FORM 8-K/A
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934
Date of Report (Date of earliest event reported): July
26, 1995
FIRST OF MICHIGAN CAPITAL CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 1-7467 13-2780197
(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification No.)
incorporation)
100 Renaissance Center, 26th Floor
Detroit, Michigan 48243
(Address of principal executive offices (Zip Code)
Registrant's telephone number, including area code:
(313) 259-2600
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Item 5. Other Events.
See attached press release.
Item 7. Financial Statements and Exhibits.
(c) Exhibits required by Item 601 of Regulation S-K.
(99) Other Exhibits - July 26, 1995 Press Release is
attached hereto as Exhibit 99.
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.
FIRST OF MICHIGAN CAPITAL CORPORATION
Date July 31, 1995 /s/ Steve Gasper____________
Steve Gasper, Jr., President
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EXHIBIT 99
PRESS RELEASE
_____________
Corporation Contact: Media Relations Contact:
William H. Cuddy, Chairman of the Board Frederick Marx
Steve Gasper, Jr., President and CEO Marx, Layne & Co.
First of Michigan Capital Corporation (810) 855-6777
(313) 259-2600
FIRST OF MICHIGAN CAPITAL CORPORATION
ANNOUNCES COMMENCEMENT OF SELF TENDER OFFER
FOR UP TO 625,000 SHARES OF ITS COMMON STOCK AT $11 3/8 PER SHARE
AND
REPORTS THIRD QUARTER RESULTS
Detroit, Michigan. July 26, 1995. First of Michigan Capital
Corporation (Chicago Stock Exchange / FMG) announced today that
it intends to commence within the next few days a cash tender
offer to purchase up to 625,000 shares of the Company's common
stock at $11 3/8 per share. The terms and conditions of the
tender offer will be set forth in an Offer to Purchase and the
related Letter of Transmittal to be distributed to all the
Company's stockholders within the next few days.
The Company's tender offer will not be conditioned on any minimum
number of shares being tendered. The Company will buy shares
first from those stockholders holding fewer than 100 shares.
The purpose of the tender offer is to use the Company's excess
capitalization to provide an opportunity for the Company's common
stockholders to receive immediate liquidity for their shares up
to the 625,000 shares offered to be purchased and to reduce the
operating capital expenses by eliminating Company common
stockholdings of fewer than 100 shares and removing the Company's
common stock from registration under the Securities Exchange Act
of 1934 and from listing on the Chicago Stock Exchange.
The Board has also voted to discontinue the payment of dividends
for the foreseeable future. Management plans to use this
savings, along with the other savings realized as a result of the
announced tender offer, to fund future growth of the Company.
First of Michigan Capital Corporation also announced today that
the Company incurred a loss for the quarter ended June 30, 1995
of $229,376 or $.08 per share compared to net income of $127,018
or $.04 per share for the quarter ended June 24, 1994.
Consolidated revenues were $15,648,355 versus $14,925,020 for the
previous quarter.
Consolidated net income for the nine months ended June 30, 1995
was $98,577 or $.03 per share on revenues of $44,341,008. For
the nine month period ended June 24, 1994, net income was
$1,299,083 or $.44 per share on revenues of $46,752,722.
Steve Gasper, Jr., President and Chief Executive Officer,
reported that the increase in revenues for the three month period
was due to increases in commission and interest revenues, which
were partially offset by a decline in revenues from the
underwriting of new stocks and bonds. He said the revenue
decline for the nine month period was primarily attributable to
the decline in revenues from commissions and mutual fund
transactions.
Gasper also reported that the decline in net income for both the
three month and nine month periods is attributable mainly to
higher operating expenses as a result of required additional
expenditures in revenue building areas within the firm which have
put pressure on short-term earnings. Gasper also said that First
of Michigan Capital Corporation remains committed to its mission
of being client driven, service focused and Investment Executive
oriented, in order to create significant value for its clients,
employees and shareholders.
First of Michigan Capital Corporation's principal subsidiary is
First of Michigan Corporation, a member of the New York Stock
Exchange and Michigan's largest full service securities firm.
Founded more than 60 years ago, First of Michigan Corporation
specializes in a wide range of financial services that include
investment products such as stocks, bonds, unit trusts and mutual
funds; and investment services such as retirement plans, money
management, underwriting, trading and investment banking. First
of Michigan offers these services through its 546 employees
located in 32 offices throughout Michigan, as well as an office
at 100 Wall Street, New York.
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FIRST OF MICHIGAN CAPITAL CORPORATION
_____________________________________
Three Months Ended Nine Months Ended
__________________ _________________
June 30, June 24, June 30, June 24,
1995 1994 1995 1994
________ ________ ________ ________
Revenues $15,648,355 $14,925,020 $44,341,008 $46,752,722
Net Income
(Loss) $ (229,376) $ 127,018 $ 98,577 $ 1,299,083
Net Income
(Loss) Per $ (.08) $ .04 $ .03 $ .44
Share
Average
Shares 2,824,321 2,953,601 2,867,971 2,953,490
Outstanding
