-----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, TL1BxVmU2HIc18AJRZjBCXolBxcjDxbrPoEjm076khWJoKH+fyPhc5XT/qKYKhxd Vn0uEV1r6CCDCqWiXL1fhg== 0000950147-99-000371.txt : 19990419 0000950147-99-000371.hdr.sgml : 19990419 ACCESSION NUMBER: 0000950147-99-000371 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990414 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19990416 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FINOVA GROUP INC CENTRAL INDEX KEY: 0000883701 STANDARD INDUSTRIAL CLASSIFICATION: SHORT-TERM BUSINESS CREDIT INSTITUTIONS [6153] IRS NUMBER: 860695381 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-11011 FILM NUMBER: 99595969 BUSINESS ADDRESS: STREET 1: 1850 N CENTRAL AVE STREET 2: P O BOX 2209 CITY: PHOENIX STATE: AZ ZIP: 85002-2209 BUSINESS PHONE: 6022076900 MAIL ADDRESS: STREET 1: 1850 N CENTRAL AVE STREET 2: P O BOX 2209 CITY: PHOENIZ STATE: AZ ZIP: 85044-2209 FORMER COMPANY: FORMER CONFORMED NAME: GFC FINANCIAL CORP DATE OF NAME CHANGE: 19930328 8-K 1 CURRENT REPORT OF THE FINOVA GROUP INC. 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 14, 1999 THE FINOVA GROUP INC. ----------------------------------------------- (Exact Name of Registrant Specified in Charter) Delaware 1-11011 86-0695381 - --------------- ---------------- ---------------- (State or Other (Commission File (I.R.S. Employer Jurisdiction of Number) Identification No.) Incorporation) P.O. Box 2209, Phoenix, Arizona 85002-2209 - ---------------------------------------- ---------- (Address of Principal Executive Offices) (Zip Code) (602) 207-1019 ------------------------------ (Registrant's telephone number) ------------------------------------------------------------- (Former Name or Former Address, if Changed Since Last Report) ITEM 5. OTHER EVENTS The Company's press release issued April 14, 1999 is attached as Exhibit 99.1 and is incorporated in this filing by reference. In that release, FINOVA announced that it rescheduled the release of its earnings for the first quarter of 1999 because its independent auditors, Deloitte & Touche, LLP, first raised the issues described in the press release immediately prior to the scheduled dissemination of the first quarter 1999 earnings. FINOVA and Deloitte & Touche are working together to resolve the subject issues and the Company anticipates issuing its first quarter results together with revised financial results for the year ended December 31, 1998 in the near future, with an accompanying unqualified audit opinion. ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS (c) Exhibits Exhibit Number Description -------------- ----------- 99.1 Press Release issued April 14, 1999 by The FINOVA Group Inc. 2 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. THE FINOVA GROUP INC. By: /s/ Bruno A. Marszowski ------------------------------------ Bruno A. Marszowski Title: Senior Vice-Presdient - Controller and Chief Financial Officer Dated: April 16, 1999 3 EXHIBIT INDEX Exhibit Number Description - -------------- ----------- 99.1 Press Release issued April 14, 1999 by The FINOVA Group Inc. EX-99.1 2 PRESS RELEASE DATED APRIL 14, 1999 EXHIBIT 99.1 Press Release of The FINOVA Group Inc. The FINOVA Group Inc. Reschedules First Quarter 1999 Earnings Release to April 28 PHOENIX, Ariz., April 14, 1999: The FINOVA Group Inc. (NYSE: FNV) today rescheduled the release of its earnings for the first quarter of 1999 to April 28, 1999, and stated that it expects to meet or exceed the consensus estimates for the first quarter of 1999. In the interim, FINOVA is reviewing two accounting issues which were raised late yesterday by the company's independent auditor, Deloitte & Touche, LLP. The first issue relates to the timing and amount of the commercial mortgage-backed securities (CMBS) gain reported in 1998 and would result in a reduction of 1998 CMBS gains and a positive adjustment in the 1999 CMBS gains. The second issue relates to accounting for transaction costs pursuant to which the company may have to adjust the timing for recognizing those costs, which could result in an increase in 1999 and prior-year earnings. Because of these potential adjustments, investors should not, in the interim, rely on FINOVA's reported results for the year ended Dec. 31, 1998 or the independent auditor's report thereon, pending FINOVA's analysis of these issues. The FINOVA Group Inc., through its principal operating subsidiary, FINOVA Capital Corporation, is one of the nation's leading financial services companies focused on providing a broad range of capital solutions primarily to midsize business. FINOVA is headquartered in Phoenix with business development offices throughout the U.S. and in London, U.K., and Toronto, Canada. FINOVA was recently named one of FORTUNE's "Best 100 Companies To Work For In America." For more information, visit the company's website at www.finova.com. -----END PRIVACY-ENHANCED MESSAGE-----