconsolidated entities
|
13,197 | (249 | ) | 34,690 | [b],[c] | 47,638 | |||||||||||
Property and equipment, net
|
4,294 | 4,294 | |||||||||||||||
Deferred tax assets, net
|
47,184 | (20,118 | ) | [c] | 27,066 | ||||||||||||
Other assets
|
8,993 | (5,011 | ) | 3,982 | |||||||||||||
Total assets
|
$ | 178,335 | $ | (5,328 | ) | $ | 34,255 | $ | 207,262 | ||||||||
LIABILITIES AND EQUITY
|
|||||||||||||||||
Liabilities:
|
|||||||||||||||||
Accrued expenses and other liabilities
|
$ | 29,327 | $ | (5,329 | ) | $ | – | $ | 23,998 | ||||||||
Payables to managed entities and related parties
|
275 | 275 | |||||||||||||||
Borrowings
|
28,471 | 28,471 | |||||||||||||||
Total liabilities
|
58,073 | (5,329 | ) | – | 52,744 | ||||||||||||
Commitments and contingencies
|
|||||||||||||||||
Equity:
|
|||||||||||||||||
Preferred stock, none outstanding
|
– | – | – | – | |||||||||||||
Common stock, $.01 par value
|
281 | 281 | |||||||||||||||
Additional paid-in capital
|
281,357 | 281,357 | |||||||||||||||
Accumulated deficit
|
(48,416 | ) | 34,255 | [c] | (14,161 | ) | |||||||||||
Treasury stock, at cost
|
(99,775 | ) | (99,775 | ) | |||||||||||||
Accumulated other comprehensive loss
|
(13,504 | ) | 1 | – | (13,503 | ) | |||||||||||
Total stockholders’ equity
|
119,943 | 1 | 34,255 | 154,199 | |||||||||||||
Noncontrolling interests
|
319 | – | – | 319 | |||||||||||||
Total equity
|
120,262 | 1 | 34,255 | 154,518 | |||||||||||||
|
$ | 178,335 | $ | (5,328 | ) | $ | 34,255 | $ | 207,262 |
Notes to pro forma balance sheet:
|
||||||||
[a] |
reflects the cash proceeds to be received at closing from the sale of Apidos to CVC Capital Partners.
|
|||||||
[b] |
reflects the fair value of the Company's 33% investment in the joint venture (CVC Credit Partners) and the Company's retained preferred equity interest in Apidos, which entitles it to receive incentive managment fees from the legacy Apidos portfolios.
|
|||||||
[c] |
reflects the pro forma gain on the sale of Apidos, net of the utilization of capital loss carryfowards.
|