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):June 26, 2014
Point.360 | ||
(Exact name of registrant as specified in its charter) |
California | 0-21917 | 01-0893376 | ||
(State or other jurisdiction | (Commission | (I.R.S. Employer | ||
of incorporation) | File Number) | Identification No.) | ||
2701 Media Center Drive Los Angeles, CA 90065 |
91504 | |||
(Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: | (818) 565-1400 |
(Former name or former address, if changed since last report) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.01. COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS.
On June 26, 2014, Point.360 (the “Company”) sold land and an 18,000 square foot building in Hollywood, CA (the “Property”), which had been used for storage since its purchase in 2009, to Vine Off, LLC pursuant to a Standard Offer, Agreement and Escrow Instructions for the Purchase of Real Estate dated March 28, 2014. The sales price of the Property was $4.75 million. After selling and expenses and payoff of the related $2.9 million mortgage, the Company realized net cash proceeds of approximately $1.6 million.
Item 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
10.1 | Standard Offer, Agreement and Escrow Instructions for the Purchase of Real Estate dated March 28, 2014 |
99.1 | Press Release dated June 30, 2014 |
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.
Point.360 | |||
June 30, 2014 | By: | /s/ Alan R. Steel | |
Name: | Alan R. Steel | ||
Title: | Executive Vice President | ||
Finance and Administration | |||
Chief Financial Officer |
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