SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K/A
Annual Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
For the fiscal year ended December 31, 1997 Commission file number 014140
F I R S T A L B A N Y C O M P A N I E S I N C .
(Exact name of registrant as specified in its charter)
New York 22-2655804
- --------------------------- -----------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
30 S. Pearl Street, Albany, New York 12207
- ------------------------------------ ----------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (518) 447-8500
---------------
Securities registered pursuant to Section 12(b) of the Act:
Name of each exchange on
Title of each class which registered
none none
- ------------------- -----------------------
Securities registered pursuant to Section 12(g) of the Act:
Common stock par value $.01 per share
- -----------------------------------------------------------------------------
(Title of class)
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
---------
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [ ]
As of March 13, 1998, 5,886,806 shares, par value $.01 per share, were
outstanding. The aggregate market value of the shares of common stock of the
Registrant held by non-affiliates (based upon the closing price of Registrant's
shares as reported on the NASDAQ system on March 13, 1998, which was $14.50) was
approximately $41,613,564.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the Registrant's definitive proxy statement to be filed with the
Securities and Exchange Commission are incorporated by reference into Part III.
</PAGE>
<PAGE>
Item 8. Financial Statements and Supplementary Data.
- -----------------------------------------------------
Index to Financial Statements and Supplementary Data
Page
REPORT OF INDEPENDENT ACCOUNTANTS 3
(This Form-10K/A is being filed to correct a
typographical error on the date of the Report
of Independent Accountants that was made
at the time the original document was edgarized).
</PAGE>
<PAGE>
Report of Independent Accountants
Board of Directors and Stockholders
First Albany Companies Inc.
We have audited the consolidated statements of financial
condition of First Albany Companies Inc. as of December 31,
1997 and 1996 and the related statements of income, changes
in stockholder's equity and cash flows for the years ended
December 31, 1997 and 1996, the three months ended December
31, 1995 and the year ended September 29, 1995 and the
financial statement schedule listed in Item14(a) of this Form
10-K. These financial statements and financial statement
schedule are the responsibility of the Company's management.
Our responsibility is to express an opinion on these financial
statements and financial statement schedule based on our
audits.
We conducted our audits in accordance with generally
accepted auditing standards. Those standards require that
we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material
misstatement. An audit includes examining on a test basis,
evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the consolidated
financial position of First Albany Companies Inc. as of
December 31, 1997 and 1996, and the consolidated results of
their operations and their cash flows for the years ended
December 31, 1997 and 1996, the three months ended December
31, 1995, and for the year ended September 29, 1995 in
conformity with generally accepted accounting principles.
In addition, in our opinion, the financial statement
schedule referred to above, when considered in relation to
the basic financial statements taken as a whole, presents
fairly, in all material respects, the information required
to be included therein.
COOPERS & LYBRAND L.L.P.
Albany, New York
February 13, 1998
