FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report: May 27, 1999
PIONEER RAILCORP
(Exact name of registrant as specified in its charter)
IOWA 33-6658-C 37-116131
(State of Incorporation) (Commission File No.) (IRS Employer ID No.)
1318 S. JOHANSON ROAD, PEORIA, ILLINOIS 61607
(Address of principal executive offices) (zip code)
Registrant's telephone number, including area code: (309) 697-1400
Item 2. Disposition of Assets.
On May 13, 1999, Pioneer Railcorp sold all of the stock of the Minnesota
Central Railroad Co. to Southern Rail Resources, Inc., an Iowa Corporation.
Southern Rail Resources, Inc. is not affiliated with Pioneer Railcorp or any
of Pioneer Railcorp's officers, directors, or employees. The Company
realized a loss of $19,999 on the sale of the stock. At the date of the
sale, the Minnesota Central accounted for approximately $374,000 of revenues
and $387,0000 of operating expense on Pioneer Railcorp's consolidated
statement of income. At the date of the sale, the Minnesota Central
accounted for approximately $1.8 million of assets and $1.3 million
of liabilities on the consolidated balance sheet of Pioneer Railcorp. Since
the transaction was a stock sale, all liabilities of the Minnesota Central
Railroad Co. remain with the Minnesota Central Railroad Co.
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 thereunto duly authorized.
PIONEER RAILCORP
(Registrant)
05/27/99 /s/Guy Brenkman
Date GUY L. BRENKMAN
PRESIDENT & CEO
05/27/99 /s/J. Michael Carr
Date J. MICHAEL CARR
TREASURER & CHIEF
FINANCIAL OFFICER
