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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
AMENDMENT NO. 1 TO FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report: June 29, 1995
EMERGENT GROUP, INC.
(Exact name of registrant as specified in its charter)
South Carolina 0-8909 57-0513287
(State of other juris- (Commission (IRS Employer
diction of incorporation) File Number) Identification Number)
Suite 750, 15 South Main Street, Greenville, South Carolina 29601
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (803) 235-8056
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The Current Report on Form 8-K dated July 13, 1995 is amended
to include the following information with respect to Item 7 thereof.
Item 7. Financial Statements and Exhibits
(a) Financial Statements of the Businesses Acquired. Not
applicable.
(b) Pro Forma Financial Information. Pro forma consolidated
balance sheet and income statement information at and for the period
ended June 30, 1995 is not required because such information was
included in balance sheet information contained in the Company's
Quarterly Report on Form 10-Q for the quarter ended June 30, 1995.
A pro forma consolidated statement of income for the year
ended December 31, 1994 is attached hereto as Annex A.
Except for the amendment to Item 7, the above-referenced Form
8-K remains unchanged.
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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 hereunto duly authorized.
EMERGENT GROUP, INC.
October 10, 1995 By: /s/
Robert S. Davis
Vice President and Chief Financial Officer
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EMERGENT GROUP, INC.
PRO FORMA CONSOLIDATED STATEMENT OF INCOME (Unaudited)
YEAR ENDED DECEMBER 31, 1994
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Pro Forma
Historical Adjustments Pro Forma
----------(In Thousands, Except Per Share Amounts)----------
<S> <C> <C> <C>
REVENUES
Interest and finance charges $10,988 ($124) (a) $10,864
Gain on sale of loans 4,007 906 (b) $4,913
Realized gain on investment sales 1,595 $1,595
Mortgage banking revenue 848 $848
Apparel manufacturing sales 10,653 $10,653
Transportation 1,317 $1,317
Gain on sale of subsidiary 585 $585
Gain on disposal of fixed assets 2,200 $2,200
Proceeds of life insurance 1,250 $1,250
Other income 1,122 $1,122
34,565 782 35,347
EXPENSES
Interest 6,376 (401) (c) $5,975
Provision for credit losses 1,079 $1,079
Provision for loss on real estate and $0
personal property held for sale 1,662 $1,662
Cost of apparel manufacturing sales 6,742 $6,742
Transportation 701 $701
Provision for devaluation of investment in $0
subsidiary 2,100 $2,100
Selling, general and administrative 11,615 142 (d) $11,757
Other expense 1,188 $1,188
31,463 (259) 31,204
NET INCOME BEFORE INCOME TAXES
AND MINORITY INTEREST 3,102 1,041 4,143
Provision for Federal and state income tax
Current 494 52 (e) $546
Deferred 263 $263
757 52 809
NET INCOME BEFORE MINORITY
INTEREST 2,345 989 3,334
Minority interest in earnings of subsidiaries (7) (7)
NET INCOME $2,338 $989 $3,327
Net income per share of common stock $0.23 $0.45
Computed on the weighted average number
of shares issued 10,033,100 10,033,100
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EMERGENT GROUP, INC.
NOTES TO PRO FORMA CONSOLIDATED STATEMENT OF INCOME (Unaudited)
YEAR ENDED DECEMBER 31, 1994
The pro forma consolidated statement of income for the year ended
December 31, 1994 has been adjusted to assume that the issuance and
sale of the undivided ownership interest in certain unguaranteed
interests in a pool of loans partially guaranteed to Emergent Business
Capital, Inc, a wholly owned subsidiary of the Company, by the U. S.
Small Business Administration occurred as of January 1, 1994. The
following adjustments have been made:
(a) To record the reduction in interest income as a result of the
issuance and sale of the Certificates and the offsetting increase in
interest income from the cash remaining after payoff of all bank debt
by Emergent Business Capital, Inc. and affiliated companies.
Interest income reduction $(528)
Interest income increase 404
$(124)
(b) To record the recognition of income deferred at the
origination of the loan included in the pooling of loans issued and
sold as the Certificates.
(c) To record the reduction in interest expense resulting from the
payoff of bank debt as a result ot the cash received from the issuance
and sale of the Certificates.
(d) To record the placement agency fees and expenses associated
with the issuance and sale of the Certificates.
(e) To record the income tax effect, net of net operating loss
carryforward, of the additional net income recorded as a result of the
issuance and sale of the Certificates.
