-----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, HQluibxljHfwYjiookwUdmyCkjqCfGGsNbFrPDXbxNrIycnzkd46VhSKTP9AuDPp 9H6RLAGromyPQ/2Wt6Lhug== 0000040554-98-000061.txt : 19980513 0000040554-98-000061.hdr.sgml : 19980513 ACCESSION NUMBER: 0000040554-98-000061 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19980328 FILED AS OF DATE: 19980512 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: GENERAL ELECTRIC CAPITAL CORP CENTRAL INDEX KEY: 0000040554 STANDARD INDUSTRIAL CLASSIFICATION: PERSONAL CREDIT INSTITUTIONS [6141] IRS NUMBER: 131500700 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 333-22265 FILM NUMBER: 98616916 BUSINESS ADDRESS: STREET 1: 260 LONG RIDGE RD CITY: STAMFORD STATE: CT ZIP: 06927 BUSINESS PHONE: 2033574000 MAIL ADDRESS: STREET 1: 260 LONG RIDGE ROAD CITY: STAMFORD STATE: CT ZIP: 06927 FORMER COMPANY: FORMER CONFORMED NAME: GENERAL ELECTRIC CREDIT CORP DATE OF NAME CHANGE: 19871216 10-Q 1 FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ------------- FORM 10-Q ------------- | X | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 28, 1998 OR | | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____ to ____ ----------------------------- Commission file number 1-6461 ----------------------------- GENERAL ELECTRIC CAPITAL CORPORATION ------------------------------------ (Exact name of registrant as specified in its charter) NEW YORK 13-1500700 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 260 LONG RIDGE ROAD, STAMFORD, CONNECTICUT 06927 (Address of principal executive offices) (Zip Code) (203) 357-4000 (Registrant's telephone number, including area code) ----------------------------- Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes |X| No | | At May 11, 1998, 3,837,825 shares of common stock with a par value of $200 were outstanding. REGISTRANT MEETS THE CONDITIONS SET FORTH IN GENERAL INSTRUCTION H(1)(a) AND (b) OF FORM 10-Q AND IS THEREFORE FILING THIS FORM 10-Q WITH THE REDUCED DISCLOSURE FORMAT. TABLE OF CONTENTS PAGE -------- PART I - FINANCIAL INFORMATION. Item 1. Financial Statements ..................... 1 Item 2. Management's Discussion and Analysis of Results of Operations ................. 5 Exhibit 12. Computation of Ratio of Earnings to Fixed Charges and Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends ................ 7 PART II - OTHER INFORMATION. Item 6. Exhibits and Reports on Form 8-K .......... 8 Signatures .............................................. 9 Index to Exhibits ....................................... 10 PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS.
GENERAL ELECTRIC CAPITAL CORPORATION AND CONSOLIDATED AFFILIATES CONDENSED STATEMENT OF CURRENT AND RETAINED EARNINGS (Unaudited) THREE MONTHS ENDED -------------------- MARCH 28, MARCH 29, (In millions) 1998 1997 -------- -------- REVENUES Revenues from services ................................. $ 7,875 $ 6,857 Sales of goods ......................................... 1,626 916 -------- -------- 9,501 7,773 -------- -------- EXPENSES Interest ............................................... 1,948 1,711 Operating and administrative ........................... 2,631 2,217 Cost of goods sold ..................................... 1,482 808 Insurance losses and policyholder and annuity benefits . 1,342 1,149 Provision for losses on financing receivables .......... 332 312 Depreciation and amortization of buildings and equipment and equipment on operating leases ..................... 652 565 Minority interest in net earnings of consolidated affiliates ............................................ 11 13 -------- -------- 8,398 6,775 -------- -------- EARNINGS Earnings before income taxes ........................... 1,103 998 Provision for income taxes ............................. (323) (301) -------- -------- NET EARNINGS ........................................... 780 697 Dividends .............................................. (373) (317) Retained earnings at beginning of period ............... 11,861 10,678 -------- -------- RETAINED EARNINGS AT END OF PERIOD ..................... $ 12,268 $ 11,058 ======== ========
See Notes to Condensed, Consolidated Financial Statements. 1 ITEM 1. FINANCIAL STATEMENTS (Continued).
GENERAL ELECTRIC CAPITAL CORPORATION AND CONSOLIDATED AFFILIATES CONDENSED STATEMENT OF FINANCIAL POSITION MARCH 28, DECEMBER 31, (In millions) 1998 1997 -------- -------- (Unaudited) ASSETS Cash and equivalents ................................... $ 4,358 $ 4,648 Investment securities .................................. 54,302 53,103 Financing receivables: Time sales and loans, net of deferred income ......... 64,255 64,832 Investment in financing leases, net of deferred income 41,580 41,769 -------- -------- 105,835 106,601 Allowance for losses on financing receivables ........ (2,786) (2,802) -------- -------- Financing receivables - net ........................ 103,049 103,799 Other receivables - net ................................ 12,344 11,925 Equipment on operating leases (at cost), less accumulated amortization of $6,465 and $6,126 ......... 19,102 18,689 Intangible assets ...................................... 9,509 9,459 Inventories ............................................ 808 786 Other assets ........................................... 28,806 26,368 -------- -------- TOTAL ASSETS ...................................... $232,278 $228,777 ======== ======== LIABILITIES AND EQUITY Short-term borrowings .................................. $ 96,038 $ 91,680 Long-term borrowings: Senior ............................................... 41,578 44,437 Subordinated ......................................... 697 697 Insurance liabilities, reserves and annuity benefits ... 51,110 50,248 Other liabilities ...................................... 14,833 14,315 Deferred income taxes .................................. 8,278 8,167 -------- -------- Total liabilities ................................. 212,534 209,544 -------- -------- Minority interest in equity of consolidated affiliates . 969 860 -------- -------- Unrealized gains on investment securities .............. 1,148 1,145 Foreign currency translation adjustments ............... (155) (147) -------- -------- Accumulated non-owner changes in equity ................ 993 998 Capital stock .......................................... 770 770 Additional paid-in capital ............................. 4,744 4,744 Retained earnings ...................................... 12,268 11,861 -------- -------- Total equity ...................................... 18,775 18,373 -------- -------- TOTAL LIABILITIES AND EQUITY ...................... $232,278 $228,777 ======== ========
See Notes to Condensed, Consolidated Financial Statements. 2 ITEM 1. FINANCIAL STATEMENTS (Continued).
GENERAL ELECTRIC CAPITAL CORPORATION AND CONSOLIDATED AFFILIATES CONDENSED STATEMENT OF CASH FLOWS (Unaudited) THREE MONTHS ENDED -------------------- MARCH 28, MARCH 29, (In millions) 1998 1997 -------- -------- CASH FLOWS FROM OPERATING ACTIVITIES Net earnings ........................................... $ 780 $ 697 Adjustments to reconcile net earnings to cash provided from operating activities: Provision for losses on financing receivables ........ 332 312 Depreciation and amortization of buildings and equipment and equipment on operating leases ......... 652 565 Other - net .......................................... 854 176 -------- -------- Cash from operating activities .................... 2,618 1,750 -------- -------- CASH FLOWS FROM INVESTING ACTIVITIES Increase in loans to customers ......................... (18,844) (10,362) Principal collections from customers ................... 19,249 10,250 Investment in assets on financing leases ............... (3,596) (3,880) Principal collections on financing leases .............. 2,856 3,924 Net decrease in credit card receivables ................ 89 1,453 Buildings and equipment and equipment on operating leases: - additions ........................................ (1,537) (1,280) - dispositions ..................................... 1,420 347 Payments for principal businesses purchased, net of cash acquired ......................................... (660) (27) Purchases of investment securities by insurance affiliates and annuity businesses ..................... (4,074) (2,735) Dispositions and maturities of investment securities by insurance affiliates and annuity businesses ........... 3,022 2,709 Other - net ............................................ (990) (1,234) -------- -------- Cash used for investing activities ................ (3,065) (835) -------- -------- CASH FLOWS FROM FINANCING ACTIVITIES Net change in borrowings (maturities 90 days or less) .. 6,198 1,811 Newly issued debt - short-term (maturities 91-365 days) 1,556 963 - long-term senior .................. 3,853 3,700 Proceeds - non-recourse, leveraged lease debt .......... 156 -- Repayments and other reductions: - short-term (maturities 91-365 days) (8,221) (7,418) - long-term senior .................. (2,630) (331) Principal payments - non-recourse, leveraged lease debt (184) (129) Proceeds from sales of investment and annuity contracts 1,027 873 Redemption of investment and annuity contracts ......... (1,262) (586) Dividends paid ......................................... (336) (317) Issuance of variable cumulative preferred stock by consolidated affiliate ................................ -- 100 -------- -------- Cash from (used for) financing activities ......... 157 (1,334) -------- -------- DECREASE IN CASH AND EQUIVALENTS ....................... (290) (419) CASH AND EQUIVALENTS AT BEGINNING OF PERIOD ............ 4,648 3,074 -------- -------- CASH AND EQUIVALENTS AT END OF PERIOD .................. $ 4,358 $ 2,655 ======== ========
See Notes to Condensed, Consolidated Financial Statements. 3 ITEM 1. FINANCIAL STATEMENTS (Continued). GENERAL ELECTRIC CAPITAL CORPORATION AND CONSOLIDATED AFFILIATES NOTES TO CONDENSED, CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 1. The accompanying condensed quarterly financial statements represent the adding together of General Electric Capital Corporation and all majority-owned and controlled affiliates (collectively called "the Corporation" or "GECC"). All significant transactions among the parent and consolidated affiliates have been eliminated. Certain prior period data have been reclassified to conform to the current period presentation. 2. The condensed consolidated quarterly financial statements are unaudited. These statements include all adjustments (consisting of normal recurring accruals) considered necessary by management to present a fair statement of the results of operations, financial position and cash flows. The results reported in these condensed consolidated financial statements should not be regarded as necessarily indicative of results that may be expected for the entire year. 3. Statement of Financial Accounting Standards No. 130, Reporting Comprehensive Income, was adopted as of January 1, 1998. This Statement requires reporting of changes in share owners' equity that do not result directly from transactions with share owners. An analysis of these changes follows:
THREE MONTHS ENDED -------------------- MARCH 28, MARCH 29, (Dollars in millions) 1998 1997 -------- -------- Net earnings .................................... $ 780 $ 697 Unrealized gains (losses) on investment securities - net ............................... 3 (384) Foreign currency translation adjustments ........ (8) (34) -------- -------- Total ........................................... $ 775 $ 279 ======== ========
4 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS. OVERVIEW Net earnings for the first quarter of 1998 were $780 million, an $83 million (12%) increase over the first quarter of 1997. The results reflected the globalization and diversity of the Corporation's businesses and were led by double digit increases in Specialty Insurance, Equipment Management and Mid-Market Financing activities. The Corporation's contribution to its parent, General Electric Capital Services, Inc. ("GECS"), after payment of dividends on its variable cumulative preferred stock, was $758 million, a $79 million (12%) increase over the comparable 1997 period. The increase in net earnings in the Specialty Insurance segment reflected improved earnings in the mortgage insurance business, the result of improved market conditions, as well as increases in the other insurance businesses. Earnings of the lending, leasing and equipment management businesses are significantly influenced by the level of invested assets, the related financing spreads (the excess of rates earned -- yields -- over rates on borrowings) and the quality of those assets. Net earnings for these businesses reflected increases, primarily from a higher average level of invested assets, offset by decreased earnings from Consumer Services activities, attributable to increased losses and lower volumes for U.S. private-label credit cards and increased automobile residual losses. These impacts were partially offset by lower losses associated with the Corporation's equity investment in Montgomery Ward Holding Corp. Financing spreads decreased slightly compared with the prior year's quarter, reflecting both lower yields and higher borrowing rates. OPERATING RESULTS TOTAL REVENUES from all sources was $9,501 million for the first quarter of 1998, a 22% increase compared with $7,773 million for the first quarter of 1997. Revenues from the equipment management, consumer services, mid-market financing and specialized financing businesses increased $1,324 million (18%) over the comparable prior-year period. A significant portion of the increase arose from sales of goods by the computer equipment distribution businesses, reflecting both acquisition and core growth. The increase also reflected a higher average level of invested assets, resulting principally from acquisitions of portfolios and businesses, as well as increased premiums related to the acquisition of a consumer savings and insurance business in 1997. Revenues of the Specialty Insurance segment increased $281 million (49%) to $852 million for the first quarter of 1998 compared with the first quarter of 1997. The increase primarily reflected increased investment income resulting from origination volume, continued growth in the investment portfolios and higher gains on investment securities. INTEREST EXPENSE for the first quarter of 1998 was $1,948 million, 14% higher than for the first quarter of 1997. The increase reflected the effects of higher average borrowings used to finance asset growth combined with the effects of higher average interest rates. The composite interest rate on the Corporation's borrowings for the first quarter of 1998 was 6.08% compared with 6.02% in the first quarter of 1997. OPERATING AND ADMINISTRATIVE EXPENSES were $2,631 million for the first quarter of 1998, a 19% increase over the first quarter of 1997. The increase primarily reflected costs associated with businesses and portfolios acquired over the past year and higher investment levels. INSURANCE LOSSES AND POLICYHOLDER AND ANNUITY BENEFITS increased $193 million to $1,342 million for the first quarter of 1998, compared with the first quarter of 1997. The increase primarily reflected the consumer savings and insurance business acquired in 1997 and growth in origination volume, partially offset by improved market conditions in the mortgage insurance business. PROVISION FOR LOSSES ON FINANCING RECEIVABLES increased to $332 million for the first quarter of 1998 from $312 million for the first quarter of 1997. These provisions principally related to private-label and bank credit cards in the Consumer Services segment that are discussed below under Portfolio Quality. The increase principally reflects higher average receivable balances as well as increased delinquencies in the consumer portfolio, consistent with industry experience. 5 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS (Continued). DEPRECIATION AND AMORTIZATION OF BUILDINGS AND EQUIPMENT AND EQUIPMENT ON OPERATING LEASES increased $87 million (15%) to $652 million for the first quarter of 1998 compared with $565 million for the first quarter of 1997. The increase was principally the result of higher levels of equipment on operating leases, primarily reflecting automobile and aircraft volume and acquisition growth. PROVISION FOR INCOME TAXES was $323 million for the first quarter of 1998 (an effective tax rate of 29.3%), compared with $301 million for the first quarter of 1997 (an effective tax rate of 30.2%). The higher provision for income taxes reflected increased pre-tax earnings subject to statutory rates. The decrease in the 1998 effective tax rate resulted primarily from increased tax credits and decreases in taxes on non-U.S. income. PORTFOLIO QUALITY FINANCING RECEIVABLES are the financing segment's largest asset and its primary source of revenues. The portfolio of financing receivables, before allowance for losses, decreased to $105.8 billion at March 28, 1998, from $106.6 billion at the end of 1997, primarily reflecting seasonal decreases in the credit card portfolios, partially offset by origination volume and acquisition growth. Related allowances for losses at March 28, 1998, aggregated $2.8 billion (2.63% of receivables - the same as at the end of 1997) and, in management's judgment, are appropriate given the risk profile of the portfolio. A discussion about the quality of certain elements of the portfolio of financing receivables follows. "Nonearning" receivables are those that are 90 days or more delinquent (or for which collection has otherwise become doubtful) and "reduced- earning" receivables are commercial receivables whose terms have been restructured to a below-market yield. The following discussion of the nonearning and reduced-earning receivable balances and write-off amounts excludes amounts related to Montgomery Ward Holding Corp. and affiliates, which are separately discussed below. CONSUMER FINANCING RECEIVABLES, primarily credit card and personal loans and auto loans and leases, were $47.6 billion at March 28, 1998, a decrease of $0.5 billion from the end of 1997. Nonearning receivables were $1.0 billion at March 28, 1998, 2.1% of total consumer financing receivables, both of which were substantially the same as at December 31, 1997. Write-offs of consumer receivables increased to $356 million for the first quarter of 1998, compared with $293 million for the first quarter of 1997. This increase was primarily attributable to higher average receivable balances resulting from a combination of origination volume and acquisitions of businesses and portfolios as well as higher delinquencies, consistent with overall industry experience. OTHER FINANCING RECEIVABLES, totaling $58.2 billion at March 28, 1998 ($58.5 billion at December 31, 1997), consisted of a diverse commercial, industrial and equipment loan and lease portfolio. Related nonearning and reduced-earning receivables were $385 million at March 28, 1998, compared with $353 million at year-end 1997. As discussed in the Corporation's Annual Report on Form 10-K for the year ended December 31, 1997, Montgomery Ward Holding Corp. (MWHC) filed a bankruptcy petition for reorganization in 1997. The Corporation's recorded investment in MWHC and affiliates at March 28, 1998, was $790 million, a decrease of $5 million from the end of 1997, and consisted primarily of inventory financing. Income recognition had been suspended on these pre-bankruptcy petition investments. Subsequent to the petition, the Corporation committed to provide MWHC up to $1.0 billion in debtor-in-possession financing, subject to certain conditions, in order to fund working capital requirements and general corporate expenses. A majority of this facility has been syndicated; the Corporation's loans under this facility at March 28, 1998 were approximately $81 million. The Corporation also provides financing to customers of MWHC and affiliates through the Corporation's wholly-owned affiliates, Montgomery Ward Credit Corporation and Monogram Credit Card Bank of Georgia. These receivables, which represent revolving credit card transactions directly with customers of MWHC and affiliates, aggregated approximately $3.9 billion at March 28, 1998, including $1.8 billion that have been sold with recourse by the Corporation's affiliates. The obligations of customers with respect to these receivables are not affected by the bankruptcy filing. MWHC and its affiliates, under new management since 1997, are continuing their restructuring efforts as well as developing a plan of reorganization. The Corporation held loans and leases to commercial airlines amounting to $9.1 billion at March 28, 1998, up from $9.0 billion at the end of 1997. 6 EXHIBIT 12
GENERAL ELECTRIC CAPITAL CORPORATION AND CONSOLIDATED AFFILIATES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS THREE MONTHS ENDED MARCH 28, 1998 (Unaudited) RATIO OF EARNINGS TO COMBINED FIXED RATIO OF CHARGES EARNINGS AND TO PREFERRED FIXED STOCK (Dollar amounts in millions) CHARGES DIVIDENDS -------- -------- Net earnings ........................................... $ 780 $ 780 Provision for income taxes ............................. 323 323 Minority interest in net earnings of consolidated affiliates ............................................ 11 11 -------- -------- Earnings before provision for income taxes and minority interest ..................................... 1,114 1,114 -------- -------- Fixed charges: Interest ............................................. 1,975 1,975 One-third of rentals ................................. 58 58 -------- -------- Total fixed charges .................................... 2,033 2,033 -------- -------- Less interest capitalized, net of amortization ......... 12 12 -------- -------- Earnings before provision for income taxes and minority interest, plus fixed charges .......................... $ 3,135 $ 3,135 ======== ======== Ratio of earnings to fixed charges ..................... 1.54 ======== Preferred stock dividend requirements .................. $ 22 Ratio of earnings before provision for income taxes to net earnings .......................................... 1.41 Preferred stock dividend factor on pre-tax basis ....... 31 Fixed charges .......................................... 2,033 -------- Total fixed charges and preferred stock dividend requirements .......................................... $ 2,064 ======== Ratio of earnings to combined fixed charges and preferred stock dividends ............................. 1.52 ========
For purposes of computing the ratios, fixed charges consist of interest on all indebtedness and one-third of rentals, which management believes is a reasonable approximation of the interest factor of such rentals. 7 PART II--OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K. a. EXHIBITS. Exhibit 12. Computation of ratio of earnings to fixed charges and computation of ratio of earnings to combined fixed charges and preferred stock dividends. Exhibit 27. Financial Data Schedule (filed electronically only). b. REPORTS ON FORM 8-K. None. 8 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 thereunto duly authorized. GENERAL ELECTRIC CAPITAL CORPORATION ------------------------------------ (Registrant) Date: May 12, 1998 By: /s/ J.A. Parke ------------------------------------- J.A. Parke, Senior Vice President, Finance (Principal Financial Officer) Date: May 12, 1998 By: /s/ J.C. Amble ------------------------------------- J.C. Amble, Vice President and Controller (Principal Accounting Officer) 9 GENERAL ELECTRIC CAPITAL CORPORATION AND CONSOLIDATED AFFILIATES INDEX TO EXHIBITS EXHIBIT NO. PAGE - ----------- -------- 12 Computation of ratio of earnings to fixed charges and computation of ratio of earnings to combined fixed charges and preferred stock dividends ............... 7 27 Financial Data Schedule (filed electronically only) 10 EX-12 2 EXHIBIT 12 EXHIBIT 12
GENERAL ELECTRIC CAPITAL CORPORATION AND CONSOLIDATED AFFILIATES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS THREE MONTHS ENDED MARCH 28, 1998 (Unaudited) RATIO OF EARNINGS TO COMBINED FIXED RATIO OF CHARGES EARNINGS AND TO PREFERRED FIXED STOCK (Dollar amounts in millions) CHARGES DIVIDENDS -------- -------- Net earnings ........................................... $ 780 $ 780 Provision for income taxes ............................. 323 323 Minority interest in net earnings of consolidated affiliates ............................................ 11 11 -------- -------- Earnings before provision for income taxes and minority interest ..................................... 1,114 1,114 -------- -------- Fixed charges: Interest ............................................. 1,975 1,975 One-third of rentals ................................. 58 58 -------- -------- Total fixed charges .................................... 2,033 2,033 -------- -------- Less interest capitalized, net of amortization ......... 12 12 -------- -------- Earnings before provision for income taxes and minority interest, plus fixed charges .......................... $ 3,135 $ 3,135 ======== ======== Ratio of earnings to fixed charges ..................... 1.54 ======== Preferred stock dividend requirements .................. $ 22 Ratio of earnings before provision for income taxes to net earnings .......................................... 1.41 Preferred stock dividend factor on pre-tax basis ....... 31 Fixed charges .......................................... 2,033 -------- Total fixed charges and preferred stock dividend requirements .......................................... $ 2,064 ======== Ratio of earnings to combined fixed charges and preferred stock dividends ............................. 1.52 ========
For purposes of computing the ratios, fixed charges consist of interest on all indebtedness and one-third of rentals, which management believes is a reasonable approximation of the interest factor of such rentals. EX-27 3 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED MARCH 28, 1998, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS 0000040554 GENERAL ELECTRIC CAPITAL CORPORATION 1,000,000 3-MOS DEC-31-1998 MAR-28-1998 4,358 54,302 105,835 2,786 808 0 29,531 8,028 232,278 0 42,275 0 2 768 18,005 232,278 1,626 9,501 1,482 0 2,631 332 1,948 1,103 323 780 0 0 0 780 0.00 0.00
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