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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
---------------------
FORM 10-K/A
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<S> <S>
(MARK ONE)
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED,
EFFECTIVE OCTOBER 7, 1996).
FOR THE FISCAL YEAR ENDED December 31, 1996
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
FOR THE TRANSITION PERIOD FROM ____________ TO ____________
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COMMISSION FILE NO. 0-8909
---------------------
EMERGENT GROUP, INC.
(Exact name of registrant as specified in its charter)
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<S> <C>
SOUTH CAROLINA 57-0513287
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
15 SOUTH MAIN STREET, SUITE 750 29601
GREENVILLE, SOUTH CAROLINA (Zip Code)
(Address of principal executive offices)
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Registrant's telephone number, including area code 864-235-8056
Securities Registered Under Section 12(B) of the act:
NAME OF EACH EXCHANGE ON WHICH REGISTERED
NONE
Securities Registered Under Section 12(G) of the act:
TITLE OF EACH CLASS
COMMON STOCK, PAR VALUE $.05
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 [ ]
Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to the
best of the registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of the Form 10-K or any
amendment to this Form 10-K. [ ]
As of March 14, 1997, the aggregate market value of voting stock held by
non-affiliates of registrant was approximately $104,083,349.
As of March 14, 1997, the shares outstanding of the issuer's class of
common stock were as follows: 9,144,430.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the Company's Definitive Proxy Statement for the Annual Meeting
of Shareholders scheduled for May 27, 1997 are incorporated by reference into
Part III hereof.
Portions of the Company's Annual Report to the shareholders for the year
ended December 31, 1996, are incorporated by reference into Part II hereof.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
EMERGENT GROUP, INC.
------------------------------------
Registrant
/s/ JOHN M. STERLING, JR.
------------------------------------
John M. Sterling, Jr.
Board of Directors and Chief
Executive Officer
March 24, 1997
- -----------------------------------------
(Date)
Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.
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<S> <C>
/s/ ROBERT S. DAVIS /s/ TECUMSEH HOOPER, JR.
- -------------------------------------------- --------------------------------------------
Robert S. Davis Tecumseh Hooper, Jr.
Vice President-Administration Director Director
/s/ JOHN M. STERLING, JR. /s/ CLARENCE B. BAUKNIGHT
- -------------------------------------------- --------------------------------------------
John M. Sterling, Jr. Clarence B. Bauknight
Chairman of the Board of Directors and Chief Director
Executive Officer
/s/ BUCK MICKEL /s/ PORTER B. ROSE
- -------------------------------------------- --------------------------------------------
Buck Mickel Porter B. Rose
Director Director
/s/ JACOB H. MARTIN /s/ KEITH B. GIDDENS
- -------------------------------------------- --------------------------------------------
Jacob H. Martin Keith B. Giddens
Director President and Chief Operating Officer
Director
/s/ KEVIN J. MAST
--------------------------------------------
Kevin J. Mast
Vice President, Chief Financial Officer and
Treasurer
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March 24, 1997
- -----------------------------------------
(Date)
29
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Exhibit Index
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<C> <S> <C>
11.1 -- Statement re. computation of earnings per share.
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28
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EXHIBIT 11.1
ITEM 14 (c)
EMERGENT GROUP, INC.
COMPUTATION OF EARNINGS PER SHARE
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<CAPTION>
For the Years Ended December 31,
----------------------------------------
1994 1995 1996
---- ---- ----
(In thousands, except per share data)
<S> <C> <C> <C>
Income (loss) Applicable to Common Stock
Income from continuing operations $1,792 $4,581 $10,095
Income from discontinued operations $546 ($3,924) --
Cumulative effect of change in accounting method -- -- --
-----------------------------------------
Net Income $2,338 $657 $10,095
=========================================
Primary Earnings Per Share Computation
Weighted average number of shares
outstanding during the year 6,669,343 6,464,582 6,852,420
Dilutive effect of Common Stock options
and warrants based on the average
market price 19,391 203,610 247,454
-----------------------------------------
6,688,734 6,668,192 7,099,874
=========================================
Per share amounts:
Income from continuing operations before
cumulative effect of change in accounting method $0.27 $0.69 $1.42
Income from discontinued operations $0.08 ($0.59) --
-----------------------------------------
Income before cumulative effect of change in
accounting method $0.35 $0.10 $1.42
Cumulative effect of change in accounting method -- -- --
-----------------------------------------
Net Income $0.35 $0.10 $1.42
=========================================
Fully Diluted Earnings Per Share Computation
Weighted average number of shares
outstanding during the year 6,669,343 6,464,582 6,852,420
Dilutive effect of Common Stock options
and warrants based on the average
market price 19,391 203,610 247,454
-----------------------------------------
6,688,734 6,668,192 7,099,874
=========================================
Per share amounts:
Income from continuing operations before
cumulative effect of change in accounting method $0.27 $0.69 $1.42
Income from discontinued operations $0.08 ($0.59) $0.00
Income before cumulative effect of change in -----------------------------------------
accounting method $0.35 $0.10 $1.42
Cumulative effect of change in accounting method -- -- --
-----------------------------------------
Net Income $0.35 $0.10 $1.42
=========================================
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