-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PF0ywFdjNeHsnFwQ3TGQhOJqW1d1nMv99Y/55Zj3yJNCZMFuP1aYYilRCDaYCzOv 6eF0aDCGyEQEi3HnZ1XCsw== 0001019056-03-000509.txt : 20030609 0001019056-03-000509.hdr.sgml : 20030609 20030609155127 ACCESSION NUMBER: 0001019056-03-000509 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030609 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030609 FILER: COMPANY DATA: COMPANY CONFORMED NAME: STRATEGIC CAPITAL RESOURCES INC CENTRAL INDEX KEY: 0001009416 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE DEALERS (FOR THEIR OWN ACCOUNT) [6532] IRS NUMBER: 113289981 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-28168 FILM NUMBER: 03737528 BUSINESS ADDRESS: STREET 1: 7900 GLADES RD. STREET 2: SUITE 610 CITY: BOCA RATON STATE: FL ZIP: 33434 BUSINESS PHONE: 5615580165 MAIL ADDRESS: STREET 1: 7900 GLADES RD. STREET 2: SUITE 610 CITY: BOCA RATON STATE: FL ZIP: 33434 FORMER COMPANY: FORMER CONFORMED NAME: JJFN SERVICES INC DATE OF NAME CHANGE: 19960301 8-K 1 strategic_8k.txt FORM 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report June 9, 2003 Commission File No. 0-28168 Strategic Capital Resources, Inc. ------------------------------------------------------ (Exact name of Registrant as specified in its charter) Delaware 11-3289981 - ------------------------------- ----------------------------------- (State or other jurisdiction of IRS Employer Identification Number) incorporation or organization) 7900 Glades Road, Suite 610, Boca Raton, Florida 33434 ------------------------------------------------------ (Address of principal executive office) (561) 558-0165 ---------------------------------------------------- (Registrant's Telephone Number, Including Area Code) ITEM 5. Other Events On June 9, 2003, Strategic Capital Resources, Inc. issued a press release reporting its financial results for the third quarter ended March 31, 2003. A copy of such press release is attached, and incorporated herein by reference, as Exhibit 99.1. ITEM 7. Financial Statements, Pro Forma Financial Information and Exhibits (c) Exhibits. Exhibit 99.1 Earnings Press Release - third quarter ended March 31, 2003. ITEM 9. Regulation FD Disclosure The information contained in this Item 9 is being furnished pursuant to Item 12. "Results of Operations and Financial Condition" in accordance with SEC Release 33-8216; 34-47583; IC-25983; March 27, 2003. The information in this Current Report is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that Section. The Information in this Current Report shall not be deemed incorporated by reference into any registration statement or other filing under the Securities Act of 1933, as amended, or the Exchange Act. On June 9, 2003, the Company issued a press release announcing its financial results for the third quarter ended March 31, 2003. A copy of the Earnings Press Release is attached as Exhibit 99.1. 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. STRATEGIC CAPITAL RESOURCES, INC. By: /s/ DAVID MILLER ------------------------------------- Name: David Miller Title: Chairman and CEO EXHIBIT INDEX Exhibit No. Description - ----------- ----------- 99.1 Earning Press Release - third quarter ended March 31, 2003 EX-99 3 ex99_1.txt EXHIBIT 99.1 EXHIBIT 99.1 STRATEGIC CAPITAL RESOURCES, INC. REPORTS 3rd QUARTER FISCAL 2003 RESULTS Strategic Capital Resources, Inc. (OTCBB-SCPI) today reported a net income for its fiscal 3rd quarter 2003 of $ 494,336 or $6.40 per share, on revenues of $2,648,063 compared to net income of $354,432 or $4.40 per share on revenues of $2,808,030 (As restated) for the same quarter of fiscal 2002 for the period ended March 31. This represents a 6% decrease in revenues and 28% increase in net income for the quarter ended March 31, 2003 versus March 31, 2002. The increase in net income was primarily due to the sale of the multi-family residential property which contributed $281,670 to earnings. For the nine months ended March 31, 2003, Strategic Capital Resources reported net income of $842,614 or $10.85 per share on revenues of $ 7,327,189 compared to net income of $1,281,566 or $16.02 per share on revenues of $8,461,953 (As restated) for the same period of fiscal 2002 ended March 31. The decrease in revenue was due to the reduced amount of interest income on direct financing arrangements which totaled $ 6.4 million for the period compared to $8.0 million for the same period in the prior year. The decrease in net income was attributable to a $250,000 impairment charge and a decrease in interest income for the nine months ended March 31, 2003. The company's principal operations consist of the following business lines: 1. The purchase and leaseback of fully furnished model homes. 2. The acquisition, development and sale of residential real estate. 3. The purchase and leaseback of multi-family residential/commercial real estate (sold March 2003) "Safe Harbor Statement" Except for the historical information contained herein, certain matters discussed in this press release are "forward looking statements" as defined in the Private Securities Litigation Reform Act of 1995, which involve certain risks and uncertainties, including but not limited to changes in competition, environmental factors, and governmental regulations affecting the company's operations. See the company's latest Annual Report on Form 10-K for the year and Form 10-Q/A filed with the SEC for a discussion of these and other risks and uncertainties applicable to the company's business. STRATEGIC CAPITAL RESOURCES, INC. Select Financial Data Amount in thousands (except per share amounts) *Refer to Form 10-Q, March 31, 2003, Page 9, SEC Three Months Ended Consultation/Prior Period Adjustments for additional March 31, information 2003 2002 ------- ------- (As Restated)* Revenues $ 2,648 $ 2,808 Costs & Expenses 1,971 2,306 Operating Income before income taxes 677 502 Income tax expense 183 148 Net income 494 354 Preferred Stock Distributions 0 15 Income applicable to Common Shareholders 494 339 Weighted average shares outstanding 77 77 Earnings per share - Basic & Diluted $ 6.40 $ 4.40 Nine Months Ended March 31, 2003 2002 ------- ------- (As Restated)* Revenues $ 7,327 $ 8,462 Costs & Expenses 5,956 6,600 Operating Income before income taxes 1,371 1,862 Income tax expense 529 580 Net income 842 1,282 Preferred Stock Distributions 5 45 Income applicable to Common Shareholders 837 1,237 Weighted average shares outstanding 77 77 Earnings per share - Basic & Diluted $ 10.85 $ 16.02 Balance Sheet Data March 31, June 30, - ------------------ 2003 2002 ------- ------- (As Restated)* Net investment in direct financing leases: Model Homes $11,660 $16,140 Residential Real Estate $25,385 $62,020 Multi-family Residential $ 0 $10,011 Net investment in operating leases $26,113 $ 0 Total Revenue Producing $63,158 $88,171 Assets Total Assets $67,527 $90,667 Shareholders' Equity $ 9,238 $ 8,400 Contact: Strategic Capital Resources, Inc., Boca Raton Cary Greenberg, CFO, 561-558-0165 caryg@strcap.com -----END PRIVACY-ENHANCED MESSAGE-----