-----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, ClkHW/xIigwaydJOiFPiBnLrg1pL4G8dLOF1iZ8Z4G5izPIkfn/17oWqbepmoFrr bPG7hZ6hMUEHHffMDaGJxw== 0000950137-01-502856.txt : 20010813 0000950137-01-502856.hdr.sgml : 20010813 ACCESSION NUMBER: 0000950137-01-502856 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20010810 ITEM INFORMATION: Other events FILED AS OF DATE: 20010810 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GATX FINANCIAL CORP CENTRAL INDEX KEY: 0000357019 STANDARD INDUSTRIAL CLASSIFICATION: FINANCE LESSORS [6172] IRS NUMBER: 941661392 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08319 FILM NUMBER: 1703735 BUSINESS ADDRESS: STREET 1: FOUR EMBARCADERO CTR SUITE 2200 CITY: SAN FRANCISCO STATE: CA ZIP: 94111 BUSINESS PHONE: 4159553200 FORMER COMPANY: FORMER CONFORMED NAME: GATX CAPITAL CORP DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: GATX LEASING CORP DATE OF NAME CHANGE: 19900405 8-K 1 c64391e8-k.txt CURRENT REPORT 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) August 10, 2001 ---------- GATX FINANCIAL CORPORATION (formerly GATX Capital Corporation) (Exact Name of Registrant as Specified in its Charter) Delaware 1-8319 94-1661392 (State or other jurisdiction of (Commission file number) (I.R.S. employer incorporation) identification number) 500 West Monroe Street, Chicago, Illinois 60661-3676 (Address of principal executive offices) Registrant's telephone number, including area code (312) 621-6200 ================================================================================ 2 ITEM 5. OTHER EVENTS. On July 30, 2001, GATX Financial Services Inc., a Delaware corporation and a subsidiary of GATX Rail Corporation, a New York corporation, was merged into its wholly-owned subsidiary GATX Capital Corporation, a Delaware corporation. On July 31, 2001, GATX Rail Corporation was merged into its wholly-owned subsidiary GATX Capital Corporation, which concurrently changed its name to GATX Financial Corporation (commission file number 1-8319). The attached consolidated statements of income, consolidated balance sheet, and consolidated statements of cash flows for GATX Financial Corporation are unaudited and reflect the merger of GATX Rail Corporation into GATX Capital Corporation. The consolidated financial statements were derived from the financial statements of GATX Rail Corporation and GATX Capital Corporation and include all adjustments and reclassifications which management considers necessary for a fair statement of the consolidated results of operations and financial position for all periods presented. 3 GATX FINANCIAL CORPORATION CONSOLIDATED BALANCE SHEET (UNAUDITED) (IN MILLIONS)
DECEMBER 31, ------------------------------------------ MARCH 31, 2001 2000 1999 1998 --------- -------- -------- -------- ASSETS CASH AND CASH EQUIVALENTS $ 628.4 $ 173.8 $ 85.2 $ 81.1 RECEIVABLES Trade accounts 43.0 63.5 67.1 84.0 Finance leases 991.7 861.9 631.7 658.9 Secured loans 571.3 538.0 358.0 241.6 Less -- allowance for possible losses (102.8) (94.0) (112.3) (132.4) -------- -------- -------- -------- 1,598.6 1,465.5 944.5 852.1 OPERATING LEASE ASSETS AND FACILITIES, NET 2,738.1 2,550.2 2,431.9 1,955.5 DUE FROM GATX CORPORATION 504.4 504.7 455.6 426.0 INVESTMENTS IN AFFILIATED COMPANIES 1,040.8 950.7 756.8 632.5 OTHER ASSETS 474.6 403.7 365.1 259.5 NET ASSETS OF DISCONTINUED OPERATIONS 159.6 610.8 616.5 581.5 -------- -------- -------- -------- TOTAL ASSETS $7,049.1 $6,563.3 $5,655.6 $4,788.2 ======== ======== ======== ======== LIABILITIES, DEFERRED ITEM AND SHAREHOLDER'S EQUITY ACCOUNTS PAYABLE $ 267.3 $ 263.4 $ 249.2 $ 239.0 ACCRUED EXPENSES 452.4 132.2 46.4 50.3 DEBT Short-term debt 601.7 557.5 377.0 299.9 Long-term recourse debt 2,907.3 3,093.9 2,685.2 2,068.5 Long-term nonrecourse debt 689.9 494.2 418.8 401.9 Capital lease obligations 72.4 79.0 89.2 100.1 -------- -------- -------- -------- 4,271.3 $4,224.6 3,570.2 2,870.4 DEFERRED INCOME TAXES 404.3 462.8 441.2 364.0 OTHER DEFERRED ITEMS 239.2 228.2 140.1 168.8 SHAREHOLDER'S EQUITY 1,414.6 1,252.1 1,208.5 1,095.7 -------- -------- -------- -------- TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY $7,049.1 $6,563.3 $5,655.6 $4,788.2 ======== ======== ======== ========
2 4 GATX FINANCIAL CORPORATION CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) (IN MILLIONS)
THREE MONTHS ENDED MARCH 31 YEAR ENDED DECEMBER 31 ------------------------- ------------------------------------------ 2001 2000 2000 1999 1998 -------- -------- -------- -------- -------- OPERATING ACTIVITIES Income from continuing operations $ 16.1 $ 44.5 $ 59.6 $ 156.6 $ 150.6 Adjustment to reconcile income from continuing operations to net cash provided by continuing operations: Realized gains on remarketing of leased equipment (9.7) (70.2) (72.9) (8.5) (58.9) Depreciation and amortization 102.2 78.3 245.3 200.0 325.6 Provision for possible losses 2.0 11.0 21.3 22.7 11.0 Deferred income taxes (19.4) 29.1 30.6 59.7 41.6 Provision for litigation - - 160.5 - - Other, including net working capital (74.6) (38.8) (62.2) (139.9) (33.2) -------- -------- -------- -------- -------- NET CASH PROVIDED BY CONTINUING OPERATIONS 37.1 105.4 477.9 262.5 297.1 INVESTING ACTIVITIES Additions to operating lease assets and facilities (38.1) (130.5) (379.9) (360.6) (385.2) Additions to equipment on lease, net of nonrecourse financing for leveraged leases (266.0) (155.9) (700.8) (697.0) (501.6) Secured loans extended (113.9) (268.8) (161.6) (80.5) (436.1) Investments in affiliated companies (49.5) (244.6) (167.2) (147.0) (141.1) Other investments and progress payments (113.6) (7.8) (152.5) (105.9) (34.6) -------- -------- -------- -------- -------- Portfolio investments and capital additions (639.3) (457.6) (1,913.9) (1,599.5) (1,230.0) Portfolio proceeds 248.4 99.2 574.7 501.7 804.3 Proceeds from other asset sales 5.0 4.4 304.4 206.4 252.5 -------- -------- -------- -------- -------- NET CASH USED IN INVESTING ACTIVITIES OF CONTINUING OPERATIONS (385.9) (354.0) (1,034.8) (891.4) (173.2) FINANCING ACTIVITIES Proceeds from the issuance of long-term debt 62.0 121.6 1,587.3 981.5 360.1 Repayment of long-term debt (304.1) (56.8) (1,072.2) (293.7) (326.4) Net increase (decrease) in short term debt 44.6 330.4 96.0 180.2 (69.2) Repayment of capital lease obligations (4.5) (10.9) (9.5) (6.6) (10.1) Equity contribution from GATX Corporation 50.0 - 35.0 - - Increase in amount due to GATX Corporation .3 (44.1) (29.7) 3.2 (49.1) Cash dividends to GATX Corporation (58.0) (21.6) (51.9) (99.3) (76.7) -------- -------- -------- -------- -------- NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES OF CONTINUING OPERATIONS (211.8) 325.0 619.2 643.9 (118.5) TRANSFERS FROM DISCONTINUED OPERATIONS (6.1) (56.4) 26.3 (10.9) 6.1 -------- -------- -------- -------- -------- NET INCREASE IN CASH AND CASH EQUIVALENTS FROM CONTINUING OPERATIONS (566.7) 20.0 88.6 4.1 11.5 PROCEEDS FROM SALE OF PORTION OF SEGMENT 1,021.3 - - - - NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS FROM DISCONTINUED OPERATIONS (13.2) 5.2 .3 4.8 1.5 -------- -------- -------- -------- -------- NET INCREASE IN CASH AND CASH EQUIVALENTS $ 441.4 $ 25.2 $ 88.9 $ 8.9 $ 13.0 ======== ======== ======== ======== ========
3 5 GATX FINANCIAL CORPORATION CONSOLIDATED STATEMENT OF INCOME (UNAUDITED) (IN MILLIONS)
THREE MONTHS ENDED YEAR ENDED MARCH 31 DECEMBER 31 ------------------------ ---------------------------------------- 2001 2000 2000 1999 1998 -------- -------- -------- -------- -------- GROSS INCOME Revenues $ 361.2 $ 293.7 $1,248.2 $1,074.0 $ 977.2 Share of affiliates' earnings 14.9 20.0 78.9 64.5 48.5 -------- -------- -------- -------- -------- TOTAL GROSS INCOME 376.1 313.7 1,327.1 1,138.5 1,025.7 OWNERSHIP COSTS Depreciation and amortization 102.2 78.3 325.6 245.3 200.0 Interest, net 62.3 54.5 238.8 173.3 169.4 Operating lease expense 47.1 39.7 175.3 150.0 131.4 -------- -------- -------- -------- -------- TOTAL OWNERSHIP COSTS 211.6 172.5 739.7 568.6 500.8 OTHER COSTS AND EXPENSES Operating expenses 61.1 29.0 127.0 133.9 133.8 Selling, general, and administrative 53.5 38.8 182.7 168.1 130.6 Provision for possible losses 21.3 2.0 22.7 11.0 11.0 Provision for litigation - - 160.5 - - Fair value adjustment for derivatives 1.1 - - - - -------- -------- -------- -------- -------- TOTAL OTHER COSTS AND EXPENSES 137.0 69.8 492.9 313.0 275.4 INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 27.5 71.4 94.5 256.9 249.5 INCOME TAXES 11.4 26.9 34.9 100.3 98.9 -------- -------- -------- -------- -------- INCOME FROM CONTINUING OPERATIONS 16.1 44.5 59.6 156.6 150.6 DISCONTINUED OPERATIONS: Operating results, net of income taxes 3.1 5.8 37.1 21.0 6.9 Gain on sale of portion of segment, net of income taxes 171.4 - - 1.1 - -------- -------- -------- -------- -------- 174.5 5.8 37.1 22.1 6.9 -------- -------- -------- -------- -------- NET INCOME $ 190.6 $ 50.3 $ 96.7 $ 178.7 $ 157.5 ======== ======== ======== ======== ========
6 SIGNATURE 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, thereunto duly authorized. GATX FINANCIAL CORPORATION ----------------------------------------- (Registrant) /s/ Brian A. Kenney ----------------------------------------- Brian A. Kenney Vice President and Chief Financial Officer (Duly Authorized Officer) Date: August 10, 2001 -----END PRIVACY-ENHANCED MESSAGE-----