UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A1
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 30, 1999
UGLY DUCKLING CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 000-20841 86-0721358
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
2525 E. Camelback Road, Suite 500, Phoenix, Arizona 85016
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code (602) 852-6600
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Not applicable.
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(Former name or former address, if changed since last report.)
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Item 2. Other Events
This Current Report on Form 8-K/A1 amends the Current Report on Form
8-K filed by Ugly Duckling Corporation ("Company") on December 30, 1999 solely
to add the pro forma financial information required by item 7 (b).
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(b) Pro Forma Financial Information.
The required pro forma financial information is set forth below.
<PAGE>
PRO FORMA FINANCIAL INFORMATION
The table set forth below shows the pro forma effects the sale of Cygnet
Dealer Finance would have had on the adjusted financial condition and results of
operations of the Company for the year ended December 31, 1999.
<TABLE>
<CAPTION>
Year Ended December 31, 1999
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Pro Forma
------------------------------------------
Actual Adjustments Resulting
---------------- ------------------- ---------------------
Condensed Income Statement:
(in thousands)
<S> <C> <C> <C>
Sales of Used Cars $ 389,908 $ -- $ 389,908
Less:
Cost of Used Cars Sold ................................. 219,071 -- 219,071
Provision for Credit Losses ............................ 102,955 -- 102,955
---------------- ------------------- ---------------------
67,882 -- 67,882
---------------- ------------------- ---------------------
Net Interest Income ........................................ 51,172 1,080 52,252
Gain on Sale of Loans ...................................... -- -- --
Servicing Income ........................................... 8,793 -- 8,793
---------------- ------------------- ---------------------
Other Income ............................................... 59,965 1,080 61,045
---------------- ------------------- ---------------------
Income before Operating Expenses ........................... 127,847 1,080 128,927
Operating Expenses ......................................... 112,936 -- 112,936
---------------- ------------------- ---------------------
Operating Income ........................................... 14,911 1,080 15,991
Interest Expense ........................................... 224 -- 224
---------------- ------------------- ---------------------
Earnings (Loss) before Income Taxes ........................ 14,687 1,080 15,767
Income Taxes (Benefit) ..................................... 6,000 443 6,443
---------------- ------------------- ---------------------
Earnings (Loss) from Continuing Operations ................. 8,687 637 9,324
Earnings (Loss) from Discontinued Operations ............... 573 (590) (17)
---------------- ------------------- ---------------------
Earnings (Loss) ............................................ $ 9,260 $ 47 $ 9,307
================ =================== =====================
Earnings (Loss) per Common Share from Continuing Operations:
Basic ...................................................... $ 0.58 $ 0.04 $ 0.62
================ =================== =====================
Diluted .................................................... $ 0.57 $ 0.04 $ 0.61
================ =================== =====================
Shares Used in Computation - Continuing Operations:
Basic Shares ............................................... 15,093 15,093 15,093
================ =================== =====================
Diluted Shares ............................................. 15,329 15,329 15,329
================ =================== =====================
<PAGE>
PRO FORMA FINANCIAL INFORMATION (cont.)
Pro Forma
------------------------------------------
Actual Adjustments Resulting
---------------- ------------------- ---------------------
Balance Sheet Data as of December 31, 1998:
Cash and Cash Equivalents .................................. $ 2,544 $ 17,451 $ 19,995
Finance Receivables, Net ................................... 126,168 126,168
Notes Receivable from Related Parties ...................... -- 12,000 12,000
Inventory .................................................. 44,145 44,145
Property and Equipment, Net ................................ 28,631 28,631
Intangible Assets, Net ..................................... 14,433 14,433
Other Assets ............................................... 15,388 15,388
Net Assets of Discontinued Operations ...................... 106,997 (37,451) 69,546
---------------- ------------------- ---------------------
$ 338,306 $ (8,000) $ 330,306
================ =================== =====================
Other Liabilities .......................................... 18,903 18,903
Notes Payable .............................................. 105,661 (8,000) 97,661
Subordinated Notes Payable ................................. 50,975 50,975
---------------- ------------------- ---------------------
Total Liabilities .......................................... 175,539 (8,000) 167,539
Stockholders' Equity ....................................... 162,767 162,767
---------------- ------------------- ---------------------
Total Liabilities and Stockholders' Equity ................. $ 338,306 $ (8,000) $ 330,306
================ =================== =====================
Balance Sheet Data as of December 31, 1999:
Cash and Cash Equivalents .................................. $ 3,683 -- $ 3,683
Finance Receivables, Net ................................... 365,586 365,586
Notes Receivable from Related Parties ...................... 12,000 -- 12,000
Inventory .................................................. 63,150 63,150
Property and Equipment, Net ................................ 31,467 31,467
Intangible Assets, Net ..................................... 14,741 14,741
Other Assets ............................................... 14,280 14,280
Net Assets of Discontinued Operations ...................... 33,880 -- 33,880
---------------- ------------------- ---------------------
$ 538,787 -- $ 538,787
================ =================== =====================
Other Liabilities .......................................... 32,166 32,166
Notes Payable .............................................. 278,430 -- 278,430
Subordinated Notes Payable ................................. 62,511 62,511
---------------- ------------------- ---------------------
Total Liabilities .......................................... 373,107 -- 373,107
Stockholders' Equity ....................................... 165,680 165,680
---------------- ------------------- ---------------------
Total Liabilities and Stockholders' Equity ................. $ 538,787 $ -- $ 538,787
================ =================== =====================
</TABLE>
Note: No pro forma adjustments necessary for Balance Sheet as of December 31,
1999 due to transaction reflected in historical statements.
<PAGE>
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.
UGLY DUCKLING CORPORATION
Date: March 14, 2000 By: /s/ Jon Ehlinger
---------------------------------
Vice President, Secretary and
General Counsel
