SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
August 19, 1998
Date of Report (Date of earliest event reported)
PMCC FINANCIAL CORP.
(Exact name of Registrant as specified in its charter)
Delaware 1-7614 11-3404072
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification Number)
3 Expressway Plaza
Roslyn Heights, NY 11577
(516) 625-3000
(Registrant's telephone number, including area code)
Page 1 of 4 Pages
Exhibit Index Appears at Page 2
<PAGE>
Item 5. Other Events
PMCC Financial Corp. (the "Company"), announced today, August 19, 1998 that
its Board of Directors has authorized the repurchase of up to 100,000 shares of
the Company's common stock (the "Common Stock"). The Company plans to repurchase
the stock in the open market. The timing of repurchases and number of shares
actually repurchased will depend on a variety of factors, such as price and
other market considerations. The Company currently has approximately 3,750,000
shares outstanding.
Reference is made to the Company's related press release attached hereto as
Exhibit 99.01 and incorporated by reference herein (including, without
limitation, the information set forth in the cautionary statement contained in
the final paragraph of the press release).
Item 7. Financial Statements, Pro Forma Financial Statements and Exhibits
(c) Exhibits:
99.01 Press Release dated August 19, 1998.
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.
PMCC FINANCIAL CORP.
Date: August 19, 1998
By: /s/Ronald Friedman
-------------------
Name: Ronald Friedman
Title: President and
Chief Executive Officer
EXHIBIT 99.01
AT THE COMPANY AT THE FINANCIAL RELATIONS BOARD
Tim Mayette Shelley Young Cecelia Heer Alan Goldsand
Chief Financial Officer (General info) (Analyst info) (Media info)
(516) 625-3000 212-661-8030 212-661-8030 212-661-8030
FOR IMMEDIATE RELEASE
August 19, 1998
PMCC Financial Corp. Announces Program to Repurchase Shares
Roslyn Heights, NEW YORK (August 19, 1998) - PMCC Financial Corp. (AMEX:
PFC), a retail mortgage banking company, today announced that its Board of
Directors has approved a stock repurchase program, authorizing the repurchase of
up to 100,000 shares of its common stock, equaling 2.7% of the Company's issued
and outstanding shares as of August 18, 1998. The repurchased shares will be
available for use under employee stock option plans and other general corporate
purposes.
The program may be extended or discontinued at any time, and there is no
assurance that the Company will purchase the full amount authorized. The program
allows for purchases to be made from time to time, through open market purchases
and privately negotiated transactions. Timing, price and the manner of purchases
will be at the discretion of management.
"This stock repurchase program underscores our belief in the strength of
our mortgage banking and residential rehabilitation operations and reflects our
view that the Company's common stock is currently undervalued," stated Ron
Friedman, President and Chief Executive Officer of PMCC Financial Corp. Mr.
Friedman added, "With growth we are seeing in the origination business, we are
expecting to close $1 billion in mortgage originations in 1999."
Earlier this month, the Company announced record financial results for the
second quarter and six months ended June 30, 1998, with growth of 90% six month
revenues, and 113% growth in six month pro forma net income. In addition, the
Company announced a $45 million increase in warehouse lines of credit to $140
million, as well as the relocation to new Corporate headquarters.
PMCC Financial Corp. is a specialty consumer financial services company
providing a broad array of residential mortgage products to consumers ranging
from prime credit borrowers seeking "conventional" or FHA/FA loans, to persons
who cannot so qualify, i.e., so-called "B", "C" and "D" or "sub-prime" credit
borrowers, seeking "non-conventional" loans. Since 1996, the Company has
expanded and diversified its mortgage banking activities by establishing a
program to provide short-term financing for one to four family residential
rehabilitation properties, opening a fully-staffed wholesale division and
significantly increasing its "B", "C" and "D" mortgage originations.
For more information on PMCC Financial Corporation via fax at no charge,
please call 1-800-PRO-INFO and enter ticker symbol "PFC".
Certain statements contained herein are "forward-looking" statements within
the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Act of 1934, as amended. Actual results could differ materially from
those based on such statements due to a variety of factors, including but not
limited to, changes in the national or industry economic conditions; competitive
products and pricing; changes in the market for such products or timing; and
other factors generally understood to affect the real estate mortgage markets.
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