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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): April 23, 1996
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(April 8, 1996)
Atlantic American Corporation
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(Exact name of registrant as specified in its charter)
Georgia 0-3722 58-1027114
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(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification No.
incorporation)
4370 Peachtree Road, N.E., Atlanta, Georgia 30319
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (404) 266-5500
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(Former name or former address, if changed since last report)
Exhibit Index at Page 4
Page 1 of 5
Item 2. Acquisition or Disposition of Assets.
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On April 8, 1996, Atlantic American Corporation (the "Company") completed
the previously announced disposition of its approximately 82% interest in Leath
Furniture, LLC (f/k/a Leath Furniture, Inc.) ("Leath") to Gulf Capital Services,
Ltd. ("Gulf Capital"). The Company received approximately $5.3 million cash for
its interest in Leath, all of which was used to reduce outstanding indebtedness
of the Company. As a result of the transaction, Leath's balance sheet and
results of operations will no longer be reflected in the Company's financial
statements.
Gulf Capital is an entity that is controlled by J. Mack Robinson, the
Chairman of the Board of the Company, but is not part of the Atlantic American
Corporation group of companies.
Item 7. Financial Statements and Exhibits.
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(a) Financial statements of businesses acquired.
Not Applicable.
(b) Pro forma financial information.
Financial information that gives effect to the disposition of
the Company's interest in Leath is contained in the Company's
financial statements included as Item 14 of the Company's Annual
Report on Form 10-K for the year ended December 31, 1995, and is
incorporated herein by reference.
(c) Exhibits
99.1 -- Press Release issued April 10, 1996
2
SIGNATURE
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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.
ATLANTIC AMERICAN CORPORATION
By: /s/ JOHN W. HANCOCK
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Name: John W. Hancock
Title: Senior Vice President
and Treasurer
Date: April 23, 1996
3
Exhibit Index
Exhibit No. Description of Exhibits Page
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99.1 -- Press Release issued April 10, 1996 5
4
EXHIBIT 99.1
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NEWS RELEASE For further information contact:
For Immediate Release John W. Hancock
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Senior Vice President and Treasurer
Atlantic American Corporation
(404) 266-5500
ATLANTIC AMERICAN CORPORATION COMPLETES ITS SALE
OF LEATH FURNITURE, INC.
ATLANTA, April 10, 1996 -- Atlantic American Corporation (NASDAQ-AAME) today
announced that as of April 8, 1996, it had completed the sale of its previously
announced disposition of Leath Furniture, Inc. to Gulf Capital Services, Ltd.
The Company received $5.3 million for its interest in Leath. Atlantic American
plans to use the proceeds from this sale to reduce debt. As a result of the
transaction, Leath's outstanding debt and results of operations will no longer
be reflected in Atlantic American's financial statements.
Gulf Capital is an entity that is controlled by J. Mack Robinson, the Chairman
of the Board of Atlantic American, but is not part of the Atlantic American
group of companies.
Atlantic American is an insurance holding company involved in specialty markets
of the life, health, property and casualty insurance industries. Its
subsidiaries include Atlantic American Life Insurance Company, Bankers Fidelity
Life Insurance Company, Georgia Casualty & Surety Company, American Southern
Insurance Company and American Safety Insurance Company.