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Previous: ANGELES PARTNERS VIII, 10QSB, 1999-11-19 |
Next: WESTAMERICA BANCORPORATION, 8-A12G/A, 1999-11-19 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC
Form 8-K/A
(Amendment No. 1)
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported): October 21, 1999
RIVERSIDE GROUP, INC.
(Exact name of registrant as specified in its charter)
Florida 0-9209 59-1144172
(State of other (Commission File No.) (IRS Employer
jurisdiction of Identification
incorporation) number)
7800 Belfort Parkway, Jacksonville, Florida 32256
(Address of principal executive offices) (Zip Code)
904-281-2200
(Registrant's telephone number, including area code)
<PAGE>
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS.
For information concerning the disposition by the Company of a majority
equity interest in Buildscape, see "Item 5. Other Events."
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(B) PRO FORMA FINANCIAL INFORMATION.
As a result of a reduction in the registrant's ownership of Buildscape,
Inc. ("Buildscape"), to a level below 50%, effective with the registrant's
financial statements for the period ended December 31, 1999, the registrant will
account for its investment in Buildscape on the equity method. From January 1998
through the period ended September 30, 1999, the financial statements of the
registrant included those of Buildscape on a consolidated basis.
The following Unaudited Pro Forma Condensed Consolidated Financial
Statements of the Company are based on the Company's Condensed Consolidated
Financial Statements contained in the Company's Quarterly Report on Form 10-Q
for the period ended September 30, 1999, adjusted to give effect to the
transaction reported in Item 5 of this Report (the "Transaction").
The Unaudited Pro Forma Condensed Consolidated Balance Sheet at
September 30, 1999 presents the effects of the Transaction as though the
Transaction had been completed on September 30, 1999. The Unaudited Pro Forma
Condensed Consolidated Statements of Operations for 1998 and the nine months
ended September 30, 1999 present the effects of the Transaction as though the
Transaction had been completed on January 1, 1998.
THE INFORMATION CONTAINED IN THE PROFORMA UNAUDITED CONDENSED FINANCIAL
STATEMENTS IS PRESENTED FOR INFORMATIONAL PURPOSES ONLY AND SHOULD NOT BE RELIED
UPON EXCEPT IN CONJUNCTION WITH THE AUDITED CONSOLIDATED FINANCIAL STATEMENTS OF
THE REGISTRANT AND NOTES THERETO AND "MANAGEMENT'S OPERATION" THAT WILL BE
CONTAINED IN THE REGISTRANT'S ANNUAL DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF REPORT FOR THE PERIOD ENDED DECEMBER 31, 1999, WHICH
WILL BE FILED BY THE REGISTRANT WITH THE SECURITIES AND EXCHANGE COMMISSION ON
OR BEFORE MARCH 31, 2000.
IN ADDITION, THE INFORMATION CONTAINED IN THE PRO FORMA UNAUDITED
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS SHOULD NOT BE CONSTRUED TO BE
INDICATIVE OF THE REGISTRANT'S CONSOLIDATED FINANCIAL POSITION OR RESULTS OF
OPERATIONS HAD THE ABOVE-DESCRIBED TRANSACTION BEEN CONSUMMATED ON THE DATES
ASSUMED.
2
<PAGE>
Riverside Group, Inc. and Subsidiaries
Proforma Condensed Consolidated Balance Sheet
(unaudited)
(in thousands)
<TABLE>
<CAPTION>
September 30, Proforma Proforma
1999 Adjustments(1) Adjustments(2) Proforma
------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents $ 1,040 $ (48) $ -- $ 992
Accounts receivable 253 (54) -- 199
Notes receivable 30 -- 30
Inventory 124 (123) -- 1
Prepaid expenses 91 (70) -- 21
------------- ------------- ------------- -------------
Total current assets 1,538 (295) -- 1,243
Investment in Wickes Inc. 15,502 -- -- 15,502
Investment in Buildscape Inc. -- -- (947) (947)
Investment in real estate 9,591 -- -- 9,591
Property, plant and equipment, net 509 (169) -- 340
Other assets 368 (62) -- 306
------------- ------------- -------------- ------------
Total assets $ 27,508 $ (526) $ (947) $ 26,035
============ ============== ============== ============
LIABILITIES & STOCKHOLDERS' EQUITY
Current liabilities:
Current maturities of long-term debt $ 15,505 $ (350) $ (3,000) $ 12,155
Accounts payable 928 (644) -- 284
Accrued liabilities 2,447 (668) -- 1,779
Deferred revenue 36 (31) -- 5
------------- ------------- ------------- ------------
Total current liabilities 18,916 (1,693) (3,000) 14,223
Long-term debt 201 -- -- 201
Mortgage debt 11,345 -- -- 11,345
Net liabilities of discontinued operations 21 -- -- 21
Other long-term liabilities 84 -- -- 84
------------- ------------- ------------- ------------
Total liabilities 30,567 (1,693) (3,000) 25,874
Common stockholders' equity :
Common stock, $.10 par value; 20,000,000 shares authorized; 529 -- (5) 524
4,767,123 issued and outstanding in 1999
and 5,287,123 in 1998
Additional paid in capital 16,838 (8,449) 8,032 16,421
Retained earnings (deficit) (20,426) 9,616 (5,974) (16,784)
-------------- ------------- ------------ ------------
Total common stockholders' equity (3,059) 1,167 2,053 161
-------------- ------------- ------------ ------------
Total liabilities and common stockholders' equity $ 27,508 $ (526) $ (947) $ 26,035
============== ============= ============ ============
</TABLE>
3
<PAGE>
Condensed Consolidated Proforma Income Statement
(unaudited)
(in thousands except per share amounts)
<TABLE>
<CAPTION>
Year Ending
December 31, Proforma
1998 Adjustments(4) Proforma
-------------- -------------- --------------
<S> <C> <C> <C>
Revenues:
Sales and service revenues $ 667,704 $ (30) $ 667,674
Net investment income (loss) (32) -- (32)
Net realized investment gains (losses) (499) -- (499)
Other operating income 5,591 -- 5,591
--------------- -------------- --------------
672,764 (30) 672,734
Costs and expenses:
Cost of sales 509,262 (14) 509,248
Provision for doubtful accounts 1,904 -- 1,904
Depreciation, goodwill and trademark amortization 4,426 (53) 4,373
Restructuring and unusual items 5,932 -- 5,932
Selling, general and administrative expenses 141,284 (4,552) 136,732
Interest expense 19,264 (85) 19,179
--------------- -------------- --------------
682,072 (4,704) 677,368
Earnings (loss) before income taxes, equity in related parties,
and minority interest: (9,308) 4,674 (4,634)
Current income tax expense 726 -- 726
Deferred income tax expense (benefit) 3,002 -- 3,002
Equity in earnings(losses) of Wickes, Inc. (208) -- (208)
Minority interest, net of income taxes (521) -- (521)
--------------- -------------- --------------
Net earnings (losses) $ (12,307) $ 4,674 $ (7,633)
=============== ============== ==============
Basic and diluted earnings (losses) per common share:
Earnings/(losses) from continuing operations $ (2.36) $ (1.46)
Weighted average number of common shares
used in computing earnings per share 5,213,186 5,213,186
</TABLE>
4
<PAGE>
Riverside Group, Inc. and Subsidiaries
Condensed Consolidated Proforma Income Statement
(unaudited)
(in thousands except per share amounts)
<TABLE>
<CAPTION>
Nine
Months Ending
September 30, Proforma
1999 Adjustments(3) Proform
--------------- --------------- --------------
<S> <C> <C> <C>
Revenues:
Sales and service revenues $ 1,269 $ (386) $ 883
Net investment income (loss) (19) -- (19)
Net realized investment gains 18 -- 18
Other operating income 44 -- 44
-------------- -------------- ------------
1,312 (386) 926
Costs and expenses:
Cost of sales 454 (314) 140
Provision for doubtful accounts 124 -- 124
Depreciation, goodwill and trademark amortization 299 (129) 170
Selling, general and administrative expenses 5,561 (4,013) 1,548
Interest expense 1,994 (162) 1,832
------------ -------------- ------------
8,432 (4,618) 3,814
Earnings (loss) before income taxes, equity in related parties,
and minority interest: (7,120) 4,232 (2,888)
Equity in earnings of Wickes, Inc. (1,693) -- (1,693)
-------------- -------------- ------------
Net earnings (losses) $ (5,427) $ 4,232 $ (1,195)
============== ============== ============
Basic and diluted earnings (losses) per common share:
Earnings/(losses) from continuing operations $ (1.04) $ (0.23)
Weighted average number of common shares
used in computing earnings per share 5,213,186 5,213,186
</TABLE>
5
<PAGE>
Notes to
Proforma Unaudited
Condensed Consolidated Balance Sheet
(1) Includes the deconsolidated of the accounts of Buildscape at September
30, 1999.
(2) Includes the sale of common shares of Buildscape to Imagine
Investments, Inc. on October 21, 1999.
(3) Includes the accounts of Buildscape at September 30, 1999.
(4) Includes the accounts of Buildscape at December 31, 1998.
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<PAGE>
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.
RIVERSIDE GROUP, INC.
By: /s/ Catherine J. Gray
--------------------------
Catherine J. Gray
Senior Vice President
Date: November 19, 1999
7
<PAGE>
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