THIS DOCUMENT IS A COPY OF THE 8-K/A FILED ON SEPTEMBER 14, 1999 PURSUANT TO A
RULE 201 TEMPORARY HARDSHIP EXEMPTION.
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): June 28, 1999
Research Partners International, Inc.
(Exact Name of Registrant as Specified in Charter)
Delaware 0-21105 31-3414302
(State or other Jurisdiction (Commission File Number) (IRS Employer
of Incorporation) Identification No.)
One State Street Plaza, 24th Floor, New York, NY 10004
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone Number, including area code: (212) 509-3800
N/A
(Former name or former address, if changed since last report)
<PAGE>
Item 7. Financial Statements, Pro Forma Financial Statements and Exhibits
(b) Pro Forma Financial Statements
RESEARCH PARTNERS INTERNATIONAL, INC. AND SUBSIDIARIES
Unaudited Pro Forma Condensed Consolidated Financial Statements
The following unaudited Pro Forma Condensed Consolidated Statement of Financial
Condition as of April 30, 1999 and the unaudited Pro Forma Condensed
Consolidated Statements of Operations for the year ended January 31, 1999 and
the three months ended April 30, 1999 give effect to Research Partners
International, Inc.'s ("RPII") sale of certain of the assets (the "Sale") of its
wholly owned subsidiary, Southeast Research Partners, Inc. ("SERP"), to Ryan
Beck & Co., Inc. ("RBC") as of February 1, 1998, the first day of the periods
presented. The Sale occurred on June 28, 1999. The pro forma information is
based on the historical consolidated financial statements of RPII after giving
effect to the pro forma adjustments described in the Notes to the Unaudited Pro
Form Condensed Consolidated Financial Statements.
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<PAGE>
<TABLE>
RESEARCH PARTNERS INTERNATIONAL, INC. AND SUBSIDIARIES
Unaudited Pro Forma Condensed Consolidated Statement of Financial Condition
April 30, 1999
<CAPTION>
SERP Pro Forma
RPII Historical Adjustments
Historical (See Note B) (See Note D) Pro Forma
---------- ---------------- ------------------ -----------------
<S> <C> <C> <C> <C>
Assets
Cash and cash equivalents $ 11,852,000 $ (875,000) $ (157,000) $ 12,570,000
Receivable from brokers and dealers 2,246,000 - - 2,246,000
Securities owned, at market value 1,945,000 - - 1,945,000
Securities owned, not readily
marketable, at fair value 1,531,000 - - 1,531,000
Investments 1,602,000 - - 1,602,000
Goodwill, net 3,641,000 3,641,000 - -
Other assets 7,444,000 566,000 - 6,878,000
---------------- ---------------- ----------------- ----------------
Total assets $ 30,261,000 $ 3,332,000 $ (157,000) $ 26,772,000
================ ================ ================= ================
Liabilities and Stockholders' Equity
Liabilities:
Securities sold, not yet purchased,
at market value $ 708,000 $ - $ - $ 708,000
Commissions payable 3,828,000 - - 3,828,000
Accrued expenses and other
liabilities 2,595,000 - - 2,595,000
---------------- ---------------- ----------------- ----------------
Total liabilities 7,131,000 - - 7,131,000
---------------- ---------------- ----------------- ----------------
Stockholders' equity:
Preferred stock, $.10 par value;
1,200,000 shares authorized;
1,140,000 and no shares issued
and outstanding 114,000 104,000 - 10,000
Common stock, $.0001 par value;
35,000,000 shares authorized;
9,209,875 shares issued;
8,569,780 shares outstanding 1,000 - - 1,000
Additional paid-in capital 20,890,000 935,000 - 19,955,000
Retained earnings 4,968,000 2,293,000 (157,000) 2,518,000
Accumulated other comprehensive
loss (27,000) - - (27,000)
---------------- ---------------- ----------------- ----------------
25,946,000 3,332,000 (157,000) 22,457,000
Less treasury stock, at cost;
640,095 shares (2,816,000) - - (2,816,000)
---------------- ---------------- ----------------- ----------------
Total stockholders' equity 23,130,000 3,332,000 (157,000) 19,641,000
---------------- ---------------- ----------------- ----------------
Total liabilities and stockholders'
equity $ 30,261,000 $ 3,332,000 $ (157,000) $ 26,772,000
================ ================ ================= ================
</TABLE>
See accompanying notes to unaudited pro forma condensed consolidated financial
statements.
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<PAGE>
<TABLE>
RESEARCH PARTNERS INTERNATIONAL, INC. AND SUBSIDIARIES
Unaudited Pro Forma Condensed Consolidated Statement of Operations
For the Year Ended January 31, 1999
<CAPTION>
SERP Pro Forma
RPII Historical Adjustments
Historical (See Note C) (See Note D) Pro Forma
---------- ---------------- ------------------ -----------------
<S> <C> <C> <C> <C>
Revenues:
Commissions $ 42,086,000 $ 5,901,000 $ - $ 36,185,000
Investment banking 3,973,000 1,970,000 - 2,003,000
Principal transactions 395,000 1,539,000 - (1,144,000)
Interest 1,334,000 83,000 - 1,251,000
Other 2,382,000 (8,000) - 2,390,000
---------------- ---------------- ----------------- ----------------
Total revenues 50,170,000 9,485,000 - 40,685,000
---------------- ---------------- ----------------- ----------------
Expenses:
Compensation and benefits 37,323,000 7,273,000 - 30,050,000
Communications 5,079,000 999,000 - 4,080,000
Brokerage, clearing and
exchange fees 3,783,000 885,000 - 2,898,000
Occupancy and equipment 5,843,000 676,000 - 5,167,000
Business development 1,983,000 427,000 - 1,556,000
Professional fees 2,153,000 213,000 478,000 2,418,000
Other 3,177,000 481,000 - 2,696,000
---------------- ---------------- ----------------- ----------------
Total expenses 59,341,000 10,954,000 478,000 48,865,000
---------------- ---------------- ----------------- ----------------
(Loss) income before income taxes (9,171,000) (1,469,000) (478,000) (8,180,000)
Income tax benefit 1,788,000 377,000 - 1,411,000
---------------- ---------------- ----------------- ----------------
(Loss) income from continuing
operations (7,383,000) (1,092,000) (478,000) (6,769,000)
---------------- ---------------- ----------------- ----------------
Discontinued operations:
Loss from disposal of the
Institutional and Research
segment - - (750,000) (750,000)
---------------- ---------------- ----------------- ----------------
- - (750,000) (750,000)
---------------- ---------------- ----------------- ----------------
Net loss $ (7,383,000) $ 1,092,000 $ (1,228,000) $ (7,519,000)
================ ================ ================= ================
Weighted average common shares
outstanding - basic 8,206,652 8,206,652
================ ================
Weighted average common shares
outstanding - diluted 8,206,652 8,206,652
================ ================
Basic loss per common share $ (0.90) $ (0.92)
================ ================
Diluted loss per common share $ (0.90) $ (0.92)
================ ================
</TABLE>
See accompanying notes to unaudited pro forma condensed consolidated financial
statements.
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<PAGE>
RESEARCH PARTNERS INTERNATIONAL, INC. AND SUBSIDIARIES
Unaudited Pro Forma Condensed Consolidated Statement of Operations
For the Three Months Ended April 30, 1999
<TABLE>
SERP Pro Forma
RPII Historical Adjustments
Historical (See Note C) (See Note D) Pro Forma
---------- ---------------- ------------------ -----------------
<S> <C> <C> <C> <C>
Revenues:
Commissions $ 13,514,000 $ 1,457,000 - $ 12,057,000
Investment banking 1,337,000 698,000 - 639,000
Principal transactions 1,127,000 741,000 - 386,000
Interest 392,000 26,000 - 366,000
Other 236,000 - - 236,000
---------------- ---------------- ----------------- ----------------
Total revenues 16,606,000 2,922,000 - 13,684,000
---------------- ---------------- ----------------- ----------------
Expenses:
Compensation and benefits 10,653,000 1,729,000 - 8,924,000
Communications 1,118,000 218,000 - 900,000
Brokerage, clearing and
exchange fees 1,122,000 255,000 - 867,000
Occupancy and equipment 1,456,000 181,000 - 1,275,000
Business development 363,000 101,000 - 262,000
Professional fees 543,000 31,000 157,000 669,000
Other 734,000 500,000 - 234,000
---------------- ---------------- ----------------- ----------------
Total expenses 15,989,000 3,015,000 157,000 13,131,000
---------------- ---------------- ----------------- ----------------
Income before income taxes 617,000 (93,000) (157,000) 553,000
Income taxes - - -
---------------- ---------------- ----------------- ----------------
Net income $ 617,000 $ (93,000) $ (157,000) $ 553,000
================ ================ ================= ================
Weighted average common shares
outstanding - basic 8,471,421 8,471,421
================ ================
Weighted average common shares
outstanding - diluted 8,724,612 8,620,692
================ ================
Basic earnings per common share $ 0.07 $ 0.07
================ ================
Diluted earnings per common share $ 0.07 $ 0.06
================ ================
</TABLE>
See accompanying notes to unaudited pro forma condensed consolidated financial
statements.
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<PAGE>
RESEARCH PARTNERS INTERNATIONAL, INC. AND SUBSIDIARIES
Notes to unaudited Pro Forma Condensed Consolidated Financial Statements
(A) The unaudited pro forma condensed consolidated financial statements
include the activities of RPII, adjusted for the pro forma effect of
the Sale.
The unaudited pro forma condensed consolidated information does not
purport to project RPII's financial position or results of operation
on any future date or period. The pro forma adjustments are based on
available information and certain assumptions that RPII believes are
reasonable in the circumstances. The unaudited pro forma condensed
consolidated financial information should be read in conjunction with
the historical consolidated financial statements of RPII for the year
ended January 31, 1999 and as of and for the three months ended April
30, 1999.
The pro forma adjustments and pro forma amounts are provided for
informational purposes only. All significant intercompany accounts and
transactions are eliminated in consolidation.
(B) Elimination of assets sold by RPII to RBC, pursuant to the Sale, and
amounts subsequently written-off or cancelled as a result of the Sale.
(C) Elimination of SERP's actual operating results for the periods
indicated from RPII's historical consolidated consolidated financial
statements with the exception of research services income of $715,000,
management fees of $240,000 and interest expense of $200,000 for the
year ended January 31, 1999, and research services income of $173,000,
management fees of $138,000 and interest expense of $50,000 for the
three months ended April 30, 1999, which are intercompany amounts, and
therefore eliminated in consolidation.
(D) Adjustment to record research services expense, previously an
intercompany expense for RPII, as a third-party expense, based on an
agreement between RPII and RBC.
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<PAGE>
SIGNATURES
Pursuant to the requirements of the Securites Exchange Act of 1934, The
Registrant had duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: September 13, 1999 RESEARCH PARTNERS INTERNATIONAL, INC.
By: /s/ Richard M. Feldman
-------------------------------------------
Richard M. Feldman, Chief Financial Officer
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