FORM 10-K/A
Securities and Exchange Commission
Washington, D.C. 20549
(X) Annual Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the fiscal year ended December 31, 1996
or
( ) Transition Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Commission File Number 1-11998
FAC REALTY, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE
(STATE OR OTHER JURISDICTION OF 56-1819372
INCORPORATION OR ORGANIZATION) (I.R.S. EMPLOYER IDENTIFICATION NO.)
11000 Regency Parkway
Third Floor, East Tower
Cary, North Carolina 27511
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
(919) 462-8787
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
TITLE OF EACH CLASS
Common Stock, $.01 par value
NAME OF EACH EXCHANGE ON WHICH REGISTERED
New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act:
None
Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of Registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K[X].
The aggregate market value of the voting stock held by non-affiliates of the
Registrant, as of March 31,1997, was approximately $65,900,000.
As of March 31,1997, there were 12,103,155 shares of the Registrant's Common
Stock, $.01 par value, outstanding.
DOCUMENTS INCORPORATED BY REFERENCE
NONE.
- 1 -
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
FACTORY STORES OF AMERICA, INC.
By /s/ C. CAMMACK MORTON
C. Cammack Morton, President, Chief Executive
Officer and Director
Pursuant to the requirements of the Securities Exchange Act of
1934, this report has been signed by the following persons on behalf of
the Registrant and in the capacities indicated on the 11th day of
April, 1997.
<TABLE>
<S> <C>
/s/ C. CAMMACK MORTON Director, President and Chief Executive Officer
C. Cammack Morton (principal executive officer)
/s/ PATRICK M. MINIUTTI Director, Exec. Vice President and Chief Financial Officer
Patrick M. Miniutti (principal financial officer and accounting officer)
/s/ ROBERT O. AMICK Director
Robert O. Amick
/s/ B. MAYO BODDIE, SR. Director
B. Mayo Boddie, Sr.
/s/ J. RICHARD FUTRELL, JR. Director
J. Richard Futrell, Jr.
/s/ THEODORE E. HAIGLER, JR. Director
Theodore E. Haigler, Jr.
/s/ JOHN W. GILDEA
John W. Gildea Director
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<CASH> 10,894,000
<SECURITIES> 0
<RECEIVABLES> 5,864,000
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 17,276,000
<PP&E> 354,029,000
<DEPRECIATION> 36,027,000
<TOTAL-ASSETS> 358,612,000
<CURRENT-LIABILITIES> 9,537,000
<BONDS> 183,657,000
0
19,162,000
<COMMON> 121,000
<OTHER-SE> 145,300,000
<TOTAL-LIABILITY-AND-EQUITY> 358,612,000
<SALES> 46,489,000
<TOTAL-REVENUES> 47,133,000
<CGS> 13,936,000
<TOTAL-COSTS> 27,738,000
<OTHER-EXPENSES> 11,201,000
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 14,175,000
<INCOME-PRETAX> (5,981,000)
<INCOME-TAX> 0
<INCOME-CONTINUING> (5,981,000)
<DISCONTINUED> 0
<EXTRAORDINARY> (103,000)
<CHANGES> 0
<NET-INCOME> (6,084,000)
<EPS-PRIMARY> (0.55)
<EPS-DILUTED> (0.55)
</TABLE>
