UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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): December 16, 1999
LUCOR, INC.
(Exact name of registrant as specified in its charter)
FLORIDA 0-25164 65-0195259
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
790 Pershing Road, Raleigh, North Carolina 27608
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: 919-828-9511
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Item 2. Acquisition or Disposition of Assets
On December 16, 1999, Lucor, Inc. (the "Company") executed a Stock
Purchase Agreement with Quick 10 Corporation ("Quick 10"). The Company has
agreed to purchase for cash all of the outstanding stock of Quick 10 for a
purchase price of approximately $18,000,000.
The Company operated 196 "Jiffy Lube" service centers in eight different
states comprising nine different geographic DMA's ("Designated Marketing
Areas") as of December 16, 1999. Quick 10 operates 23 quick lube service
centers in the Raleigh/Durham DMA and 4 quick lube service centers in the
Greensboro and Winston Salem, North Carolina area under the brand name "Quick
10".
The purchase price was funded primarily through funds borrowed through a
series of loan and security agreements with Enterprise Mortgage Acceptance
Company, LLC. The loans totaled $16.1 million and carry an interest rate of
9.79%. All but $1,248,000 is to be repaid in 180 months with the remaining
amount repaid in 108 months. The remaining funds came from cash resources
held by Quick 10.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(a) Financial Statements of Business Acquired. The Registrant will file
the required financial statements of the business acquired under cover of an
amendment to this Current Report on Form 8-K as soon as practicable, but in no
event later than 60 days after the date on which this Current Report on Form
8-K was required to be filed.
(b) Pro Forma Financial Information. The Registrant will file the
required pro forma financial information under the cover of an amendment to
this Current Report on Form 8-K as soon as practicable, but in no event later
than 60 days after the date on which this Current Report on Form 8-K was
required to be filed.
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.
Dated: January 3, 2000 Lucor, Inc.
By: /s/ Kendall A. Carr
___________________________________
Kendall A. Carr
Chief Financial Officer
