UNITED STATES
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) November 14, 1997
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Photo Control Corporation
(Exact name of registrant as specified in its charter)
Minnesota 0-7475 41-0831186
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
4800 Quebec Avenue North, Minneapolis, MN 55428
(Address of principal executive offices)
Registrant's telephone number, including area code (612) 537-3601
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ITEM 2
The registrant sold the land and building owned by its California
subsidiary, Norman Enterprises, Inc. on November 14, 1997, after moving the
California operations to the registrant's Minneapolis headquarters. The sale was
made in a brokered transaction to a non-affiliated privately held California
investment corporation.
The sale will result in a gain of approximately $606,000 and
approximately $1,500,000 in cash after paying closing costs and the $565,000
balance on the note on the property. As a result of the transaction, the
registrant's land and buildings assets will decrease by $2,067,000 and
accumulated depreciation will decrease by $608,000. Long-term debt and current
maturities of long-term debt will decrease by $565,000.
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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.
PHOTO CONTROL CORPORATION
Date: November 21, 1997 By: /s/ John R. Helmen
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John R. Helmen
President and Chief Executive Officer
Date: November 21, 1997 By: /s/ Curtis R. Jackels
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Curtis R. Jackels
Vice President and Chief Financial Officer
