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Ameritrans Capital Corp. Reports Operating Results (10-K/A)

October 28, 2010 | About:


Ameritrans Capital Corp. (AMTC) filed Amended Annual Report for the period ended 2010-06-30.

Ameritrans Capital Corp. has a market cap of $3.6 million; its shares were traded at around $1.08 with and P/S ratio of 2.2.

Highlight of Business Operations:

Common Stock, par value $.0001 per share 9 3/8% Cumulative Participating Redeemable Preferred Stock (face value $12.00)

The aggregate market value of the Registrant s common stock held by non-affiliates (based upon the closing price of the Registrant s common stock, $0.0001 par value, of $1.30 per share, as reported on the NASDAQ Capital Market on December 31, 2009) was approximately $2,165,635.

During the 2009 and 2008 fiscal years, Ameritrans and Elk had a policy of paying their directors who were not employees fees for each meeting attended. Since September 24, 2004, non-employee directors had been paid a fee of $1,000 for each meeting attended. From the Companys inception until January 2010, non-employee directors were paid annual fees of $2,000 per year in addition to the fees paid for each meeting attended. As of September 24, 2004, Ameritrans began paying the Audit Committee a fee for each committee meeting attended. Regular members of the Audit Committee were paid $1,000 for each meeting, and the head of the Audit Committee received $1,250 for each meeting.

The Compensation Committee recommended, and the full Board approved, an increase in the annual fees to be paid to non-employee directors. Non-employee directors will be paid an annual retainer in the amount of $25,000, which will be payable quarterly to each non-employee director serving on the board of directors during the applicable quarter, or as otherwise determined by the Companys Chief Executive Officer. In addition, non-employee directors will receive a fee of $1,000 for each meeting attended and $500 for each telephonic or brief board meeting attended. Regular members of the Audit and Governance, Compensation and Nominating Committees are paid $1,000 for each meeting, and the chair of the Audit and Governance, Compensation and Nominating Committees receives $1,500 for each meeting. The foregoing non-employee director compensation was approved on February 10, 2010, and is applicable retroactively beginning January 1, 2010. Fees and expenses paid to non-employee directors were, in the aggregate, $195,668 for the fiscal year ended June 30, 2010, and $107,715 for the fiscal year ended June 30, 2009.

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