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 7, 2003
DETWILER, MITCHELL & CO.
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(Exact name of registrant as specified in its charter)
DELAWARE 0-12926 95-2627415
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(State of other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
225 FRANKLIN STREET, 20TH FLOOR, BOSTON, MASSACHUSETTS 02110
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 617-451-0100
ITEM 5. OTHER EVENTS AND REGULATION FD DISCLOSURE
On April 3, 2003, Detwiler, Mitchell & Co. (the "Company")
completed the sale and related assignment of its long-term lease for
London office space used by Detwiler, Mitchell & Co. (UK) Limited
("DMC UK") paying approximately $300,000 to a third party to
complete the transaction. The Company will incur an additional
charge of approximately $110,000 for the write-off of certain
furniture, equipment and leasehold improvements and other related
costs in connection with the transaction. DMC UK will, however,
continue its operations in the UK.
The decision to reduce London office space resulted from management's efforts
to minimize fixed costs throughout the Company and to preserve
working capital in response to the weakened domestic and
international business environments.
The effect of these events will result in a reduction of
stockholders' equity of approximately $410,000. Stockholders'
equity, on a pro forma basis, was $2,999,000 at December 31,
2002. This amount gives effect to a $226,000 private placement
of common stock in January 2003 which was reported as a
subsequent event in the December 31, 2002 Form 10-K of the
Company. The Nasdaq SmallCap Market listing rules require that a
listed issuer maintain, among other things, stockholders' equity
of at least $2,500,000. The Company today notified The Nasdaq
SmallCap Market of this material event.
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ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits.
The following exhibit is filed herewith:
None.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange
Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly authorized.
DETWILER, MITCHELL & CO.
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(Registrant)
April 7, 2003 /s/ Stephen D. Martino
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Date Stephen D. Martino
Chief Financial Officer and
Principal Accounting Officer
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