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 22, 1998
--------------------------------------
WATERSIDE CAPITAL CORPORATION
(Exact name of Registrant as specified in its charter)
Virginia
(State or other jurisdiction of incorporation or organization)
333-36709 54-1694665
(Commission File Number) (I.R.S. Employer Identification No.)
300 East Main Street, Suite 1380
Norfolk, Virginia 23510
(Address of Principal Executive Office) (Zip Code)
Registrant's telephone number, including area code: (757) 626-1111
N. .A..
(Former name of former address, if changed since last report)
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
WATERSIDE CAPITAL CORPORATION
Date: April 22, 1998 By /s/ Gerald T. McDonald
------------------
Gerald T. McDonald, Chief Financial Officer
<PAGE>
Item 5. Other Events
A copy of a press release announcing the earnings for the third quarter
ended March 31, 1998 is attached hereto as Exhibit 10.1.
Item 7. Exhibits
10.1 Press Release dated April 22, 1998.
WATERSIDE CAPITAL CORPORATION
300 E. Main Street, Suite 1380
Norfolk, VA 23510 CONTACT: J. Alan Lindauer
President and CEO
(757) 626-1111
Gerald T. McDonald
Chief Financial Officer
(757) 626-1111
April 22, 1998
FOR IMMEDIATE RELEASE:
WATERSIDE CAPITAL CORPORATION REPORTS RECORD LEVEL
OF FINANCIAL PERFORMANCE FOR THE THIRD QUARTER
Norfolk, Virginia -- Virginia based Waterside Capital Corporation (NASDAQ:WSCC)
reported record net income of $312 thousand for the nine months ended March 31,
1998. This level compares favorably to the $274 thousand reported for the entire
1997 fiscal year.
On a per share basis, net income was $.42 per share.
President J. Alan Lindauer said "We were extremely pleased with the
results of our IPO completed February 3, 1998. With the additional new capital
and the leverage available through the SBA, we now have capacity to fund
approximately $50 million in new investments. On the financial front, measures
of performance are ahead of internal projections."
Waterside Capital Corporation is licensed by the Small Business
Administration (the SBA) as a small business investment company (an SBIC). The
Company invests in equity and debt securities of small businesses to finance
their expansion, acquisition, and modernization The Company operates two offices
located in Norfolk and Richmond, Virginia.
