-----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, ReDWd1wgGGCRIGXyIyOtYLDxU37y5jMENSRFGd4oAkM7j7dbqHqDiv+VbJdDvKXV UTT+I0ZsjL5HlqQuhSK/rw== 0001012704-01-500023.txt : 20010917 0001012704-01-500023.hdr.sgml : 20010917 ACCESSION NUMBER: 0001012704-01-500023 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20010907 ITEM INFORMATION: Other events FILED AS OF DATE: 20010914 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UGLY DUCKLING CORP CENTRAL INDEX KEY: 0001012704 STANDARD INDUSTRIAL CLASSIFICATION: PERSONAL CREDIT INSTITUTIONS [6141] IRS NUMBER: 860721358 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14759 FILM NUMBER: 1737133 BUSINESS ADDRESS: STREET 1: 2525 E CAMELBACK ROAD STREET 2: STE 500 CITY: PHOENIX STATE: AZ ZIP: 85016 BUSINESS PHONE: 6028526600 MAIL ADDRESS: STREET 1: 2525 E CAMELBACK RD STREET 2: STE 1150 CITY: PHOENIX STATE: AZ ZIP: 85016 8-K 1 f8ktxt.txt FORM 8-K 1 UNITED STATES 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): September 14, 2001 UGLY DUCKLING CORPORATION ------------------------- (Exact name of registrant as specified in its charter) Delaware 000-20841 86-0721358 ---------- ----------- ----------- State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 4020 E. Indian School Road, Phoenix, Arizona 85016 --------------------------------------------------- (Address of principal executive offices) (Zip code) Registrant's telephone number, including area code (602) 852-6600 ----------------- 2525 E. Camelback Road, Suite 500, Phoenix, Arizona 85018 - -------------------------------------------------------------------------------- (Former name or former address, if changed since last report.) 2 Item 5. Other Events Attached hereto as Exhibit 99.3 is a copy of Ugly Duckling Corporation's press release dated September 6, 2001 titled "Ugly Duckling Announces Closing of an Inventory Line of Credit." EXHIBIT NUMBER DESCRIPTION 99.3 Ugly Duckling Corporation Press Release dated September 6, 2001, titled "Ugly Duckling Announces Closing of an Inventory Line of Credit" SIGNATURE 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. UGLY DUCKLING CORPORATION Date: September 14, 2001 By: \s\ Jon D. Ehlinger ---------------------------------- Vice President, Secretary and General Counsel 3 EXHIBIT INDEX
EXHIBIT NUMBER DESCRIPTION 99.4 Ugly Duckling Corporation Press Release dated September 13, 2001, titled "Ugly Duckling Announces closing of an Inventory Line of Credit."
EX-99.3 3 exhibittxt.txt UDC.IC/PRESS RELEASE/8K CONTACTS: Steven T. Darak Senior Vice President and Chief Financial Officer (602) 852-6600 Investor Relations Ugly Duckling Corporation Investor-relations@uglyduckling.com FOR IMMEDIATE RELEASE UGLY DUCKLING ANNOUNCES CLOSING OF AN INVENTORY LINE OF CREDIT PHOENIX - September 6, 2001 - Ugly Duckling Corporation (Nasdaq NM: UGLY), today announced that it has entered into a $36 million inventory line of credit with Automotive Finance Corporation (AFC), a wholly owned subsidiary of ALLETE, Inc. This line of credit replaces the company's existing inventory line of credit. As previously announced, the company's prior lender has made a strategic decision to exit the automobile finance business. The new inventory facility has an interest rate set at an increment above the prime rate, an advance rate starting at 80% of the company's investment in its inventory and expires at the end of June 2003. Bob Fulton, Vice President and Treasurer of the company, stated: "We are very pleased to have closed this inventory line of credit with a significant increase in both the total line and the advance rate on our inventory. This facility with AFC is a great opportunity for us to build on a relationship we currently have with its sister company, the ADESA Corporation auto auctions, one of North America's largest and fastest growing auto auctions." About Ugly Duckling Corporation Headquartered in Phoenix, Arizona, Ugly Duckling Corporation is the largest operator of used car dealerships focused exclusively on the sub-prime market. The Company underwrites, finances and services sub-prime contracts generated at its 76 Ugly Duckling dealerships, located in 11 metropolitan areas in eight states. ***** This press release includes statements that constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We claim the protection of the safe-harbor for our forward looking statements. Forward-looking statements are often characterized by the words "may," "anticipates," "believes," "estimates," "projects," "expects" or similar expressions and do not reflect historical facts. Forward-looking statements in this release relate, among other matters, to the positive financial impact of the new inventory line and Adesa relationship. Forward looking statements include risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from those expressed or implied by such forward looking statements. Factors that could affect our results and cause or contribute to differences from these forward-looking statements include, but are not limited to: any decline in consumer acceptance of our car sales strategies or marketing campaigns; any inability of the Company to finance its operations in light of a tight credit market for the sub-prime industry, any deterioration in the used car finance industry, increased competition in the used car sales and finance industry or adverse economic conditions; any inability of the Company to monitor and improve its underwriting and collection processes; any changes in estimates and assumptions in, and the ongoing adequacy of, our allowance for credit losses, including losses occurring at or below expected levels; any inability of the Company to continue to reduce operating expenses as a percentage of sales; any material litigation against us or material, unexpected developments in existing litigation; and any new or revised accounting, tax or legal guidance that adversely affect used car sales or financing. Other factors are detailed in the sections entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations -- Risk Factors," "Factors That May Affect Future Results and Financial Condition" and "Factors That May Affect Future Stock Performance" in our most recent reports on Form 10-K and Form 10-Q (including Exhibit 99 attached to any such Form 10-Q) and elsewhere in our Securities and Exchange Commission filings. In addition, the foregoing factors may affect generally our business, results of operations and financial position. There may also be other factors that we are currently unable to identify or quantify, but that may arise or become known in the future. Forward looking statements speak only as of the date the statement was made. By making these forward-looking statements, we undertake no obligation to update these statements for revisions or changes after the date of this report. References to Ugly Duckling Corporation as the largest chain of buy-here pay-here used car dealerships in the United States is management's belief based upon the knowledge of the industry and not on any current independent third party study. -----END PRIVACY-ENHANCED MESSAGE-----