-----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, B91nbBeqUhJC9EaQJ+fnKzh2aJsnMKaGCiQaKH0yijTcUxe1I4LGKQvrs4xJU7SA 9MKsQRvgBK1l9w0FOcCSpQ== 0000950123-98-000322.txt : 19980116 0000950123-98-000322.hdr.sgml : 19980116 ACCESSION NUMBER: 0000950123-98-000322 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980115 ITEM INFORMATION: FILED AS OF DATE: 19980115 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CIT GROUP INC CENTRAL INDEX KEY: 0000020388 STANDARD INDUSTRIAL CLASSIFICATION: SHORT-TERM BUSINESS CREDIT INSTITUTIONS [6153] IRS NUMBER: 132994534 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-01861 FILM NUMBER: 98507333 BUSINESS ADDRESS: STREET 1: 1211 AVE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10036 BUSINESS PHONE: 2125361950 MAIL ADDRESS: STREET 1: 1211 AVENUE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10036 FORMER COMPANY: FORMER CONFORMED NAME: CIT GROUP HOLDINGS INC /DE/ DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: CIT FINANCIAL CORP/OLD/ DATE OF NAME CHANGE: 19860512 8-K 1 FORM 8-K 1 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 15, 1998 ---------------- The CIT Group, Inc. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware 1-1861 13-2994534 - -------------------------------------------------------------------------------- (State or other (Commission (IRS Employer jurisdiction of File Number) Identification No.) incorporation) 1211 Avenue of the Americas New York, New York 10036 - -------------------------------------------------------------------------------- Registrant's telephone number, including area code (212) 536-1390 -------------- - -------------------------------------------------------------------------------- (Former name or former address, if changed since last report) 2 Item 5. Other Events. The CIT Group, Inc. (formerly The CIT Group Holdings, Inc.), a Delaware corporation (the "Company"), hereby amends the consolidated financial statements set forth in Item 8 of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 1996 (the "1996 Form 10-K"), as herein described. The Independent Auditors' Report set forth in the 1996 Form 10-K is deleted and replaced in its entirety by the Independent Auditors' Report filed as Exhibit 99.1 to this Form 8-K, which references an additional footnote as of a date subsequent to the original Independent Auditors' Report. The Notes to Consolidated Financial Statements are amended to renumber "Note 22-Selected Quarterly Financial Data (Unaudited)" to the Consolidated Financial Statements as "Note 24-Selected Quarterly Financial Data (Unaudited)". The Notes to Consolidated Financial Statements are further amended to add "Note 22-Subsequent Event-Initial Public Offering" and "Note 23-Business Segment Information", filed as Exhibit 99.2 to this Form 8-K. Except as set forth above, the consolidated financial statements of the Company, as set forth in the 1996 Form 10-K, are unchanged. 3 INDEPENDENT AUDITORS' REPORT The Board of Directors The CIT Group, Inc.: We have audited the accompanying consolidated balance sheets of The CIT Group, Inc. and subsidiaries as of December 31, 1996 and 1995, and the related consolidated statements of income, changes in stockholders' equity, and cash flows for each of the years in the three-year period ended December 31, 1996. These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of The CIT Group, Inc. and subsidiaries at December 31, 1996 and 1995, and the results of their operations and cash flows for each of the years in the three-year period ended December 31, 1996 in conformity with generally accepted accounting principles. KPMG PEAT MARWICK LLP Short Hills, New Jersey January 17, 1997, except as to Note 21 which is as of February 21, 1997 and Note 22 which is as of September 26, 1997 4 NOTE 22--SUBSEQUENT EVENT--INITIAL PUBLIC OFFERING On September 26, 1997, the Company filed a Registration Statement in connection with the proposed initial public offering of the Company's common stock. 5 NOTE 23--BUSINESS SEGMENT INFORMATION The Company's primary business activities are comprised of commercial and consumer operations. The Company's diversified commercial segment is engaged in equipment financing and leasing, factoring and commercial finance. The Company's consumer segment offers home equity lending, secured retail sales financing of manufactured housing, recreation vehicles and recreational boats, as well as consumer loan servicing. Segment total revenue is defined as finance income plus fees and other income. Segment operating income (loss) is defined as total revenue less direct segment interest and operating expenses. Other includes general corporate expenses, and revenues and expenses related to other operations of the Company. The following table sets forth information on the Company's commercial and consumer business segments (in millions).
------------------------------------- AT DECEMBER 31, 1996 1995 1994 --------- --------- --------- Dollars in millions TOTAL ASSETS Commercial $15,143.2 $14,590.5 $13,670.7 Consumer 3,563.4 2,587.7 2,122.2 Other 225.9 242.1 166.8 --------- --------- --------- Total $18,932.5 $17,420.3 $15,959.7 ======== ======== ========
---------------------------------- YEARS ENDED DECEMBER 31, 1996 1995 1994 -------- -------- -------- Dollars in millions TOTAL REVENUES Commercial $1,542.6 $1,443.0 $1,242.7 Consumer 325.6 264.4 177.2 Other 22.1 6.5 18.3 -------- -------- -------- Total $1,890.3 $1,713.9 $1,438.2 ======= ======= ======= OPERATING INCOME (LOSS) Commercial $ 390.2 $ 341.5 $ 336.9 Consumer 67.4 63.9 24.3 Other (41.8) (40.3) (36.2) -------- -------- -------- Total $ 415.8 $ 365.1 $ 325.0 ======= ======= =======
NOTE 24--SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
---------------------------------------------------- 1996 FIRST SECOND THIRD FOURTH QUARTER QUARTER QUARTER QUARTER YEAR ------- ------- ------- ------- ------ Dollars in millions Net finance income $195.4 $197.3 $201.4 $203.8 $797.9 Fees and other income 52.7 73.2 50.9 67.3 244.1 Salaries and general operating expenses 95.9 97.6 97.9 101.7 393.1 Provision for credit losses 27.8 26.6 24.2 32.8 111.4 Depreciation on operating lease equipment 27.5 28.8 28.0 37.4 121.7 Provision for income taxes 37.1 45.1 37.1 36.4 155.7 Net income $ 59.8 $ 72.4 $ 65.1 $ 62.8 $260.1
6
---------------------------------------------------- 1995 FIRST SECOND THIRD FOURTH QUARTER QUARTER QUARTER QUARTER YEAR ------- ------- ------- ------- ------ Dollars in millions Net finance income $164.5 $171.5 $178.8 $182.9 $697.7 Fees and other income 43.4 41.9 47.8 51.6 184.7 Salaries and general operating expenses 84.8 82.3 85.9 92.7 345.7 Provision for credit losses 21.0 22.2 24.0 24.7 91.9 Depreciation on operating lease equipment 17.6 17.2 21.4 23.5 79.7 Provision for income taxes 31.7 35.2 36.8 36.1 139.8 Net income $ 52.8 $ 56.5 $ 58.5 $ 57.5 $225.3
-----END PRIVACY-ENHANCED MESSAGE-----