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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 26, 1996
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CITYSCAPE FINANCIAL CORP.
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(Exact name or registrant as specified in its charter)
DELAWARE 0-27314 11-2994671
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State or Other Jurisdiction Commission (IRS Employer
of Incorporation File Number Identification No.)
565 Taxter Road, Elmsford, New York 10523-5200
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(Address of Principal Executive Offices) Zip Code
Registrant's telephone number, including area code: (914) 592-6677
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Former name or former address,
if changed since last report
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Item 5. Other Events
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On September 26, 1996, Cityscape Financial Corp. (the "Company")
issued a press release announcing that it will revise its previously issued
financial statements for the quarter ended June 30, 1996. This revision is a
result of a change in the accounting treatment with respect to the valuation of
assets acquired as a result of its recent acquisitions of Heritable Group
Limited and J&J Securities Limited. The effect of this accounting change
results in the Company reducing the goodwill initially recorded on the
acquisitions and eliminating the revenue recognized during the second quarter of
1996 on the sale of the loan portfolios acquired as a result of the
acquisitions.
As a result of this change, the reported earnings for the second
quarter of 1996 will be reduced by $26.5 million, or $0.78 per fully diluted
share, from $34.8 million, or $1.05 per fully diluted share to $8.3 million, or
$0.27 per fully diluted share. The adjusted amounts were reported in the
Company's Quarterly Report on Form 10-Q/A filed on September 27, 1996.
A copy of this press release, dated September 26, 1996, has been filed
with this Form 8-K as Exhibit 99.1 and is hereby incorporated by reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
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(c) Exhibits
99.1 Press Release, dated September 26, 1996
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SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of
1934, the Registrant has duly caused this Current Report on Form 8-K to be
signed on its behalf by the undersigned hereunto duly authorized.
CITYSCAPE FINANCIAL CORP.
(Registrant)
By: /s/ Robert Grosser
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Name: Robert Grosser
Title: President
Dated: September 26, 1996
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INDEX TO EXHIBITS
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Exhibits Description Page
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99.1 Press Release, dated September 26, 1996