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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): July 13, 1998
IMPERIAL CREDIT INDUSTRIES, INC.
(Exact Name of Registrant as Specified in its Charter)
California
(State or Other Jurisdiction of Incorporation)
0-19861 95-4054791
(Commission File Number) (I.R.S. Employer Identification No.)
23550 Hawthorne Boulevard, Building One, Suite 110
Torrance, California 90505
(Address of Principal Executive Offices, Including Zip Code)
(310) 791-8020
(Registrant's Telephone Number, Including Area Code)
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Item 2. Acquisition or Disposition of Assets
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On July 31, 1998, Imperial Credit Industries, Inc. (the "Company" and
"ICII") announced that the operations of its wholly owned subsidiary, Auto
Marketing Network, Inc. ("AMN") were being discontinued. AMN's near term
activities will be limited to the disposition of the remaining loans and
residual interests in securitizations effected with previously originated loans.
Effective as of August 1, 1998, AMN and ICII retained an unrelated third party
to perform all of the AMN auto loan servicing and collection obligations.
Management anticipates that the bulk of the discontinued assets, consisting of
the loans and residual interests in securitizations, will be sold within one
year.
The Company will take an after-tax charge of $7.1 million for the quarter ending
September 30, 1998 related to the discontinuation of AMN's operations.
Additionally, AMN will be recording a $1.5 million net operating loss for the
month of July 1998.
Item 5. Other Events
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On July 13, 1998, the Company announced the acquisition of all of the
outstanding shares of the capital stock of Statewide Documentation, Inc.,
("SDI"), a company providing loan documentation preparation, loan closing,
national notary and recording services and marketing of insurance products, for
236,302 shares of ICII common stock (the "ICII Shares"). The Company granted the
former holders of the SDI capital stock certain registration rights covering the
ICII Shares. The acquisition will be recorded using the purchase method of
accounting. The purchase price was allocated to the net assets acquired based on
their fair value and goodwill of approximately $4.7 million will be recorded. In
connection with this transaction, Paul Lipson, the President of SDI and one of
the former holders of the SDI capital stock, entered into a three year
employment contract with ICII to be President and Chief Executive Officer of
SDI.
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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.
Imperial Credit Industries, Inc.
Date: August 14, 1998 By: /s/ H. Wayne Snavely
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H. Wayne Snavely
Chairman, President and Chief Executive Officer
