efc7-2466_6372864fm8k.htm
UNITED
STATES
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 (Date of earliest event reported):
October
17, 2007
___________
FIRST
ALBANY COMPANIES INC.
(Exact
name of registrant as specified in its charter)
___________
New
York
(State
or other jurisdiction of incorporation)
0-14140
(Commission
File Number)
22-2655804
(IRS
Employer Identification No.)
One
Penn Plaza
New
York, New York
(Address
of Principal Executive Offices)
10119
(Zip
Code)
(212) 273-7100
(Registrant’s
telephone number, including area code)
Not
Applicable
(Former
name or former address, if changed since last report)
____________
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
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Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR
240.14d-2(b))
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR
240.13e-4(c))
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Item
2.05. Costs Associated with Exit or Disposal Activities.
On
October 17, 2007, First Albany Companies Inc. (the “Company”) announced a plan
whereby it will outsource certain of its administrative functions, consolidate
certain of such functions in its New York City location and reduce staff in
order to properly size its business consistent with its current levels of
activity.
This
plan
will result in the termination of certain employees, the possible relocation
of
other employees and the closure of the Company’s Albany, New York
office. The Company currently expects to complete the plan by March
31, 2008. Approximately thirty percent of the workforce of the
Company will be affected by the plan, with the majority of the affected
employees employed by one of the Company’s principal operating
subsidiaries, Broadpoint Capital, Inc.
In
connection with the plan, the Company expects to incur exit and restructuring
costs of approximately $4.4 million to $4.8 million in pre-tax
expense. Included in this charge is $4.1 million of cash charges
consisting of approximately $2.1 million for severance and employee related
costs and $2.0 million for lease termination costs. Of the total
expected expense, the Company expects to recognize approximately $2.7 million
to
$2.9 million in 2007 and approximately $1.7 million to $1.9 million in
2008.
This
report contains “forward-looking statements.” These statements are not
historical facts but instead represent the Company’s belief regarding future
events, many of which, by their nature, are inherently uncertain and outside
of
the Company’s control. The Company’s forward-looking statements are subject to
various risks and uncertainties, including the conditions of the securities
markets, generally, and acceptance of the Company’s services within those
markets and other risks and factors identified from time to time in the
Company’s filings with the SEC. It is possible that the Company’s actual results
and financial condition may differ, possibly materially, from the anticipated
results and financial condition indicated in its forward-looking statements.
You
are cautioned not to place undue reliance on these forward-looking statements.
The Company does not undertake to update any of its forward-looking
statements.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
| |
FIRST
ALBANY COMPANIES INC.
By:
/s/ Brian Coad
Name: Brian
Coad
Title: Chief
Financial Officer
|
Dated:
October 17, 2007