-----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, LOdgg1vXNwWCok7ftsE2K/rYs6LguSaNQ9ul3zd8zoGdPeYdiOetB/OtahDcZWDd TpsxJdJaFzCoK4uJF7jV+Q== 0001019056-03-000856.txt : 20030829 0001019056-03-000856.hdr.sgml : 20030829 20030829122033 ACCESSION NUMBER: 0001019056-03-000856 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030829 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030829 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: 03873177 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 August 29, 2003 Date of Report (Date of earliest event reported) Strategic Capital Resources, Inc. (Exact name of Registrant as specified in its charter) Florida 0-28168 11-3289981 - ---------------------------- ----------------------- ------------------- (State or Other Jurisdiction (Commission File Number) (IRS Employer of Incorporation) Identification No.) 7900 Glades Road, Suite 610, Boca Raton, Florida 33434 ---------------------------------------------------------------- (Address of principal executive office) (ZipCode) Registrant's Telephone Number, Including Area Code: (561) 558-0165 Not Applicable ---------------------------------------------------------------- (Former Name or Former Address, if changed since Last Report) - -------------------------------------------------------------------------------- TABLE OF CONTENTS ITEM 7(c). EXHIBITS 2 ITEM 9. REGULATION FD DISCLOSURE 2 SIGNATURES 3 EXHIBIT 4 - -------------------------------------------------------------------------------- ITEM 7(c). Exhibits 99.1 Press release dated August 29, 2003 ITEM 9. Regulation FD Disclosure The following information, intended to be furnished under "Item 12. Disclosure of Results of Operations and Financial Condition" of Form 8-K, is instead being furnished under this "Item 9. Regulation FD Disclosure" in accordance with SEC Release No. 33-8216. Strategic Capital Resources, Inc. issued a press release August 29, 2003 with earnings information on the Company's fiscal year ended June 30, 2003. The press release is furnished with this Form 8-K as exhibit 99.1. -2- - -------------------------------------------------------------------------------- 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 -3- - -------------------------------------------------------------------------------- EX-99 3 ex99_1.txt EXHIBIT 99.1 Press Release Strategic Capital Resources, Inc. Reports Fiscal 2003 Results Friday August 29, 2003, Boca Raton, Fla.--(BUSINESS WIRE)--August 29, 2003--Strategic Capital Resources, Inc. (the "Company")(NQB Pink Sheets: SCPI) today reported net income for its fiscal year ended June 30, 2003 of $876,247 or $11.35 per share (diluted), on revenues of $9,463,270 versus net income of $832,730 or $10.73 per share (diluted) on revenues of $11,340,252 for the fiscal year ended June 30, 2002. The Company's principal operations consist of the following business lines: 1) The purchase and leaseback of model homes; 2) The acquisition, development and sale of residential real estate; 3) Multi-family residential property (our prior multi-family residential property project was sold March, 2003). The Company is actively exploring other asset classes and business opportunities. Future opportunities may be in real estate assets or extend to other real estate activities or unrelated asset classes. This news release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to future goals and business opportunities that involve substantial risks and uncertainties. Such risks and uncertainties include, but are not limited to, general economic conditions, changes in interest rates, ability to continue insurance coverage, real estate values, competition, changes in accounting principles, policies or guidelines, changes in legislation or regulation and other economic, competitive, governmental, regulatory and technological factors that may affect our operations, pricing, products and services. Actual results and developments may therefore differ materially for those described in the release. For more information about the Company and risks arising when investing in the Company, you are directed to the Company's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission. See attached financial data schedules -4- - -------------------------------------------------------------------------------- Schedule 1 STRATEGIC CAPITAL RESOURCES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE YEARS ENDED JUNE 30, 2003 and 2002 ------------------------------------------------ 2003 2002 ------------ ------------ Revenue and other income Interest income on direct financing Arrangements: Model Homes $ 1,457,317 $ 2,938,599 Residential real estate 5,188,549 7,106,852 Multi-family residential property 726,760 819,472 Rental income on operating leases 1,169,624 -- Gain on sales of model home properties under direct financing arrangements 676,765 393,859 Gain on sale of multi-family residential property 194,703 -- Other interest and other income 49,552 81,470 ------------ ------------ Total revenues and other income 9,463,270 11,340,252 ------------ ------------ Cost and operating Expenses Interest and financing charges to financial institutions 3,420,040 4,956,835 Interest and financing charges to stockholders 451,384 214,030 Model home depreciation 174,976 -- Amortization 1,293,682 1,530,124 Depreciation -- 17,012 Corporate selling, general and administrative 2,258,203 2,564,342 Impairment charge 753,135 91,122 ------------ ------------ Total costs and operating expenses 8,351,420 9,373,465 ------------ ------------ Income before income tax expense 1,111,850 1,966,787 ------------ ------------ Income tax expense Current 471,889 642,463 Deferred (241,286) 436,594 ------------ ------------ Total income tax expense 230,603 1,079,057 ------------ ------------ Net income 881,247 887,730 Preferred stock distributions 5,000 55,000 ------------ ------------ Income (loss) applicable to common stockholders $ 876,247 $ 832,730 ============ ============ -5- - --------------------------------------------------------------------------------
Schedule 2 STRATEGIC CAPITAL RESOURCES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS AS OF JUNE 30, 2003 AND 2002 ---------------------------- 2003 2002 ------------ ------------ ASSETS ------ REVENUE PRODUCING ASSETS Net investment in direct financing arrangements: Model homes $ 7,013,523 $ 16,140,165 Residential real estate 18,437,797 62,020,542 Multi-family residential property -- 10,010,585 Model homes under operating leases, net of accumulated depreciation of $174,976 25,981,488 -- ------------ ------------ Total Revenue Producing Assets 51,432,808 88,171,292 ------------ ------------ OTHER ASSETS Cash and cash equivalents 6,448,089 801,415 Deferred charges, net 537,664 848,466 Deferred operating lease income receivable 171,187 -- Prepaid income taxes 89,101 -- Deferred income taxes -- 86,967 Accounts receivable -- 752,700 ------------ ------------ Total Other Assets 7,246,041 2,489,548 ------------ ------------ TOTAL ASSETS $ 58,678,849 $ 90,660,840 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY ------------------------------------ LIABILITIES Mortgages and notes payable $ 47,874,223 $ 77,592,477 Accounts payable and accrued expenses 807,400 1,733,177 Unearned income 46,410 173,038 Current income taxes -- 237,093 Deferred income taxes 373,749 615,035 Stockholder loans 300,000 1,909,200 ------------ ------------ Total Liabilities 49,401,782 82,260,020 ------------ ------------ COMMITMENTS AND CONTINGENCES STOCKHOLDERS' EQUITY Preferred stock, $.01 par value, 5,000,000 shares authorized, -0- shares issued and outstanding in 2003 and 2002 -- -- Common stock, $.001 par value, 25,000,000 shares authorized, 87,560 shares issued and 77,192 shares outstanding in 2003 and 2002 88 88 Additional paid-in capital 8,847,616 8,847,616 Treasury stock, 10,368 shares at cost (457,999) (457,999) Retained earnings 887,362 11,115 ------------ ------------ Total Stockholders' Equity 9,277,067 8,400,820 ------------ ------------ TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 58,678,849 $ 90,660,840 ============ ============
- --------------------------------- Contact: Strategic Capital Resources, Inc. David Miller, (561) 558-0165 jjfn@prodigy.net -6- - -------------------------------------------------------------------------------- -----END PRIVACY-ENHANCED MESSAGE-----