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 - January 14, 1994
ANUHCO, INC.
State of Incorporation - Delaware
Commission File No. - 0-12321
IRS Employer Identification No. - 46-0278762
9393 West 110th Street, Suite 100
Overland Park, Kansas 66210
Telephone Number - (913)-451-2800
Item 2. ACQUISITION OF ASSETS
Effective January 1, 1994, Anuhco, Inc., ("Anuhco") through its
subsidiary, Crouse Cartage Company ("Crouse Cartage"), exercised
its purchase options under certain operating leases. Crouse
Cartage will purchase eleven (11) terminal facilities from P&R
Realty, a sole proprietorship of Ruth Crouse, mother of Larry
Crouse (President and Chief Executive Officer of Crouse Cartage
Company; and Director and Vice President of Anuhco, Inc.) for
approximately $2.6 million. The option prices are based on the
market value of each property, as established by an independent
real estate appraiser, and are each equal to or less than such
appraised values. Crouse Cartage intends to finance these
purchases through currently available operating funds, which will
include borrowing on its $2.5 million revolving credit agreement
with Bankers Trust Company of Des Moines. Crouse Cartage has
utilized these facilities for its operations for numerous years and
currently anticipates their continued use without change.
As a result of this transaction, Anuhco's consolidated financial
statements will be affected as follows:
(a) Operating Property, at cost, will increase by approximately
$2.6 million;
(b) Cash and temporary cash investments will decrease and short-
term borrowing will increase; the total of which will
approximate $2.6 million;
(c) Operating Expense (Rents) is estimated to decrease an
annualized $312,000;
(d) Operating Expense (Depreciation) is estimated to increase an
annualized $58,000;
(e) Operating Expense (Profit Sharing/Payroll) is estimated to
increase an annualized $97,000; and
(f) Non-Operating Expense (Interest) is estimated to increase by
an amount not to exceed $60,000 in 1994, and in diminishing
amounts thereafter until any related balance on the revolver
is fully repaid.
Item 5. OTHER EVENTS
On February 23, 1993, a judgment in favor of Anuhco and American
Freight System, Inc. ("AFS") was entered in the Circuit Court of
Jackson County, Missouri, at Kansas City, Missouri ("the Court").
This judgment was entered in a case filed by Anuhco and AFS against
Westinghouse Credit Corporation ("WCC") seeking damages as a result
of WCC's failure to provide financing pursuant to a loan commitment
issued on June 3, 1988. The judgment awarded $70 million in actual
damages to be paid to Anuhco and AFS. WCC filed motions with the
Court to have this judgment set aside or to have a new trial
granted. On April 8, 1993 WCC's motions were overruled. WCC filed
a notice of appeal of this judgment with the Western District Court
of Appeals of Missouri ("the Appellate Court") and posted a $76.35
million surety bond in support of such judgment, accrued interest
(9% simple interest) and other costs. Oral arguments before the
Appellate Court were made on November 4, 1993, with an order
expected during the first half of 1994.
The Appellate Court could (i) reverse the Court's decision, thereby
eliminating the judgment; (ii) remand the case to the Court for
retrial; or (iii) affirm the Court's decision. Even with the
affirmation of the Appellate Court, WCC could request a rehearing
before the Appellate Court and/or a transfer to the Missouri
Supreme Court.
If the judgment is affirmed and/or is otherwise substantially
collected and the other assets of the discontinued operations are
liquidated, Anuhco could receive net proceeds of $29 million to $37
million. This represents $4 to $5 per share based on Anuhco's 7.5
million currently outstanding shares. Anuhco and AFS are unable to
predict when or how this matter will ultimately be resolved.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
Not Applicable.
SIGNATURES
Pursuant to the requirements of Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its
behalf by the undersigned, hereunto duly authorized.
ANUHCO, INC.
By: /s/ John P. Bigger
John P. Bigger
President, Treasurer, Chief Executive
Officer & Chief Financial Officer
Date: January 14, 1994
