# UNITED STATESSECURITIES AND
EXCHANGE COMMISSIONWASHINGTON, D.C. 20549

---

# FORM 8-K

---

# CURRENT REPORT

Pursuant to Section 13
or 15(d) of theSecurities Exchange Act
of 1934

Date of report (Date of
earliest event reported): March 8, 2006

---

KMG America Corporation (Exact Name of
Registrant as Specified in Charter)

|Virginia                                       | 1-32377                 | 20-1377270                      
|---------------------------------------------- | ----------------------- | --------------------------------
|(State or Other Jurisdiction
of Incorporation) | (CommissionFile Number) | (IRS EmployerIdentification No.)

|12600 Whitewater Drive, Suite 150
Minnetonka, Minnesota | 55343     
|------------------------------------------------------- | ----------
|(Address of Principal Executive Offices)                | (Zip Code)

Registrants
telephone number, including area code: (952) 930-4800

N/A (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))
|- |  | ------------------------------------------------------------------------------------------------------





---

# ITEM
2.02.   RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On March 8, 2006, KMG America
Corporation (the Corporation) issued a press release announcing fourth quarter
and full-year 2005 results. The information contained in the press release, which is
attached as Exhibit 99.1 to this report, is incorporated herein by reference. On March 9,
2006, the Corporation held a conference call with investors to discuss fourth quarter and
full year 2005 results and the Corporations financial outlook for 2006. The
manuscript for this conference call, which is attached as Exhibit 99.2 to this report, is
incorporated herein by reference.

The information in this Form 8-K and
the exhibits attached hereto shall not be deemed filed for purposes of Section
18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated
by reference in any filing made by the Corporation under the Securities Act of 1933, as
amended.

# ITEM 9.01.   FINANCIAL
STATEMENTS AND EXHIBITS

|(c) |  | Exhibits
|--- |  | --------

|Exhibit No. |  | Description
|----------- |  | -----------

|99.1 |  | Press
release, issued on March 8, 2006, announcing KMG America Corporations fourth
quarter and full-year 2005 results.
|---- |  | -----------------------------------------------------------------------------------------------------------------------

|99.2 |  | Manuscript
for conference call held on March 9, 2006, discussing fourth quarter and full year 2005
results and financial outlook for 2006.
|---- |  | ------------------------------------------------------------------------------------------------------------------------------------------

2

---

# SIGNATURES

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.

|      | KMG AMERICA CORPORATION(Registrant)               
|----- | --------------------------------------------------
|     
|     
|Date: | March 9, 2006                                     
|      | James E. Nelson                                   
|      | Senior Vice President, General Counsel & Secretary

3

---

# EXHIBIT INDEX

|Exhibit No. |  | Description of Exhibit
|----------- |  | ----------------------

|99.1 |  | Press
release, issued on March 8, 2006, announcing KMG America Corporations financial
results for fourth quarter 2005.
|---- |  | -----------------------------------------------------------------------------------------------------------------------

|99.2 |  | Manuscript
for conference call held on March 9, 2006.
|---- |  | -----------------------------------------------------

4

---