0000912057-01-536211.txt : 20011026
0000912057-01-536211.hdr.sgml : 20011026
ACCESSION NUMBER: 0000912057-01-536211
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20011018
ITEM INFORMATION: Other events
ITEM INFORMATION: Financial statements and exhibits
FILED AS OF DATE: 20011022
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: TYCO CAPITAL CORP
CENTRAL INDEX KEY: 0000020388
STANDARD INDUSTRIAL CLASSIFICATION: FINANCE LESSORS [6172]
IRS NUMBER: 651051227
STATE OF INCORPORATION: NV
FISCAL YEAR END: 0930
FILING VALUES:
FORM TYPE: 8-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-01861
FILM NUMBER: 1763712
BUSINESS ADDRESS:
STREET 1: 1211 AVE OF THE AMERICAS
CITY: NEW YORK
STATE: NY
ZIP: 10036
BUSINESS PHONE: 2125361390
MAIL ADDRESS:
STREET 1: 1211 AVENUE OF THE AMERICAS
CITY: NEW YORK
STATE: NY
ZIP: 10036
FORMER COMPANY:
FORMER CONFORMED NAME: CIT FINANCIAL CORP/OLD/
DATE OF NAME CHANGE: 19860512
FORMER COMPANY:
FORMER CONFORMED NAME: CIT GROUP HOLDINGS INC /DE/
DATE OF NAME CHANGE: 19920703
FORMER COMPANY:
FORMER CONFORMED NAME: CIT GROUP INC
DATE OF NAME CHANGE: 19971014
8-K
1
a2061568z8-k.txt
FORM 8-K
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 18, 2001
-----------------
TYCO CAPITAL CORPORATION
--------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Nevada 1-1861 65-1051227
--------------------------------------------------------------------------------
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
1211 Avenue of the Americas
New York, New York 10036
--------------------------------------------------------------------------------
(Address of registrant's principal executive office)
Registrant's telephone number, including area code (212) 536-1390
--------------
Item 5. Other Events.
This Current Report on Form 8-K includes as an exhibit unaudited
financial results of Tyco Capital Corporation as of and for the period ending
September 30, 2001. The attached financial results reflect the transfer on
September 30, 2001 of certain International subsidiaries to a subsidiary of
Tyco International Ltd. Accordingly, this transfer did not impact the net
income of Tyco Capital Corporation. The financial results of Tyco Capital, a
segment of Tyco International Ltd., were released by Tyco International Ltd.,
Tyco Capital Corporation's parent company, on October 18, 2001, including
these International subsidiaries.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
99.1 Unaudited financial statements and selected financial data at and
for the period ending September 30, 2001.
-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.
TYCO CAPITAL CORPORATION
--------------------------------------
(Registrant)
By:/s/Mark H. Swartz
--------------------------------------
Mark H. Swartz
Vice President
(Duly Authorized Officer)
By:/s/Joseph M. Leone
--------------------------------------
Joseph M. Leone
Executive Vice President and
Chief Financial Officer
(Principal Accounting and
Financial Officer)
Dated: October 22, 2001
-3-
EX-99.1
3
a2061568zex-99_1.txt
EXHIBIT 99.1
EXHIBIT 99.1
TYCO CAPITAL CORPORATION
Consolidated Income Statements (after charges)
(in millions) unaudited
FOR THE PERIODS ENDED FOR THE PERIODS ENDED
FOR THE 2001 PERIODS SEPTEMBER 30, 2001 SEPTEMBER 30, 2000
-------------------------------- ------------------------ ----------------------
JANUARY 1 APRIL 1 FOR THE
TO TO MONTH ENDED THREE NINE THREE NINE
MARCH 31 JUNE 1(1) JUNE 30 MONTHS MONTHS MONTHS MONTHS
------------------------------- ------------------------ ----------------------
PREDECESSOR(2) SUCCESSOR(3) SUCCESSOR(3) COMBINED(4) PREDECESSOR(2)
-------------- ------------ ------------ ----------- --------------
Finance income $ 1,376.8 $ 922.0 $ 417.9 $ 1,258.6 $ 3,975.3 $ 1,326.6 $ 3,857.2
Other finance revenue 211.6 25.9 95.9 239.2 572.6 224.2 694.7
------------------------------- ---------------------- ----------------------
Gross revenue 1,588.4 947.9 513.8 1,497.8 4,547.9 1,550.8 4,551.9
Interest expense 625.7 397.0 161.8 435.3 1,619.8 642.7 1,845.5
Depreciation on operating lease equipment
and operating lease expense 346.4 241.7 110.0 338.6 1,036.7 313.4 932.9
------------------------------- ---------------------- ----------------------
Net finance margin and other finance revenue 616.3 309.2 242.0 723.9 1,891.4 594.7 1,773.5
Salaries and general operating expenses 263.5 182.5 83.0 255.9 784.9 250.2 775.9
Provision for credit losses 68.3 148.1 18.6 97.5 332.5 65.8 191.4
Goodwill amortization 22.5 15.3 14.4 45.4 97.6 22.7 63.8
Acquisition related costs -- 54.0 -- -- 54.0 -- --
------------------------------- ---------------------- ----------------------
Operating expenses 354.3 399.9 116.0 398.8 1,269.0 338.7 1,031.1
------------------------------- ---------------------- ----------------------
Income before provision for income taxes and
minority interest 262.0 (90.7) 126.0 325.1 622.4 256.0 742.4
Provision for income taxes 98.9 (13.8) 53.9 141.1 280.1 96.8 281.6
Minority interest in subsidiary trust holding
soley debentures of the Company, after tax 3.0 1.9 0.9 2.7 8.5 3.0 9.3
------------------------------- ---------------------- ----------------------
Net income $ 160.1 $ (78.8) $ 71.2 $ 181.3 $ 333.8 $ 156.2 $ 451.5
------------------------------- ---------------------- ----------------------
----------
(1) The results for the April 1 to June 1 period include non-recurring charges
of $222 million ($158 million, after tax). The pretax charges of $222
million include $54 million relating to transaction costs associated with
Tyco International Ltd.'s acquisition of Tyco Capital Corporation
(formerly The CIT Group, Inc.), $90 million relating to certain
under-performing equipment leasing and loan portfolios expected to be
disposed, and $78 million principally due to the write-down of certain
venture capital investments which the company plans to dispose.
(2) Predecessor represents Tyco Capital Corporation (formerly The CIT
Group, Inc.) prior to its acquisition by Tyco International Ltd. on
June 1, 2001 at its historical cost basis.
(3) Successor represents Tyco Capital Corporation (formerly The CIT Group,
Inc.) subsequent to its June 1, 2001 acquisition by Tyco International
Ltd., under a new basis of accounting reflecting the fair market value of
its assets and liabilities.
(4) The results for the nine months ended September 30, 2001 combines the
results of Predecessor period from January 1 to June 1, 2001 with the
results of the Successor period from June 2 to September 30, 2001.
TYCO CAPITAL CORPORATION
CONSOLIDATED BALANCE SHEET
(IN MILLIONS)
PRELIMINARY - SUBJECT TO ADJUSTMENTS
SEPTEMBER 30, DECEMBER 31,
2001 2000
--------------------------
(UNAUDITED) PREDECESSOR(1)
ASSETS
Financing and leasing assets:
Loans and leases:
Commercial $ 27,717.6 $ 29,304.0
Consumer 3,073.7 4,193.5
--------------------------
Finance receivables 30,791.3 33,497.5
Reserve for credit losses (471.7) (468.5)
--------------------------
Net finance receivables 30,319.6 33,029.0
Operating lease equipment, net 5,649.9 7,190.6
Finance receivables held for sale 2,014.9 2,698.4
Cash and cash equivalents 728.7 812.1
Receivable from affiliates 1,145.8 --
Goodwill 6,569.5 1,964.6
Other assets 4,147.2 2,995.1
--------------------------
TOTAL ASSETS $ 50,575.6 $ 48,689.8
--------------------------
LIABILITIES AND SHAREHOLDER'S EQUITY
Debt:
Commercial paper $ 8,621.5 $ 9,063.5
Variable rate senior notes 9,614.6 11,130.5
Fixed rate senior notes 17,065.5 17,571.1
Subordinated fixed rate notes 100.0 200.0
--------------------------
Total Debt 35,401.6 37,965.1
Credit balances of factoring clients 2,392.9 2,179.9
Accrued liabilities and payables 1,962.5 2,287.6
--------------------------
TOTAL LIABILITIES 39,757.0 42,432.6
Company obligated manditorily redeemable preferred securities of
subsidiary trust holding solely debentures of the Company 260.0 250.0
Total Shareholder's Equity 10,558.6 6,007.2
--------------------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY $ 50,575.6 $ 48,689.8
--------------------------
----------
(1) Predecessor represents Tyco Capital Corporation (formerly The CIT Group,
Inc.) prior to its acquisition by Tyco International Ltd. on June 1, 2001
at its historical cost basis.
TYCO CAPITAL CORPORATION
SELECTED FINANCIAL DATA
(IN MILLIONS)
AT SEPTEMBER 30, AT SEPTEMBER 30,
2001 2000
-----------------------------------------
Equipment Financing $ 11,050.8 $ 15,272.3
Capital Finance 4,928.6 5,280.9
Commercial Finance 8,644.3 8,249.5
Structured Finance 3,066.7 2,227.8
Specialty Finance 11,177.0 12,805.5
Finance receivables previously securitized 10,147.9 10,793.1
-----------------------------------------
TOTAL MANAGED ASSETS $ 49,015.3 $ 54,629.1
-----------------------------------------
FOR THE QUARTERS ENDED
-----------------------------------------
9/30/2001 9/30/2000
-----------------------------------------
AVERAGE BALANCES
Average Finance Receivables $ 31,353.7 $ 33,650.0
Average Earning Assets (AEA) $ 38,735.7 $ 41,060.9
Average Managed Assets (AMA) $ 48,888.0 $ 51,181.2
OTHER REVENUE 9/30/2001 9/30/2000
-----------------------------------------
Fees and other income $ 163.3 $ 126.8
Factoring commissions 39.9 39.2
Gains on securitizations 25.6 26.9
Gains on sales of leasing equipment 11.1 19.6
(Losses) gains on venture capital investments (0.7) 11.7
-----------------------------------------
$ 239.2 $ 224.2
-----------------------------------------
PROFITABILITY 9/30/2001 9/30/2000
-----------------------------------------
Return on AEA 1.87% 1.52%
Return on AMA 1.48% 1.22%
Net finance margin as a percentage of AEA 5.01% 3.61%
Volume securitized $ 892.4 $ 1,331.3
Salaries and general operating expenses as a percentage of AMA 2.09% 1.96%
Efficiency ratio 35.6% 42.4%
AT SEPTEMBER 30, AT JUNE 30, AT SEPTEMBER 30,
2001 2001 2000
--------------------------------------------------
Credit Quality
Net credit losses as a percentage of average finance receivables 0.87% 0.94% 0.74%
60+days contractual delinquency as a percentage of finance receivables 3.35% 3.53% 2.67%
60+days managed contractual delinquency as a percentage of managed
financial assets 3.65% 3.70% 3.02%
Total non-performing assets as a percentage of finance receivables 3.02% 2.75% 2.34%
Reserve for credit losses as a percentage of finance receivables 1.53% 1.50% 1.37%
CAPITAL AND LEVERAGE
Tangible shareholder's equity to managed assets 8.80% 8.62% 7.55%
Debt (net of overnight deposits) to tangible shareholder's equity 8.13x 8.22x 9.09x