-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, RYpZzKzPanTVtS8Bk1KdENRel8UEzHkXSKQKVRPp6YvFSU4FyyzJ1RGz4ROB3SoE r8nFSrHvNUeWbCa1NRHxHg== 0000912057-02-001619.txt : 20020413 0000912057-02-001619.hdr.sgml : 20020413 ACCESSION NUMBER: 0000912057-02-001619 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20020116 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020117 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: 2511076 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 a2067983z8-k.txt 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) January 16, 2002 ----------------- 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 December 31, 2001. The attached financial results reflect the sale on September 30, 2001 of certain international subsidiaries of Tyco Capital Corporation to a subsidiary of Tyco International Ltd., Tyco Capital Corporation's parent company. The financial results of Tyco Capital, a segment of Tyco International Ltd., were released by Tyco International Ltd. on January 15, 2002, 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 quarter ending December 31, 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: January 16, 2002 -3- EX-99.1 3 a2067983zex-99_1.txt EXHIBIT 99.1 Exhibit 99.1 TYCO CAPITAL CORPORATION(1) CONSOLIDATED INCOME STATEMENTS (IN MILLIONS) (UNAUDITED)
FOR THE QUARTERS ENDED DECEMBER 31, ---------------------------------- 2001 2000 ---------------------------------- SUCCESSOR PREDECESSOR Finance income $ 1,083.8 $ 1,391.2 Interest expense 349.1 652.2 ------------- -------------- Net finance income 734.7 739.0 Depreciation on operating lease equipment and operating lease expense 270.2 348.4 ------------- -------------- Net finance margin 464.5 390.6 Other revenue 241.2 217.3 ------------- -------------- Operating revenue 705.7 607.9 ------------- -------------- Salaries and general operating expenses 210.3 259.3 Provision for credit losses 106.0 63.8 Goodwill amortization -- 22.5 ------------- -------------- Operating expenses 316.3 345.6 ------------- -------------- Income before provision for income taxes and minority interest 389.4 262.3 Provision for income taxes (148.0) (99.3) Minority interest in subsidiary trust holding solely debentures of the Company, after tax (2.3) (2.9) ------------- -------------- Net income $ 239.1 $ 160.1 ============= ==============
(1) On June 1, 2001, The CIT Group, Inc. ("CIT") was acquired by a wholly-owned subsidiary of Tyco International Ltd., a diversified manufacturing and service company, in a purchase business combination recorded under the "push-down" method of accounting, resulting in a new basis of accounting for the "successor" period beginning June 2, 2001. Information relating to all "predecessor" periods prior to the acquisition is presented using CIT's historical basis of accounting. TYCO CAPITAL CORPORATION CONSOLIDATED CONDENSED BALANCE SHEETS (IN MILLIONS) PRELIMINARY - SUBJECT TO ADJUSTMENTS
DECEMBER 31, SEPTEMBER 30, 2001 2001 -------------------------- (UNAUDITED) ASSETS Finance receivables $ 29,199.5 $ 30,791.3 Reserve for credit losses (472.1) (471.7) -------------------------- Net finance receivables 28,727.4 30,319.6 Operating lease equipment, net 5,639.8 5,649.9 Finance receivables held for sale 1,510.3 2,014.9 Cash and cash equivalents 1,017.6 728.7 Receivables from affiliates 1,588.1 1,640.9 Goodwill 6,857.1 6,569.5 Other assets 3,790.6 3,758.2 -------------------------- TOTAL ASSETS $ 49,130.9 $ 50,681.7 -------------------------- LIABILITIES AND SHAREHOLDER'S EQUITY Debt: Commercial paper $ 7,789.7 $ 8,621.5 Variable rate senior notes 9,237.2 9,614.6 Fixed rate senior notes 16,602.7 17,065.5 Subordinated fixed rate notes 100.0 100.0 -------------------------- Total Debt 33,729.6 35,401.6 Credit balances of factoring clients 2,184.2 2,392.9 Accrued liabilities and payables 2,105.8 2,029.2 -------------------------- TOTAL LIABILITIES 38,019.6 39,823.7 Company obligated manditorily redeemable preferred securities of subsidiary trust holding solely debentures of the Company 259.0 260.0 Total Shareholder's Equity 10,852.3 10,598.0 -------------------------- TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY $ 49,130.9 $ 50,681.7 --------------------------
TYCO CAPITAL CORPORATION SELECTED FINANCIAL DATA (IN MILLIONS) (UNAUDITED)
AT DECEMBER 31, AT SEPTEMBER 30, 2001 2001 --------------- ---------------- Specialty Finance $ 10,894.7 $ 11,183.1 Equipment Financing 10,310.4 11,063.7 Capital Finance 4,979.4 4,928.7 Commercial Finance 7,841.8 8,644.3 Structured Finance 2,661.5 3,068.4 Finance receivables previously securitized 10,442.2 10,147.9 --------------- ---------------- TOTAL MANAGED ASSETS $ 47,130.0 $ 49,036.1 --------------- ----------------
FOR THE QUARTERS ENDED ----------------------------------- 12/31/2001 12/31/2000 --------------- ---------------- AVERAGE BALANCES Average Finance Receivables $ 30,431.3 $ 34,245.7 Average Earning Assets (AEA) $ 35,695.0 $ 41,669.0 Average Managed Assets (AMA) $ 45,769.9 $ 52,628.7
12/31/2001 12/31/2000 --------------- ---------------- OTHER REVENUE Fees and other income $ 170.0 $ 111.6 Factoring commissions 38.3 38.8 Gains on securitizations 28.0 40.6 Gains on sales of leasing equipment 2.3 32.4 Gains(losses) on venture capital investments 2.6 (6.1) --------------- ---------------- $ 241.2 $ 217.3 --------------- ----------------
12/31/2001 12/31/2000 --------------- ---------------- PROFITABILITY Return on AEA 2.68% 1.54% Return on AMA 2.09% 1.22% Return on average tangible shareholder's equity 23.3% 16.3% Net finance margin as a percentage of AEA 5.21% 3.75% Volume securitized $ 1,223.8 $ 1,204.2 Salaries and general operating expenses as a percentage of AMA 1.84% 1.97% Efficiency ratio 29.8% 42.7%
AT DECEMBER 31, AT SEPTEMBER 30, AT DECEMBER 31, 2001 2001 2000 --------------- ---------------- --------------- CREDIT QUALITY Net credit losses as a percentage of average finance receivables 1.36% 0.87% 0.71% 60+days contractual delinquency as a percentage of finance receivables 3.78% 3.35% 2.98% 60+days managed contractual delinquency as a percentage of managed financial assets 3.94% 3.65% 3.29% Total non-performing assets as a percentage of finance receivables 3.22% 3.02% 2.47% Reserve for credit losses as a percentage of finance receivables 1.62% 1.53% 1.40% CAPITAL AND LEVERAGE Tangible shareholder's equity to managed assets 9.11% 8.88% 7.82% Debt (net of overnight deposits) to tangible shareholder's equity 7.71x 8.06x 8.78x
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