United Capital Corp/DE – ‘8-K’ for 8/4/95

As of:  Monday, 8/21/95   ·   For:  8/4/95   ·   Accession #:  921895-95-92   ·   File #:  1-10104

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Current Report   —   Form 8-K
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Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                         3     12K 

Document Table of Contents

8-K
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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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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): August 4, 1995                

United Capital Corp.
------------------------------------------------------------------------------- 
(Exact name of registrant as specified in its charter)

Delaware                     1-10104           04-2294493               
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(State or other jurisdiction   (Commission       (IRS Employer                  
of incorporation)         File Number)   Identification No.)          

111 Great Neck Road, Suite 401, Great Neck, New York  11021           
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Address of principal executive offices

Registrant's telephone number, including area code: (516) 466-6464              

 N/A
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(Former name or former address, if changed since last report.)

8-K
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Item 2.      ACQUISITION OR DISPOSITION OF ASSETS.            

                  On March 14, 1994 the Registrant,  through a new  wholly-owned
subsidiary known as Kentile,  Inc. ("Kentile"),  purchased  substantially all of
the  operating   assets  of  Kentile  Floors,   Inc.   ("Kentile   Floors")  for
approximately  $9.6 million.  The purchase price was comprised of  approximately
$6.5 million in new bank financing and approximately $3.1 million in cash.      

                  Kentile's  operations  ceased  in  August  1995  when  its raw
material  stocks were exhausted as a result of an  unwillingness  of major trade
suppliers of Kentile to extend further credit.  In connection with the write-off
of the  Registrant's  investment  in Kentile it will record a pre-tax  charge of
approximately $6 million in the third quarter of 1995, including estimated costs
of  disposition.  Additional  costs could be incurred  as the  Registrant  moves
forward  in  this  matter  and   management   will  continue  to  monitor  these
developments.  Kentile's  net sales for the three month  periods  ended June 30,
1995 and 1994 were $8,614,000 and $10,136,000 respectively. Net sales of Kentile
during the six months  ended  June 30,  1995 were  $16,271,000  as  compared  to
$12,022,000 for the period from acquisition to June 30, 1994.                   

                  The assets and liabilities of the discontinued operations have
been  reclassified in the Registrant's  consolidated  balance sheets for the six
months  ended June 30, 1995 from their  historic  classification  to  separately
identify  them  as  net  current   liabilities  and  net  noncurrent  assets  of
discontinued  operations.  Net current liabilities of discontinued operations at
June 30,  1995  consist  primarily  of the  following:  receivables  $3,239,000,
inventories  $5,750,000,  accounts payable and accrued expenses $6,671,000,  and
borrowings under revolving credit facilities  $5,240,000.  Net noncurrent assets
of discontinued operations at June 30, 1995 consist primarily of property, plant
and equipment, net $3,824,000, and pension assets $1,961,000.                   

         Item 7.           FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION
AND EXHIBITS.             

(a)      EXHIBIT NO.                              EXHIBITS                      

          99(a)                    ProForma Financial Information (to be filed
                                   within 60 days of the filing of this Report
     on Form 8-K).

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8-K
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 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.                                           

                                      UNITED CAPITAL CORP.

Dated: August 21, 1995                       By: /s/ Dennis S. Rosatelli        
                                         -----------------------
                                     Dennis S. Rosatelli
                                          Vice President and Chief
                                   Financial Officer

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Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘8-K’ Filing		Date		First		Last			Other Filings
Filed on:		8/21/95		3
For Period End:		8/4/95		1					8-K/A
		6/30/95		2					10-Q
		6/30/94		2					10-Q
		3/14/94		2					8-K/A
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