form8k110507.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):
November
5, 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:
|
o
|
Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
|
|
o
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
|
o
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR
240.14d-2(b))
|
|
o
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR
240.13e-4(c))
|
On
November 5, 2007, the Company filed its Quarterly Report on Form 10-Q for
the
third quarter of 2007 (the "Form 10-Q"). The Form 10-Q contained a correction
to
the Company's press release issued on October 31, 2007 which announced
the
Company's financial results for its third quarter of 2007. In the press
release,
the accounting for income taxes related to the inclusion of the operations
and
gain on sale of the Company’s Municipal Capital Markets Division in discontinued
operations was reflected entirely in the third quarter of 2007. The press
release did not give effect to the retrospective impact that classifying
the
Division in discontinued operations has on the results for the first and
second
quarters of 2007. To appropriately record the impact on the three months
ended
September 30, 2007 of including the Division in discontinued operations,
the
Company has reduced the tax expense recorded in discontinued operations
by $0.7
million and reduced the tax benefit recorded in continuing operations by
the
same amount. There was no impact on the results reported for the nine months
ended September 30, 2007 due to the effect of the reclassification in the
first
and second quarters of 2007. The reclassification resulted in no change to
the Company’s net loss and net loss per share for the three months ended
September 30, 2007. The Company’s Form 10-Q for the three months ended September
30, 2007 appropriately reports basic and diluted loss per share from continuing
operations of $(0.34) and basic and diluted income per share from discontinued
operations of $0.26 as compared to basic and diluted loss per share from
continuing operations of $(0.30) and basic and diluted income per share
from
discontinued operations of $0.22 reported in the Company’s press release. For a
detailed discussion of the Company's third quarter financial results please
see
Form 10-Q.
SIGNATURE
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/ C. Brian
Coad
C.
Brian Coad
Chief
Financial Officer
Dated:
November 5, 2007