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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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): September 27, 2000
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AMERICAN BUSINESS FINANCIAL SERVICES, INC.
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(Exact name of registrant as specified in its charter)
Delaware 000-22474 87-0418807
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(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation) Identification No.)
111 Presidential Boulevard, Bala Cynwyd, PA 19004
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(Address of principal executive offices/Zip Code)
Registrant's telephone number, including area code: (610) 668-2440
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Former name, former address, and former fiscal year,
if changed since last report:
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Forward-Looking Statements
Some of the information in this report on Form 8-K or the documents
incorporated by reference in this report on Form 8-K may contain forward-looking
statements. You can identify these statements by words or phrases such as "will
likely result," "may," "are expected to," "will continue to," "is anticipated,"
"estimate," "projected," "intends to" or other similar words. These
forward-looking statements regarding our business and prospects are based upon
numerous assumptions about future conditions, which may ultimately prove to be
inaccurate. Actual events and results may materially differ from anticipated
results described in those statements. Forward-looking statements involve risks
and uncertainties described under "Risk Factors" as well as other portions of
the Form 8-K, which could cause our actual results to differ materially from
historical earnings and those presently anticipated. When considering
forward-looking statements, you should keep those risk factors in mind as well
as the other cautionary statements in this report on Form 8-K. You should not
place undue reliance on any forward-looking statement.
Item 5. Other Events
The Company previously reported that it issued the press release on
September 27, 2000, which disclosed that the Company will be filing its Annual
Report on Form 10-K within the 15 days period following September 28, 2000 as
provided in SEC rules. The delay in filing the Form 10-K is the result of the
Company being unable to complete its cash flow analysis for the period from June
30, 2000 through September 30, 2001. This analysis is necessary to complete the
year end audit. Management of the Company first became aware that this
information was necessary in connection with the completion of the year end
audit in late September and concluded its analysis of cash flows on or about
October 3, 2000.
The Company anticipates recording in the fourth quarter a write-down of
its interest-only strips as a result of a contemplated change in the discount
rate used to value the interest-only strips. The adjustment to the carrying
value of the interest-only strips will be recorded as an expense and the Company
will have a loss for the fourth quarter of fiscal 2000.
The Company is completing the year end audit process and currently
anticipates filing its Annual Report on Form 10-K within the extension period
provided by SEC rules.
Item 7. Financial Statements and Exhibits
(a) Financial Statements
None
(b) Pro-forma Financial Information
None
(c) Exhibits
The following exhibits are filed herewith:
Exhibit
Number Description
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99.1 Press Release dated September 27, 2000 (Incorporated by reference from
the Current Report on Form 8-K filed with the SEC on September 27,
2000.)
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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 hereunto duly authorized.
AMERICAN BUSINESS FINANCIAL
SERVICES, INC.
Date: October 10, 2000 By: /s/ Albert W. Mandia
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Albert W. Mandia
Title: Executive Vice President-Finance
and Chief Financial Officer
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EXHIBIT INDEX
Exhibit
Number Description
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99.1 Press Release dated September 27, 2000 (Incorporated by reference
from the current report on Form 8-K filed with the SEC on September
27, 2000).
