<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-QSB
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
FOR QUARTER ENDED SEPTEMBER 30, 1995
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the period from __________ to __________
Commission File Number 0-12113
------------------------------
TIGERA GROUP, INC.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
DELAWARE 94-2691724
- - -------------------------- ---------------------------------------
(State of Incorporation) (I.R.S. Employer Identification Number)
730 FIFTH AVENUE, 9TH FLOOR, NEW YORK, NY 10019-4105
- - ------------------------------------------------- -----------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 212-333-8664
-----------------------
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 .
--- ---
Number of shares of Common Stock, $.01 par value, outstanding as of September
30, 1995: 21,286,301.
<PAGE> 2
TIGERA GROUP, INC.
TABLE OF CONTENTS
<TABLE>
<CAPTION>
Page
PART I. Financial Information Number
--------------------- ------
<S> <C>
Item 1. Financial Statements
Condensed Consolidated Financial
Statements 3
Condensed Consolidated Balance Sheet --
September 30, 1995 4
Condensed Consolidated Statements of
Operations -- For the Three Months
Ended September 30, 1995 and 1994 5
Condensed Consolidated Statements of
Operations -- For the Nine Months
Ended September 30, 1995 and 1994 6
Condensed Consolidated Statements of
Cash Flows -- For the Nine Months
Ended September 30, 1995 and 1994 7
Notes to Condensed Consolidated Financial
Statements 8-11
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations 11-14
PART II. Other Information
-----------------
Item 1. Legal Proceedings 14
Item 4. Submission of Matters to a Vote of Security Holders 14
Item 5. Other Information 14-15
Item 6. Exhibits and Reports on Form 8-K 15
SIGNATURE 15
</TABLE>
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<PAGE> 3
PART I. Financial Information
Item 1. Tigera Group, Inc. -- Financial Statements
Condensed Consolidated Financial Statements
(Unaudited)
The Condensed Consolidated Financial Statements included
herein have been prepared by Tigera Group, Inc. (the "Company"), without audit,
pursuant to the rules and regulations of the Securities and Exchange
Commission. Certain information and footnote disclosures normally included in
financial statements prepared in accordance with generally accepted accounting
principles have been condensed or omitted pursuant to such rules and
regulations, although the Company believes the disclosures which are made are
adequate to make the information presented not misleading. Further, the
Condensed Consolidated Financial Statements have been prepared in accordance
with generally accepted accounting principles for interim financial
information, the instructions to Form 10-QSB and Regulation S-B (including
Item 310(b) thereof) and reflect, in the opinion of management, all adjustments
necessary to present fairly the financial position and results of operations as
of and for the periods indicated.
It is suggested that these Condensed Consolidated Financial
Statements be read in conjunction with the Consolidated Financial Statements
and the Notes thereto for the year ended December 31, 1994, included in the
Tigera Group, Inc. Form 10-KSB Annual Report to the Securities and Exchange
Commission.
The results of operations for the three and nine months ended
September 30, 1995 are not necessarily indicative of results to be expected for
the entire year ending December 31, 1995.
See Item 2 - "Management's Discussion and Analysis of
Financial Condition and Results of Operations."
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<PAGE> 4
TIGERA GROUP, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED BALANCE SHEET
(UNAUDITED)
SEPTEMBER 30, 1995
<TABLE>
<S> <C>
ASSETS
Cash, Cash Equivalents and Treasury Bills $ 11,071,000
Other Assets, including restricted cash of $1,000,000 1,119,000
------------
Total Assets $ 12,190,000
============
LIABILITIES AND
STOCKHOLDERS' EQUITY
Accounts Payable and Accrued Liabilities $ 88,000
------------
Total Liabilities 88,000
------------
Commitments & Contingencies
Stockholders' Equity:
Preferred Stock - par value $.01 per share;
authorized 10,000,000 shares, none issued
Series B Common Stock - par value $.01 per share;
authorized 750,000 shares, none issued
Common Stock - par value $.01 per share;
authorized 40,000,000 shares, outstanding
21,286,301 shares, net of 826,405 shares
held in treasury 213,000
Additional Paid-in Capital 108,742,000
Accumulated Deficit (96,853,000)
------------
Total Stockholders' Equity 12,102,000
------------
Total Liabilities and Stockholders' Equity $ 12,190,000
============
</TABLE>
See Accompanying Notes to Condensed Consolidated Financial Statements.
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<PAGE> 5
TIGERA GROUP, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
<TABLE>
<CAPTION>
FOR THE THREE MONTHS ENDED
SEPTEMBER 30,
------------------------------
1995 1994
---------- -----------
<S> <C> <C>
Operating Expenses:
General and Administrative $ (182,000) $ (214,000)
---------- ----------
Operating Loss (182,000) (214,000)
Other Income:
Interest Income 175,000 127,000
---------- ----------
Net Loss $ (7,000) $ (87,000)
========== ==========
Net Loss Per Share --- ---
========== ==========
Weighted Average Number of Common
Shares Outstanding 21,286,301 21,286,301
========== ==========
</TABLE>
See Accompanying Notes to Condensed Consolidated Financial Statements.
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<PAGE> 6
TIGERA GROUP, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
<TABLE>
<CAPTION>
FOR THE NINE MONTHS ENDED
SEPTEMBER 30,
-----------------------------
1995 1994
---------- ----------
<S> <C> <C>
Lease Revenue $ --- $ 190,000
Depreciation of Revenue-Earning Vehicles --- (123,000)
---------- ----------
Gross Profit --- 67,000
Operating Expenses:
General and Administrative (635,000) (624,000)
Loss on Disposition of Revenue-Earning
Vehicles --- (194,000)
---------- ----------
Operating Loss (635,000) (751,000)
Other Income:
Interest Income 529,000 324,000
---------- ----------
Net Loss $ (106,000) $ (427,000)
========== ==========
Net Loss Per Share $(.01) $(.02)
========== ==========
Weighted Average Number of Common
Shares Outstanding 21,286,301 21,286,301
========== ==========
</TABLE>
See Accompanying Notes to Condensed Consolidated Financial Statements.
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TIGERA GROUP, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
FOR THE NINE MONTHS ENDED
SEPTEMBER 30,
------------------------------
1995 1994
----------- -----------
<S> <C> <C>
Cash Flows from Operating Activities:
Net Loss $ (106,000) $ (427,000)
Adjustments to Reconcile Net Loss to Net
Cash Used in Operating Activities:
Depreciation of Revenue-Earning Vehicles --- 123,000
Loss on Disposition of Revenue-Earning Vehicles --- 194,000
Change in Assets and Liabilities:
(Increase)/Decrease in Other Assets 12,000 (17,000)
Decrease in Accounts Payable and
Accrued Liabilities (63,000) (19,000)
----------- -----------
Net Cash Used in Operating Activities (157,000) (146,000)
----------- -----------
Cash Flows from Investing Activities:
Sales of Revenue-Earning Vehicles --- 1,600,000
----------- -----------
Net Cash Provided by Investing Activities --- 1,600,000
----------- -----------
Net Increase/(Decrease) in Cash,
Cash Equivalents and Treasury Bills (157,000) 1,454,000
Cash, Cash Equivalents and Treasury Bills at
Beginning of Period 11,228,000 9,753,000
----------- -----------
Cash, Cash Equivalents and Treasury Bills at
End of Period $11,071,000 $11,207,000
=========== ===========
</TABLE>
See Accompanying Notes to Condensed Consolidated Financial Statements.
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TIGERA GROUP, INC. AND SUBSIDIARY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
SEPTEMBER 30, 1995
Note 1 - Condensed Consolidated Financial Statements:
The Condensed Consolidated Financial Statements included herein have
been prepared by Tigera Group, Inc. (the "Company"), without audit, pursuant to
the rules and regulations of the Securities and Exchange Commission. Certain
information and footnote disclosures normally included in financial statements
prepared in accordance with generally accepted accounting principles have been
condensed or omitted pursuant to such rules and regulations, although the
Company believes the disclosures which are made are adequate to make the
information presented not misleading. Further, the Condensed Consolidated
Financial Statements have been prepared in accordance with generally accepted
accounting principles for interim financial information, the instructions to
Form 10-QSB and Regulation S-B (including Item 310(b) thereof) and reflect, in
the opinion of management, all adjustments necessary to present fairly the
financial position and results of operations as of and for the periods
indicated.
It is suggested that these Condensed Consolidated Financial Statements
be read in conjunction with the Consolidated Financial Statements and the Notes
thereto for the year ended December 31, 1994, included in the Tigera Group,
Inc. Form 10-KSB Annual Report to the Securities and Exchange Commission.
Note 2 - Net Loss per Share:
Net loss per share is based on the weighted average number of common
shares outstanding during each period. Common share equivalents (common stock
options and warrants) have not been included in the calculation because the
effect would decrease the loss per share.
Note 3 - Income Taxes:
The Company files a consolidated federal income tax return. The
Company recognizes certain expenses for income tax purposes in years different
from those in which they are provided for in financial reporting.
As of December 31, 1994, the Company has net operating loss
carryforwards of approximately $91,000,000 and $89,000,000 for financial
reporting and tax purposes, respectively, which are available to offset future
taxable income expiring from 1995 through 2009. The Company also has available
investment and research and development credits of
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<PAGE> 9
approximately $2,000,000 expiring in 1995 through 2000. The ability of the
Company to utilize these carryforwards in future years may be limited, or even
eliminated.
Specifically, the Internal Revenue Code of 1986, as amended (the
"Code"), imposes substantial limitations under certain circumstances on the use
of net operating loss carryforwards upon the occurrence of an "ownership
change" (as defined in Section 382 of the Code). An "ownership change" can
result from issuances of equity securities by the Company, purchases of the
Company's securities by the Company, purchases of the Company's securities in
the secondary market by existing or new stockholders or a combination of the
foregoing. The Company's desire to issue new equity securities could be
limited in order to prevent such an "ownership change" from occurring.
Alternatively, certain shareholders could occasion an ownership change if they
substantially increased their ownership of the Company's Common Stock.
As of December 31, 1994, the deferred tax assets related to the net
operating loss carryforwards and investment and research and development credit
carryforwards totaling approximately $36,000,000 have been fully offset by
valuation allowances, since the utilization of such amounts is uncertain.
Note 4 - Investment in Revenue-Earning Vehicles:
During the three months ended June 30, 1994, the Company sold its
remaining ownership in certain leased trucks to Lend Lease Trucks, Inc. ("Lend
Lease"), simultaneously with Lend Lease's sale of its operating assets and
contracts to Ryder System Inc. As a result of this transaction, the Company
recognized a loss of approximately $194,000, in addition to the allowance of
$530,000 recorded as of December 31, 1993.
Note 5 - Derivative Lawsuit:
On December 3, 1991, Civil Action No. 12374, Smith vs. Gilinski, et
al, was filed in the Court of Chancery of the State of Delaware by a
stockholder as a derivative action against eleven former officers and directors
of the Company and the Company as a nominal defendant. The complaint asserts
several claims, among them, that certain individual defendants caused the
Company to be in violation of the Investment Company Act of 1940, made equity
and debt investments without adequate investigation, wasted corporate assets,
usurped a corporate opportunity by failing to provide to the Company the
opportunity to purchase the Company's stock from a shareholder and breached
their fiduciary duties by entering into a truck leasing joint venture with Lend
Lease. The plaintiff has requested, against each defendant, damages in favor
of the Company in an unspecified amount as a result of their breaches of
fiduciary duties and waste of corporate assets. The Company believes that it
has meritorious defenses and although the Company cannot predict how the
litigation will be resolved, it is the Company's opinion that the litigation
will not have a material adverse effect on its financial condition or results
of operations.
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<PAGE> 10
The Company and the defendants have filed motions to dismiss and
briefs in support of their motions, and the plaintiff has filed responses
thereto. No discovery has occurred in this action.
On June 27, 1995, plaintiff presented a settlement demand for
$1,100,000. While there have been exchanges of information between the
parties, the outside insurance carrier for the named officers and directors has
not formally responded to this demand.
Note 6 - Security Ownership of Company's Common Stock
Beverly Hills Bancorp ("BHBA") and Albert M. Zlotnick, Chairman of the
Board of the Company, own 22.5% and 12.1%, respectively, of the Company's
common stock. Mr. Zlotnick, as BHBA's principal shareholder, has the power to
vote BHBA's shares of the Company's common stock.
On July 10, 1995, BHBA and Albert M. Zlotnick had reached an agreement
with A-Mark Financial Corporation ("A-Mark") under which A-Mark was to acquire
all the issued and outstanding shares of BHBA. On September 6, 1995, A-Mark
stated that it would not go through with the purchase. Since the agreement
between BHBA and A-Mark was not consummated, BHBA is operating in accordance
with a Plan of Complete Liquidation and Dissolution which was adopted by BHBA's
shareholders at their adjourned annual meeting on July 10, 1995.
Note 7 - Subsequent Event
On November 8, 1995, Beverly Hills Bancorp ("BHBA") sold to Forschner
Enterprises, Inc. ("Forschner") its holdings of Tigera shares owned directly
and indirectly (4,740,000 shares) for $.90 per share. Forschner also
purchased, or agreed to purchase, certain shares of Tigera owned by Albert M.
Zlotnick (1,731,000 shares) and Michael S. Berlin (248,250 shares) at $.90 per
share. Tigera retained Albert M. Zlotnick as a consultant for a period of two
years at a rate of $180,000 per year and Forschner agreed to retain him for a
third year, under certain circumstances. Additionally, Forschner has agreed,
if requested, to either arrange for the sale in the open market or purchase
themselves within five months of the closing date, any shares of Tigera owned
by Directors who will be resigning and by an individual affiliated with them
(1,638,276 shares in total) at $.90 per share.
On October 27, 1995, the Board of Directors of the Company approved an
Amendment to the Company's 1991 Stock Incentive Plan to provide for the
immediate vesting of any outstanding Formula Options upon a change in control
of the Company, as defined. Additionally, the Company's By-Laws were amended
to provide that the Board of Directors shall consist of five members upon
completion of the sale. Michael S. Berlin, Philip R. Hankin, Irving I.
Lassoff, James A Martin III and Daniel A. Rivetti have resigned as Directors
and their Formula Options for 25,000 shares each granted on April 7, 1995, are
now
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<PAGE> 11
vested, and Deborah A. Farrington, Herbert M. Friedman and Michael M. Weatherly
have been elected as Directors.
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
September 30, 1995
General
The principal activity of Tigera Group, Inc. (the "Company" or
the "Registrant"), formerly named Fortune Systems Corporation, consists of
seeking and evaluating candidates for acquisition. The Company has established
strategic and financial criteria. The major consideration is that the
candidate for acquisition be in the position of availing itself of the
Company's tax loss carryforwards. Therefore, its profitability, both present
and future, is a priority consideration in evaluating potential acquisitions.
The Company identifies potential acquisition candidates through communications
with investment banking and brokerage firms, newspaper advertisements and
responses to classified advertisements. Other criteria include positive cash
flow, a competent management team, strong product and market position and good
growth potential. Although helpful to the acquisition process, the Company's
criteria are not intended to be definitive, but rather reflect priorities and
objectives. The Company competes for acquisitions against domestic and
international companies, financial groups and other entities, many of which may
have greater financial resources and borrowing capacity than the Company. The
Company continues to review potential acquisitions, but none have been deemed
acceptable. While there can be no assurances as to the timing of any
particular acquisition, the Company's goal is to consummate an acquisition as
soon as possible.
Beverly Hills Bancorp ("BHBA") and Albert M. Zlotnick,
Chairman of the Board of the Company, own 22.5% and 12.1%, respectively, of the
Company's common stock. Mr. Zlotnick, as BHBA's principal shareholder, has the
power to vote BHBA's shares of the Company's common stock.
On July 10, 1995, BHBA and Albert M. Zlotnick had reached an
agreement with A-Mark Financial Corporation ("A-Mark") under which A-Mark was
to acquire all the issued and outstanding shares of BHBA. On September 6,
1995, A-Mark stated that it would not go through with the purchase. Since the
agreement between BHBA and A-Mark was not consummated, BHBA is operating in
accordance with a Plan of Complete Liquidation and Dissolution which was
adopted by BHBA's shareholders at their adjourned annual meeting on July 10,
1995.
On November 8, 1995, Beverly Hills Bancorp ("BHBA") sold to
Forschner Enterprises, Inc. ("Forschner") its holdings of Tigera shares owned
directly and indirectly (4,740,000 shares) for $.90 per share. Forschner also
purchased, or agreed to
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<PAGE> 12
purchase, certain shares of Tigera owned by Albert M. Zlotnick (1,731,000
shares) and Michael S. Berlin (248,250 shares) at $.90 per share. Tigera
retained Albert M. Zlotnick as a consultant for a period of two years at a rate
of $180,000 per year and Forschner agreed to retain him for a third year, under
certain circumstances. Additionally, Forschner has agreed, if requested, to
either arrange for the sale in the open market or purchase themselves within
five months of the closing date, any shares of Tigera owned by Directors who
will be resigning and by an individual affiliated with them (1,638,276 shares
in total) at $.90 per share.
On October 27, 1995, the Board of Directors of the Company
approved an Amendment to the Company's 1991 Stock Incentive Plan to provide for
the immediate vesting of any outstanding Formula Options upon a change in
control of the Company, as defined. Additionally, the Company's By-Laws were
amended to provide that the Board of Directors shall consist of five members
upon completion of the sale. Michael S. Berlin, Philip R. Hankin, Irving I.
Lassoff, James A Martin III and Daniel A. Rivetti have resigned as Directors
and their Formula Options for 25,000 shares each granted on April 7, 1995, are
now vested, and Deborah A. Farrington, Herbert M. Friedman and Michael M.
Weatherly have been elected as Directors.
Results of Operations
In 1994, the Company sold its remaining ownership interest in
certain leased trucks to Lend Lease Trucks, Inc. ("Lend Lease"),
simultaneously with Lend Lease's sale of its operating assets and contracts to
Ryder System Inc. As a result of this transaction, the Company recognized a
loss of approximately $194,000, in addition to the allowance of $530,000
recorded as of December 31, 1993, and had no lease revenue, depreciation of
revenue-earning vehicles or gross profit during the three and nine months ended
September 30, 1995.
General and administrative expenses, including expenses
relating to the Company's search for acquisition candidates, day-to-day
operational costs and professional fees, were $182,000 and $635,000,
respectively, for the three and nine months ended September 30, 1995, and
$214,000 and $624,000, respectively, for the three and nine months ended
September 30, 1994. During 1995, the Company incurred increased legal expenses
relating to a lawsuit concluded during January 1995, regarding the scheduling
of the Annual Meeting of Shareholders and expenses for the holding of such
Annual Meeting on April 7, 1995, which were offset by reduced expenses relating
to fees and expenses of the Board of Directors, the move of the Company's
headquarters to a less expensive location and a reduction in personnel.
Interest income increased to $175,000 and $529,000,
respectively, for the three and nine months ended September 30, 1995, from
$127,000 and $324,000, respectively, for the three and nine months ended
September 30, 1994. The increase is
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<PAGE> 13
attributable to higher average cash and cash-equivalent balances as a result of
the Company's revenue from and sale of revenue-earning equipment and an
increase in interest rates.
If the Company is unable to acquire control of an operating
business or businesses, it may be required to register as an investment company
under the Investment Company Act of 1940, as amended ("Act"). The Company is
unable to predict what effect registration under such Act would have, but it
believes that its ability to pursue its current business plan could be
adversely affected as a result. The most significant difference with respect
to financial statement presentation and disclosure requirements for companies
registered under the Act would require the investments held by the Company to
be adjusted to market value at the balance sheet date. Given the nature of the
investments held by the Company, the Company believes that the financial
statement reporting and disclosure requirements would not be materially
different from those presented herein.
As of December 31, 1994, the Company has net operating loss
carryforwards of approximately $91,000,000 and $89,000,000 for financial
reporting and tax purposes, respectively, which are available to offset future
taxable income expiring from 1995 through 2009. The Company also has available
investment and research and development credits of approximately $2,000,000
expiring in 1995 through 2000. The ability of the Company to utilize these
carryforwards in future years may be limited, or even eliminated.
Specifically, the Internal Revenue Code of 1986, as amended
(the "Code"), imposes substantial limitations under certain circumstances on
the use of net operating loss carryforwards upon the occurrence of an
"ownership change" (as defined in Section 382 of the Code). An "ownership
change" can result from issuances of equity securities by the Company,
purchases of the Company's securities by the Company, purchases of the
Company's securities in the secondary market by existing or new stockholders or
a combination of the foregoing. The Company's desire to issue new equity
securities could be limited in order to prevent such an "ownership change" from
occurring. Alternatively, certain shareholders could occasion an ownership
change if they substantially increased their ownership of the Company's Common
Stock.
Liquidity and Capital Resources
Cash and cash equivalent balances decreased to $11,071,000 as
of September 30, 1995, including United States Treasury Bills of $10,893,000,
compared with $11,228,000 as of December 31, 1994, including United States
Treasury Bills of $11,014,000. The decrease is primarily attributable to the
payment of general and administrative expenses.
As of September 30, 1995, the Company's principal source of
funds consisted of $11,071,000 in cash and cash equivalents, including United
States Treasury Bills of $10,893,000. Near-term capital requirements for
operating expenses and payment of liabilities are expected to be financed
through cash flow from interest income and existing cash
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<PAGE> 14
balances. The Company may finance future acquisitions from a number of
sources, including but not limited to existing cash balances, bank debt, the
use of promissory notes and the issuance of additional debt or equity.
PART II. Other Information
Item 1. Legal Proceedings
Reference is made to Note 5 in the Notes to Condensed
Consolidated Financial Statements included herein and to Notes 6 and 7 in the
Notes to Consolidated Financial Statements for the year ended December 31,
1994, included in the Tigera Group, Inc. Form 10-KSB Annual Report to the
Securities and Exchange Commission.
Item 4. Submission of Matters to a Vote of Security Holders
The Company held its Annual Meeting of Shareholders ("Annual
Meeting") on April 7, 1995. At such Annual Meeting, the following matters were
voted upon:
1. Election of seven directors to serve until the next
Annual Meeting or until their successors shall have been adopted and qualified:
<TABLE>
<CAPTION>
NUMBER OF VOTES
--------------------------
FOR AGAINST
---------- ---------
<S> <C> <C>
A. Clinton Allen 31,462,977 ----
Michael S. Berlin 16,833,193 268,498
Philip R. Hankin 16,908,851 268,498
Irving I. Lassoff 16,915,268 268,498
James A. Martin III 16,915,326 268,498
Daniel A. Rivetti 16,909,913 268,498
Albert M. Zlotnick 16,912,546 268,498
</TABLE>
2. Ratification of the appointment of BDO Seidman as
independent certified public accountants for the year ending December 31, 1995.
There were 18,936,385 votes for, 186,292 votes against and 87,189 abstentions.
Item 5. Other Information
The Company was informed that as of the opening of business on
Monday, October 2, 1995, it will no longer be listed on the Nasdaq National
Market. The reason for the delisting is that the Company has not had an
operational business since it sold its
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<PAGE> 15
interest in its truck leasing operations in June 1994. The Company, upon
acquiring an operational business, believes it will be eligible to re-apply for
a listing.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits - None.
(b) Reports on Form 8-K: No reports were filed on Form
8-K during the three months ended September 30, 1995.
SIGNATURE
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 thereunto duly authorized.
TIGERA GROUP, INC.
(Registrant)
By: /s/ Robert E. Kelly
--------------------------------------
Robert E. Kelly
Senior Vice President,
Chief Financial Officer and
Principal Accounting Officer
Dated: November 8, 1995
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EXHIBIT INDEX
-------------
Exhibit 27 Financial Data Schedule
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> SEP-30-1995
<CASH> 11,071,000
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 12,190,000
<CURRENT-LIABILITIES> 88,000
<BONDS> 0
<COMMON> 213,000
0
0
<OTHER-SE> 11,889,000
<TOTAL-LIABILITY-AND-EQUITY> 12,190,000
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 635,000
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> (106,000)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (106,000)
<EPS-PRIMARY> (0.01)
<EPS-DILUTED> 0
</TABLE>
