-----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, M+tWlwf7URaWr7DjeqnEVy5gctxP8dQ/0/QtFvkJZ/AOW07NoAKMlOGQAESSHTBu YFEn3FiE4ksnHenCcp3iZg== 0000950131-96-001709.txt : 19960426 0000950131-96-001709.hdr.sgml : 19960426 ACCESSION NUMBER: 0000950131-96-001709 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960424 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19960425 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: HELLER FINANCIAL INC CENTRAL INDEX KEY: 0000046738 STANDARD INDUSTRIAL CLASSIFICATION: SHORT-TERM BUSINESS CREDIT INSTITUTIONS [6153] IRS NUMBER: 361208070 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06157 FILM NUMBER: 96550900 BUSINESS ADDRESS: STREET 1: 500 W MONROE ST CITY: CHICAGO STATE: IL ZIP: 60661 BUSINESS PHONE: 3124417000 MAIL ADDRESS: STREET 1: 500 W MONROE ST CITY: CHICAGO STATE: IL ZIP: 60661 FORMER COMPANY: FORMER CONFORMED NAME: HELLER WALTER E & CO /NEW/ DATE OF NAME CHANGE: 19850503 8-K 1 FORM 8-K 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: April 24, 1996 -------------- (Date of earliest event reported) HELLER FINANCIAL, INC. ---------------------- (Exact name of registrant as specified in its charter) Delaware -------- (State or other jurisdiction of incorporation) 1-6157 36-1208070 ------ ---------- (Commission File Number) (IRS Employer Identification Number) 500 West Monroe Street, Chicago, Illinois 60661 - ----------------------------------------- ----- (Address of principal executive offices) (Zip Code) (312) 441-7000 -------------- (Registrant's telephone number, including area code) 1 ITEM 5. OTHER EVENTS - ------- ------------ On April 24, 1996, Heller Financial, Inc. (the "Registrant") issued a press release announcing its earnings for the quarter ending March 31, 1996. A copy of the press release is attached. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS - ------- --------------------------------- (c) Exhibits 99 Heller Financial, Inc. - Report of Net Income for the quarter ending March 31, 1996, dated April 24, 1996 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: April 24, 1996 -------------- HELLER FINANCIAL, INC. By: Lawrence G. Hund -------------------------------------- Lawrence G. Hund Title: Senior Vice President and Controller 2 EXHIBIT INDEX Exhibit Sequentially Number Numbered Pages - ------ -------------- 99 Heller Financial, Inc. - Report of Net Income 4 - 7 for the quarter ending March 31, 1996, dated April 24, 1996 3 EX-99 2 NEWS RELEASE [LETTERHEAD OF HELLER FINANCIAL] NEWS RELEASE Heller Financial, Inc. ---------------------- Reports Growth in 1996 First Quarter Net Income ----------------------------------------------- Chicago -- (April 24, 1996) -- Heller Financial, Inc. reported growth in net income for the 1996 first quarter compared to the prior year period, Richard J. Almeida, Chairman and Chief Executive Officer, announced today. Net income in the 1996 first quarter grew 13 percent to $34 million mainly due to a lower provision for losses. This was a result of the continued strong credit performance of the ongoing portfolio and reduced net credit costs from the pre-1990 portfolio. Highlights for the 1996 first quarter include: . Lending assets and investments increased during the quarter by $239 million, or 3 percent, to $9.3 billion as growth in the asset-based businesses was partially offset by the continued run-off of pre-1990 assets. The new portfolio represents 86 percent of total lending assets and investments. . The lower risk asset-based businesses grew 13 percent from year-end 1995 and now comprise the company's single largest product category at 37 percent of lending assets and investments. . Operating income declined for the quarter due to competitive pressures on pricing and lower net gains on equity investments. At the same time, income of international joint ventures continued to grow during this period. . Operating expenses were higher as a result of the continued investment in the growing asset-based businesses and expenditures for marketing and systems development. . The company's overall credit quality remained strong. At the end of the 1996 first quarter, nonearning assets remained well within management's targeted range at 3.7 percent of total lending assets, a slight increase from year-end 1995. The pre-1990 portfolio accounted for 70 percent of total nonearning assets. "We are encouraged by both our overall growth in net income and our successful efforts to build a more balanced portfolio and diversify our sources of income," said Almeida. "As important, our post-1990 portfolio continued to demonstrate solid credit performance as evidenced by a low level of net writedowns during the quarter." Heller Financial, Inc. is a worldwide commercial financial services organization which is a wholly-owned subsidiary of The Fuji Bank, Limited, one of the world's largest banks. Heller Financial provides U.S.-based clients with cash flow financing, factoring and working capital loans, equipment financing and leasing, asset-based finance, real estate financing and equity investments. The company also operates through joint venture and wholly-owned companies located in 19 countries in Europe, Asia, Australia and Latin America. These companies specialize in factoring, asset-based finance, acquisition finance, leasing, vendor finance and trade finance. HELLER FINANCIAL, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS (in millions)
March 31, 1996 December 31, 1995 -------------- ------------------ Assets (unaudited) - ------ Cash and cash equivalents $ 159 $ 599 Total receivables 8,269 8,085 Less: Allowance for losses of receivables 230 229 ------ ------ Net receivables 8,039 7,856 Investments 739 693 Investments in international joint ventures 240 233 Other assets 261 257 ------ ------ $9,438 $9,638 ====== ====== Liabilities and Stockholders' Equity - ------------------------------------ Senior debt Commercial paper and short-term borrowings $2,136 $2,223 Notes and debentures 4,992 5,145 ------ ------ Total debt 7,128 7,368 Credit balances of factoring clients 591 497 Other payables and accruals 263 343 ------ ------ Total liabilities 7,982 8,208 Minority interest in equity of Heller International Group, Inc. 48 46 Stockholders' equity Cumulative Perpetual Senior Preferred Stock, Series A 125 125 Cumulative Convertible Preferred Stock, Series D 25 25 Common stock, additional paid-in capital and retained earnings 1,258 1,234 ------ ------ Total stockholders' equity 1,408 1,384 ------ ------ $9,438 $9,638 ====== ======
HELLER FINANCIAL, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF INCOME (in millions)
For the Three Months Ended -------------------------- March 31, --------- 1996 1995 ------ ------ (unaudited) Interest income $202 $206 Interest expense 112 112 ---- ---- Net interest income 90 94 Fees and other income 32 44 Income of international joint ventures 9 8 ---- ---- Operating revenues 131 146 Operating expenses 59 50 Provision for losses 24 50 ---- ---- Income before income taxes and minority interest 48 46 Income tax provision 12 15 Minority interest in income of Heller International Group, Inc. 2 1 ---- ---- Net income $ 34 $ 30 ==== ====
-----END PRIVACY-ENHANCED MESSAGE-----