-----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, Wu3Fd9OWqQZ/3wV8+UdaASdnreL6ePTOuWzHlxmKUMj+0PpRHhEwoAyzhFmdIj58 SYApUMpOQTRMbUNvuCM8Ug== 0000950131-95-002015.txt : 19950807 0000950131-95-002015.hdr.sgml : 19950807 ACCESSION NUMBER: 0000950131-95-002015 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950728 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19950731 SROS: NYSE 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: 95557625 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: July 31, 1995 ------------- (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 July 28, 1995, Heller Financial, Inc. (the "Registrant") issued a press release announcing its earnings for the quarter ending June 30, 1995. 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 June 30, 1995, dated July 28, 1995 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: July 31, 1995 ------------- HELLER FINANCIAL, INC. By: ----------------------------- 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 Net Income 4 - 7 for the quarter ending June 30, 1995, dated July 28, 1995
3 EX-99 2 NEWS RELEASE [LETTERHEAD OF HELLER FINANCIAL] For Further Information Contact John Brooklier 312-441-6184 News Release Heller Financial, Inc. Reports Increases in -------------------------------------------- Income Before Taxes for 1995 Second Quarter and First Half ---------------------------------------------------------- Chicago -- (July 28, 1995) -- Heller Financial, Inc. reported increases in income before taxes for both the 1995 second quarter and first-half as well as growth in net income for the 1995 first half, Michael S. Blum, Chairman and Chief Executive Officer, announced today. Income before taxes for the 1995 second quarter was $52 million, a 33 percent increase over the comparable 1994 period. First half 1995 income before taxes was $98 million, or 15 percent higher than the prior year period. In the 1995 second quarter, operating revenues increased 6 percent to $132 million, largely due to growth in net interest income and income of international joint ventures. Operating expenses increased $6 million, or 13 percent, as the company continues to invest in the developing asset-based and equipment lending businesses. The provision for losses decreased as the company experienced a lower level of writedowns on repossessed assets. Overall, 1995 second quarter net income of $34 million declined slightly from the year earlier period as the income tax provision increased $13 million over the prior year quarter. For the 1995 first half, operating revenues were $278 million, a 5 percent increase over 1994. Growth in net interest income and income of international joint ventures offset lower net gains from equity interests and investments. The increases in operating expenses and the income tax provision more than offset the decrease in the provision for losses. Even so, net income of $64 million for the 1995 first half was 2 percent higher than the prior year period. At June 30, 1995, the ratio of nonearning assets to total lending assets increased to 4.6 percent from 4.0 percent at December 31, 1994. While new business portfolios continued to exhibit strong credit quality, the unpredictable timing of the resolution or restructuring of a number of large accounts in the pre-1990 portfolio may cause variability in the level of nonearning assets from quarter to quarter. However, the company anticipates that nonearning assets will trend downward towards the lower end of its targeted range by year-end. "We are pleased with the company's continuing growth in operating revenues and income before taxes because it signifies progress toward our goal of diversifying assets and revenue sources," said Blum. "We also are pleased that we continue to make progress on our goal of improving asset quality by resolving problem accounts in the pre-1990 portfolio as well as by adding quality assets to the new business portfolios." 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, Inc. provides U.S.-based clients with cash flow financing, real estate financing, factoring and working capital loans, equipment financing and leasing, asset-based finance 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/or trade finance. HELLER FINANCIAL, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS (in millions)
June 30, 1995 December 31, 1994 -------------- ----------------- (unaudited) Assets - - ------ Cash and cash equivalents $ 89 $ 99 Total receivables 8,137 7,616 Less: Allowance for losses of receivables 241 231 ------ ------ Net receivables 7,896 7,385 Investments 653 634 Investments in international joint ventures 221 174 Other assets 218 184 ------ ------ $9,077 $8,476 ====== ====== Liabilities and Stockholders' Equity - - ------------------------------------ Senior debt Commercial paper and short-term borrowings $2,726 $2,451 Notes and debentures 4,247 3,930 ------ ------ Total debt 6,973 6,381 Credit balances of factoring clients 443 452 Other payables and accruals 245 274 ------ ------ Total liabilities 7,661 7,107 Minority interest in equity of Heller International Group, Inc. 44 39 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 1,222 1,180 ------ ------ Total stockholders' equity 1,372 1,330 ------ ------ $9,077 $8,476 ====== ======
HELLER FINANCIAL, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF INCOME (in millions)
For the Three For the Six Months Ended Months Ended June 30, June 30, ----------------- ----------------- 1995 1994 1995 1994 ----- ----- ----- ----- (unaudited) (unaudited) Interest income $ 214 $ 170 $ 420 $ 321 Interest expense 119 80 231 149 ----- ----- ----- ----- Net interest income 95 90 189 172 Fees and other income 28 30 72 83 Income of international joint ventures 9 5 17 10 ----- ----- ----- ----- Operating revenues 132 125 278 265 Operating expenses 52 46 102 90 Provision for losses 28 40 78 90 ----- ----- ----- ----- Income before taxes and minority interest in income of Heller International Group, Inc. 52 39 98 85 Income tax provision 16 3 31 20 Minority interest in income of Heller International Group, Inc. 2 1 3 2 ----- ----- ----- ----- Net income $ 34 $ 35 $ 64 $ 63 ===== ===== ===== =====
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