SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) March 1, 2000
MONMOUTH CAPITAL CORPORATION
(Exact name of registrant as specified in its charter)
New Jersey 0-24282 21-0740878
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification Number)
125 Wyckoff Road, Eatontown, NJ 07724
(Address of principal executive offices)
Registrant's telephone number, including area code (732) 542-4927
(Former name or former address, if changed since last report.)
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Item 2. Acquisition or Disposition of Assets.
On March 1, 2000, Monmouth Capital Corporation
(Registrant) sold its 38,989 square foot warehouse facility
located at 2000 Highland Avenue, Bethlehem, Pennsylvania to
Parec Lehigh Valley, I, L.P., an unrelated entity. The sales
price, after settlement charges, was approximately
$1,200,000.
Item 5. Other Events.
Registrant has announced that it will exit the
manufactured home sales business. This business has not
proven to be profitable. As an interim measure, Registrant
will invest in securities of real estate investment trusts.
Item 7. Financial Statements and Exhibits.
(b) Pro forma financial information.
Pursuant to Regulation S-X, Article 11, Registrant is
required to present pro forma financial information. The
following pro forma financial information is not necessarily
indicative of the results of future operations or the
results of historical operations. The impact of the
disposal of the property to the financial statements of the
Registrant is as follows:
ADJUSTMENTS TO STATEMENT OF INCOME FOR THE YEAR ENDED
MARCH 31, 1999
Rental Income - Decrease of $155,000, the amount
previously recorded.
Other Expenses - Decrease of $72,000, the amount
previously recorded.
Dividend Income - Increase of $120,000 based upon the
$1,200,000 net proceeds from the sale invested in
securities available for sale with dividend yields of
10%.
Net Income - Increase of $37,000 (The decrease in
Other expenses plus the increase in dividend income
less the decrease in rental income).
The effect of cash made available by operations will
be an increase of $62,000 (net income plus depreciation
expense of $25,000).
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ADJUSTMENTS TO STATEMENT OF INCOME FOR THE NINE
MONTHS ENDED DECEMBER 31, 1999
Rental Income - Decrease of $132,000, the amount
previously recorded.
Other Expenses - Decrease of $51,000, the amount
previously recorded.
Dividend Income - Increase of $90,000 based upon the
$1,200,000 net proceeds from the sale invested in
securities available for sale with dividend yields of
10%.
Net Income - Increase of $9,000 (The decrease in
Other expenses plus the increase in dividend income
less the decrease in rental income).
The effect of cash made available by operations will
be an increase of $25,000 (net income plus depreciation
expense of $19,000).
ADJUSTMENTS TO THE BALANCE SHEET AT DECEMBER 31, 1999
Securities Available for Sale - Increase of $1,200,000,
the proceeds of the sale.
Total Real Estate Investments - Decrease of $1,018,000,
based on the net book value of the property sold.
Other Liabilities - Decrease of $12,000, the amount of
security deposits for the property sold.
Registrant knows of no other financial statement item
which would be materially affected by the acquired
property.
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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.
MONMOUTH CAPITAL CORPORATION
/s/Anna T. Chew
ANNA T. CHEW
Controller
Date March 13, 2000
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