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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities and Exchange Act of 1934
Date of Report: (Date of earliest event reported): June 16, 2000
PINNACLE GLOBAL GROUP, INC.
(Exact name of registrant as specified in its charter)
TEXAS 0-30066 76-0583569
(State of Incorporation) (Commission File Number) (IRS Employer
Identification No.)
5599 SAN FELIPE, SUITE 555
HOUSTON, TEXAS 77056
(Address of Registrant's principal executive offices)
(713) 993-4610
(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS
Pinnacle Global Group, Inc. announced on June 16, 2000 that it will
discontinue the operations of Spires Financial, L.P., its mortgage-backed
securities unit. The announcement followed a strategic review of Pinnacle's
overall business focus. The action will result in (1) the availability of
approximately $15 million of capital for acquisitions or expansions in
Pinnacle's other activities and (2) balance sheet charges of approximately
$10 million, of which about 90% relates to goodwill and other non-cash
charges.
In 1999, Spires contributed $10.5 million in Pinnacle's consolidated revenue
and $1.8 million in its consolidated pre-tax income from continuing
operations. However, Spires was unprofitable for the last quarter of 1999,
and has remained so in the current year.
ITEM 7. FINANCIAL STATEMENT AND EXHIBITS
a. Financial Statement of Business Acquired
Not Applicable.
b. Pro Forma Financial Information
Not Applicable.
c. Exhibits
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Exhibit Description
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99.1 Press Release dated June 16, 1999
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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.
Date: June 20, 2000 PINNACLE GLOBAL GROUP, INC.
By: /s/ Don A. Sanders
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Don A. Sanders
Vice-Chairman
