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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 (EVENT): October 13, 1998
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RANKIN AUTOMOTIVE GROUP, INC.
(Exact name of registrant as specified in its charter)
COMMISSION FILE NO: 0-28812
Louisiana 72-0838383
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(State or other jurisdiction of incorporation) (I.R.S. Employer Identification No.)
3709 S. MacArthur Drive
Alexandria, LA 71302
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(Address of principal executive offices) (Zip code)
(318) 487-1081
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Registrant's telephone number, including Area Code
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Item 2. Acquisition of Assets
On October 13, 1998, the Company acquired the auto parts
distribution center operated by A.P.S., Inc. in Monroe, Louisiana. The total
purchase price approximated $7.3 million consisting of approximately $5.4
million of inventory, $300 thousand of notes receivables, $120 thousand of fixed
assets and $1.5 million in accounts receivables. The purchase price, for all of
the assets except accounts receivables, totaling $5.8 million was paid in cash
at closing from the Company's cash reserves and credit facility. A.P.S., Inc.
financed the accounts receivables totaling $1.5 million at 10% interest for 30
business days.
The Company intends to continue using this facility as an
automotive distribution center for its auto parts business and for other auto
parts suppliers covering the States of Louisiana and Mississippi.
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits
a. Financial Statements of Businesses Acquired.
It is impracticable at this time to provide the required
financial statements for the businesses acquired in the
acquisition described in Item 2 above. The Company is in the
process of preparing the appropriate financial statements. It
is anticipated that such financial statements will be
available within 60 days from the date of this report, and
will be filed as an amendment to this report as soon as
practicable, but no later than 60 days after this report has
been filed.
b. Pro Forma Financial Information
No pro forma financial information with respect to the
acquisition described in Item 2 above is available at this
time. It is anticipated that the required proforma financial
information will be available within 60 days from the date of
this report, and will be filed as an amendment to this report
as soon as practicable, but no later than 60 days after this
report has been filed.
c. Exhibits.
10.(p) Asset Purchase Agreement between A.P.S., Inc. and
Rankin Automotive Group, Inc. dated as of
September 17, 1998.
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, thereto duly authorized.
Rankin Automotive Group, Inc.
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(Registrant)
Dated: October 28, 1998 /s/ Randall B. Rankin
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Randall B. Rankin, Chief Executive Officer
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INDEX TO EXHIBITS
EXHIBIT
NO. DESCRIPTION
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10.(p) Asset Purchase Agreement between American Parts Systems, Inc.
and Rankin Automotive Group, Inc. dated as of September 17, 1998