-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, Z4bCuSBetd93iimjHLd1sx3b/2o4HNopEL6LGk3P4vCmUYNNjhJFFZKs9kVWquRY /LvQDMF791MDpZFOCrHJjg== 0000950131-94-001612.txt : 19941031 0000950131-94-001612.hdr.sgml : 19941031 ACCESSION NUMBER: 0000950131-94-001612 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19941027 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19941028 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: HELLER FINANCIAL INC CENTRAL INDEX KEY: 0000046738 STANDARD INDUSTRIAL CLASSIFICATION: 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: 94555916 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: October 27, 1994 ---------------- (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) ITEM 5. OTHER EVENTS ------- ------------ On October 27, 1994, Heller Financial, Inc. (the "Registrant") released its earnings for the three and nine month periods ended September 30, 1994. A copy of the release is attached. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS ------- --------------------------------- (c) Exhibits 99 Heller Financial, Inc. - Report of Net Income Three and Nine Months Ended September 30, 1994, dated October 27, 1994 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: October 27, 1994 HELLER FINANCIAL, INC. By: Richard J. Almeida ------------------ Richard J. Almeida Title: Executive Vice President and Chief Financial Officer 2 EXHIBIT INDEX Exhibit Sequentially Number Numbered Pages ------ -------------- 99 Heller Financial, Inc. - Report of 4-7 Net Income for the Three and Nine Months Ended September 30, 1994 3 [LETTERHEAD OF HELLER FINANCIAL] For Further Information Contact John Brooklier NEWS RELEASE 312-441-6184 Heller Financial, Inc. ---------------------- Reports Growth in 1994 Third Quarter, Nine Month ------------------------------------------------ Net Income and Improvement in Nonearning Assets ----------------------------------------------- Chicago -- (October 27, 1994) -- Heller Financial, Inc. reported growth in both income before income taxes and net income for the 1994 three month and nine month periods along with continuing improvement in nonearning assets, Michael S. Blum, Chairman and Chief Executive Officer, said today. Income before income taxes was $49.7 million for the 1994 third quarter and $132.5 million for the nine months, representing respective increases of 71 percent and 43 percent compared to the 1993 periods. Even with the company approaching full taxpayer status in 1994, net income was $30.4 million for the third quarter and $93.1 million for the nine months, reflecting growth of 8 percent and 3 percent from the year earlier periods. Operating revenues of $145.2 million for the three months and $410.3 million for the nine months were 14 percent and 7 percent higher than the prior year periods due to growth in fees and other income from several product categories and a third quarter increase in net interest income. Fees and other income grew 33 percent for the quarter and 25 percent for the nine-month period due to increased revenues from real estate business initiatives, higher gains from investments and higher revenues from asset-based 4 businesses. The increase in operating expenses principally reflects costs related to business initiatives in the asset based product category as costs in other core businesses decreased. As evidence of an improving portfolio, the provision for losses in 1994 decreased 10 percent and 13 percent from the prior year periods as the level of problem loans continued to recede and the performance of financings originated since 1990 remained strong. The company continues to make consistent progress toward improved asset quality, one of its major goals. At September 30,1994, nonearning assets had declined by $116 million, a 27 percent reduction from year-end 1993, and a $202 million reduction from a year ago. The ratio of total nonearning assets to total lending assets was 4.0 percent at the end of the 1994 third quarter compared to 5.9 percent at year-end 1993. The company's target range for nonearning assets is from 3 percent to 5 percent. "We continue to be optimistic about our long-term prospects due to the solid growth the company has experienced thus far in 1994 combined with the ongoing improvement in overall asset quality and the progress we've made in the area of portfolio diversification," said Blum. Heller Financial, Inc. is a worldwide commercial financial services organization which is a wholly-owned subsidiary of The Fuji Bank, Limited, the world's largest bank. Heller Financial, Inc. provides U.S.-based clients with corporate financing, real estate financing, factoring and working capital loans, equipment financing and leasing, asset-based finance and equity investments. The company also operates in European, Asian, and Latin American countries through joint venture and wholly-owned companies that specialize in factoring, asset-based finance, acquisition finance, leasing, vendor finance and/or trade finance. 5 HELLER FINANCIAL, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF INCOME (IN MILLIONS)
For the Three Months Ended For the Nine Months Ended -------------------------- ------------------------- September 30, September 30, ------------- ------------- 1994 1993 1994 1993 ------ ------ ------ ------ (unaudited) (unaudited) Interest income $188.2 $158.0 $509.1 $468.2 Interest expense 89.5 66.4 238.4 200.6 ------ ------ ------ ------ Net interest income 98.7 91.6 270.7 267.6 Fees and other income 39.9 30.0 122.5 97.8 Income of international joint ventures 6.6 5.8 17.1 16.5 ------ ------ ------ ------ Operating revenues 145.2 127.4 410.3 381.9 Operating expenses 47.9 45.8 140.3 131.3 Provision for losses 47.6 52.6 137.5 157.9 ------ ------ ------ ------ Income before income taxes 49.7 29.0 132.5 92.7 Income tax provision 19.3 .8 39.4 2.2 ------ ------ ------ ------ Net income $ 30.4 $ 28.2 $ 93.1 $ 90.5 ====== ====== ====== ======
6 HELLER FINANCIAL, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS (IN MILLIONS)
September 30, 1994 December 31, 1993 ------------------- ----------------- (unaudited) ----------- Assets - ------ Cash and cash equivalents $ 323 $ 170 Receivables 7,738 7,012 Less: Allowance for losses on receivables 233 211 ------ ------ Net receivables 7,505 6,801 Investments and other assets 1,048 942 ------ ------ $8,876 $7,913 ====== ====== Liabilities and Stockholders' Equity - ------------------------------------ Senior debt Commercial paper and short-term borrowings $2,582 $1,981 Notes and debentures 4,091 3,893 Junior subordinated notes -- 75 ------ ------ Total debt 6,673 5,949 Credit balances of factoring clients 557 433 Other payables and accruals 274 243 ------ ------ Total liabilities 7,504 6,625 Minority interest in equity of Heller International Group, Inc. 37 35 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 1,185 1,103 ------ ------ Total stockholders' equity 1,335 1,253 ------ ------ $8,876 $7,913 ====== ======
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