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
November 15, 2001
Date of Report (Date of earliest event reported)
POINT WEST CAPITAL CORPORATION
( Exact name of registrant as specified in its charter)
Delaware | 0-27736 | 94-3165263 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
1700 Montgomery Street, Suite 250, San Francisco, CA 94111
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (415)394-9467
Item 5. Other Events
On November 15, 2001 Point West Capital Corporation issued a press release announcing third quarter results and financial condition.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits
99.1 Text of Press Release dated November 15, 2001.
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 thereunto duly authorized.
| POINT WEST CAPITAL CORPORATION |
| By: /s/ John Ward Rotter |
| John Ward Rotter |
| Chief Executive Officer |
Date: November 16, 2001
EXHIBIT INDEX
Exhibit Number | Document Description | Sequential Page Number |
99.1 | Text of Press Release dated November 15, 2001 |
|
FOR IMMEDIATE RELEASE
November 15, 2001
POINT WEST CAPITAL CORPORATION
ANNOUNCES THIRD QUARTER RESULTS
AND FINANCIAL CONDITION
SAN FRANCISCO --(November 15, 2001) Point West Capital Corporation (OTC Symbol: PWCC.OB) today reported the following:
(Dollars in thousands, except per share amounts)
| Three Months Ended | Nine Months Ended | |||||||
| September, 30 | September, 30 | |||||||
| 2001 | 2000 | 2001 | 2000 | |||||
| Loss before extraordinary gain | $ | (3,266) | $ | (4,724) | $ | (8,829) | $ | (8,151) |
| Extraordinary gain | $ | -- | $ | -- | $ | -- | $ | 1,242 |
| Net Loss | $ | (3,266) | $ | (4,724) | $ | (8,829) | $ | (6,909) |
| Loss per share before extraordinary gain: | ||||||||
| Basic | $ | (0.97) (1) | $ | (1.41) (1) | $ | (2.63) (1) | $ | (2.43) (2) |
| Diluted | $ | (0.97) (1) | $ | (1.41) (1) | $ | (2.63) (1) | $ | (2.43) (2) |
| Net loss per share: | ||||||||
| Basic | $ | (0.97) (1) | $ | (1.41) (1) | $ | (2.63) (1) | $ | (2.06) (2) |
| Diluted | $ | (0.97) (1) | $ | (1.41) (1) | $ | (2.63) (1) | $ | (2.06) (2) |
(1) Based on 3,352,624 weighted-average shares of common stock outstanding.
(2) Based on 3,352,504 weighted-average shares of common stock outstanding.
Point West Capital is a specialty financial services company. Further information regarding the Company, its results of operations and the other matters discussed in this press release is contained in the Company's Form 10-QSB for the quarterly period ended September 30, 2001 filed with the Securities and Exchange Commission on November 14, 2001.
The following is summary balance sheet information as of September 30, 2001:
| Cash and cash equivalents...................................................................... | $1,041,815 |
| Restricted cash........................................................................................... | $2,631,246 |
| Investment Securities --available-for-sale............................................... | $69,873 |
| Loans receivable, net of unearned income of ........................................ | |
| $575,130 and net of an allowance for loan ....................................... | |
| losses of $185,884................................................................................. | $36,415,434 |
| Purchased life insurance policies.............................................................. | $28,894,657 |
| Non-marketable securities.......................................................................... | $3,336,113 |
| Total assets.................................................................................................. | $74,216,348 |
| Revolving certificates................................................................................. | $8,903,745 |
| Term certificates........................................................................................... | $23,346,391 |
| Securitized notes payable........................................................................... | $33,653,767 |
| Debenture payable....................................................................................... | $6,500,000 |
| Total liabilities.............................................................................................. | $73,278,384 |
| Accumulated comprehensive loss, net of tax......................................... | $(113,310) |
| Accumulated deficit.................................................................................... | $(26,210,294) |
| Total stockholders’ equity........................................................................ | $937,964 |
(KEYWORD CALIFORNIA AND INDUSTRY KEYWORD: SPECIALTY FINANCE EARNINGS).
CONTACTS: POINT WEST CAPITAL CORPORATION, SAN FRANCISCO.
Alan B. Perper, 415/394-9467
