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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 10-Q/A
(Amendment No.1)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarter ended June 30, 1997
Commission file number 0-27190
PARAMOUNT FINANCIAL CORPORATION
(Exact name of Registrant as specified in its charter)
DELAWARE 11-3072768
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
One Jericho Plaza, Jericho, New York 11753
(Address of principal executive offices) (zip code)
(516) 938-3400
(Registrant's telephone number, including area code)
Indicate by check mark whether the Registrant: (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the Registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X No
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Number of shares outstanding at August 22, 1997:
7,945,000 shares of Common Stock, par value $0.01 per share.
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PARAMOUNT FINANCIAL CORPORATION
AMENDMENT NO.1 ON FORM 10-Q/A FOR THE QUARTER ENDED
June 30, 1997
Two typographical errors contained in Paramount Financial
Corporation's Form 10-Q for the quarter ended June 30, 1997 (the
"Original Form 10-Q") are hereby corrected, as follows:
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A. The word "SUBSIDIARY" is added to the title of the
Consolidated Balance Sheets in lieu of the misspelled
"SUBSIDIAARY" from the Original Form 10-Q; and
B. The numeric figure "13,664,228" is added to the
line item entitled "Additional paid-in capital" in the June 30,
1997 column on the Consolidated Balance Sheets in lieu of the
typographical error "13,644,228" from the Original Form 10-Q.
Except as provided above, there are no additional changes to
the Original Form 10-Q. The complete Consolidated Balance
Sheets, as hereby corrected, are set forth on the next page
hereof.
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PART I: FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
PARAMOUNT FINANCIAL CORPORATION AND SUBSIDIARY
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CONSOLIDATED BALANCE SHEETS
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DECEMBER 31, JUNE 30,
ASSETS 1996 1997
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(UNAUDITED)
Cash and cash equivalents....... $ 3,700,774 $ 889,117
Investments available for sale.. 3,163,841 4,477,320
Accounts receivable............ 2,260,013 4,328,646
Net investment in direct finance
and sales-type leases........... 20,942,542 34,741,229
Assets held under operating
leases, net of accumulated
depreciation................... 21,103,033 15,058,155
Other assets................... 391,317 463,409
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Total assets................... $51,561,520 $59,957,876
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LIABILITIES AND SHAREHOLDERS' EQUITY
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Notes payable.................. $ 18,384 $ 3,595,971
Accounts payable............... 1,062,226 469,655
Accounts payable - leases...... 18,234,518 785,753
Accrued expenses............... 188,169 211,015
Obligations for financed
equipment - non-recourse....... 23,461,175 46,151,050
Deferred income taxes.......... 425,662 425,662
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Total liabilities.............. 43,390,134 51,639,106
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Shareholders' equity:
Preferred stock, $.01 par value;
5,000,000 shares authorized,
none outstanding............... -- --
Common stock, $.01 par value;
35,000,000 shares authorized,
and 7,990,000 shares issued
and outstanding............... 79,900 79,900
Additional paid-in capital..... 13,644,228 13,664,228
Accumulated deficit............ (5,552,742) (5,406,784)
Treasury stock, 30,000 shares
at cost....................... -- (18,574)
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Total shareholders' equity..... 8,171,386 8,318,770
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Total liabilities and
shareholders' equity.......... $51,561,520 $59,957,876
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See accompanying notes to financial statements.
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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 thereunto duly authorized.
PARAMOUNT FINANCIAL CORPORATION
Date: August 25, 1997 By: /s/ Paul Vecker
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Paul Vecker, Senior Vice
President and Chief
Financial Officer
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