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): April 14, 1999
THE FINOVA GROUP INC.
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(Exact Name of Registrant Specified in Charter)
Delaware 1-11011 86-0695381
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(State or Other (Commission File (I.R.S. Employer
Jurisdiction of Number) Identification No.)
Incorporation)
P.O. Box 2209, Phoenix, Arizona 85002-2209
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(Address of Principal Executive Offices) (Zip Code)
(602) 207-1019
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(Registrant's telephone number)
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(Former Name or Former Address, if Changed Since Last Report)
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ITEM 5. OTHER EVENTS
The Company's press release issued April 14, 1999 is attached as Exhibit
99.1 and is incorporated in this filing by reference. In that release, FINOVA
announced that it rescheduled the release of its earnings for the first quarter
of 1999 because its independent auditors, Deloitte & Touche, LLP, first raised
the issues described in the press release immediately prior to the scheduled
dissemination of the first quarter 1999 earnings. FINOVA and Deloitte & Touche
are working together to resolve the subject issues and the Company anticipates
issuing its first quarter results together with revised financial results for
the year ended December 31, 1998 in the near future, with an accompanying
unqualified audit opinion.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(c) Exhibits
Exhibit Number Description
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99.1 Press Release issued April 14, 1999 by
The FINOVA Group Inc.
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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.
THE FINOVA GROUP INC.
By: /s/ Bruno A. Marszowski
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Bruno A. Marszowski
Title: Senior Vice-Presdient - Controller
and Chief Financial Officer
Dated: April 16, 1999
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EXHIBIT INDEX
Exhibit Number Description
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99.1 Press Release issued April 14, 1999 by The FINOVA Group Inc.
EXHIBIT 99.1 Press Release of The FINOVA Group Inc.
The FINOVA Group Inc.
Reschedules First Quarter 1999 Earnings Release to April 28
PHOENIX, Ariz., April 14, 1999: The FINOVA Group Inc. (NYSE: FNV) today
rescheduled the release of its earnings for the first quarter of 1999 to April
28, 1999, and stated that it expects to meet or exceed the consensus estimates
for the first quarter of 1999. In the interim, FINOVA is reviewing two
accounting issues which were raised late yesterday by the company's independent
auditor, Deloitte & Touche, LLP.
The first issue relates to the timing and amount of the commercial
mortgage-backed securities (CMBS) gain reported in 1998 and would result in a
reduction of 1998 CMBS gains and a positive adjustment in the 1999 CMBS gains.
The second issue relates to accounting for transaction costs pursuant to which
the company may have to adjust the timing for recognizing those costs, which
could result in an increase in 1999 and prior-year earnings. Because of these
potential adjustments, investors should not, in the interim, rely on FINOVA's
reported results for the year ended Dec. 31, 1998 or the independent auditor's
report thereon, pending FINOVA's analysis of these issues.
The FINOVA Group Inc., through its principal operating subsidiary, FINOVA
Capital Corporation, is one of the nation's leading financial services companies
focused on providing a broad range of capital solutions primarily to midsize
business. FINOVA is headquartered in Phoenix with business development offices
throughout the U.S. and in London, U.K., and Toronto, Canada. FINOVA was
recently named one of FORTUNE's "Best 100 Companies To Work For In America." For
more information, visit the company's website at www.finova.com.
