SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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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 31, 1998
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EFFICIENCY LODGE, INC.
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(Exact name of Registrant as Specified in its Charter)
Georgia 000-02290 58-0898219
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(State or other Jurisdiction of (Commission File (IRS Employer
Incorporation or Organization) Number) Identification No.)
5342 Old Floyd Road
Mableton, Georgia 30126
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(Address of principal executive offices) (Zip code)
N/A
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(Former name or former address, if changed since last report)
Registrant's telephone number, including area code: (770) 819-0039
<PAGE>
ITEM 1. CHANGES IN CONTROL OF REGISTRANT
(a) On December 31, 1998, Roy E. Barnes, a director and Secretary and
Treasurer of the Registrant, resigned as a director and officer and
sold all of his shares of common stock of the Registrant, constituting
all of the capital and voting stock of the Registrant that he owned.
Prior to the sale, Mr. Barnes owned 47.5% of the common stock and his
brother, W. Ray Barnes, owned an equal amount. The Registrant purchased
455,765 of the shares and holds them in treasury. Other directors of the
Registrant purchased a total of 20,000 shares, and the remaining 41,430
shares were purchased by investors not affiliated with the company. As
a result of the sale, the Registrant currently has outstanding 587,918
shares, and W. Ray Barnes, who formerly beneficially owned 47.5% of the
outstanding stock or the Registrant, now beneficially owns 84.4% of the
outstanding common stock of Efficiency Lodge, Inc.
(b) Security ownership of Certain Beneficial Owners and Management
(1) PERSONS BENEFICIALLY OWNING GREATER THAN FIVE PERCENT OF THE
COMPANY'S COMMON STOCK
The following table sets forth the persons known by the Company to own
beneficially more than five percent of the Company's voting securities.
<TABLE>
<CAPTION>
Name and Address of Amount and Nature Percent of
Title of Class Beneficial Owner of Beneficial Owner Common Stock
- ---------------- -------------------- ------------------- -------------
<S> <C> <C> <C>
Common Stock W. Ray Barnes 496,195 84.4%
1680 Seayes Road
P.O. Box 21
Mableton, GA 30059
</TABLE>
(2) SECURITY OWNERSHIP OF MANAGEMENT
The following table sets forth information regarding beneficial ownership
of the Company's common stock by management of the Company, as reflected
in the stock records of the Company or provided to the Company by the
beneficial owners.
<PAGE>
<TABLE>
<CAPTION>
Name and Address Amount and Nature Percent of
of Beneficial Owner of Beneficial Owner Common Stock
- ------------------- ------------------- ------------
<S> <C> <C>
W. Ray Barnes 496,195 84.4%
1680 Seayes Road
P.O. Box 21
Mableton, GA 30059
Arthur L. Crowe, Jr. 5,211 *
567 Colston Road
Marietta, GA 30014
Joseph A. Cochran 347 *
2950 Atlanta Street
Smyrna, GA 30080
Ken F. Thigpen 10,233 1.7%
2572 Oakwood Trace
Smyrna, GA 30080
Dr. Roy W. Sweat, D.C. 7,706 1.3%
4735 River Court
Duluth, GA 30155
All officers and directors as a group 519,683 88.4%
</TABLE>
* Less than one percent
At December 31, 1998, there were issued and outstanding
587,918 shares of Common Stock, par value $0.10 per share.
(3) Change in Control
The registrant does not know of any arrangement the
operation of which may at a subsequent date result in a
change in control of the registrant.
<PAGE>
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.
EFFICIENCY LODGE, INC.
By: /s/ W. Ray Barnes
W. Ray Barnes
President
January 15, 1999
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Date
