-----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, LxeShQFitWa7PlEThArm/ovOvxmXMlUC+QzrIXnsulSWVAxalTNhwCFjcX0Z8N8k PS17+hP7BR417KQzWLpdWw== 0000834071-03-000009.txt : 20030212 0000834071-03-000009.hdr.sgml : 20030212 20030211185643 ACCESSION NUMBER: 0000834071-03-000009 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20021231 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030212 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TOYOTA MOTOR CREDIT CORP CENTRAL INDEX KEY: 0000834071 STANDARD INDUSTRIAL CLASSIFICATION: PERSONAL CREDIT INSTITUTIONS [6141] IRS NUMBER: 953775816 STATE OF INCORPORATION: CA FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09961 FILM NUMBER: 03551217 BUSINESS ADDRESS: STREET 1: 19300 GRAMERCY PLACE STREET 2: NORTH BUILDING CITY: TORRANCE STATE: CA ZIP: 90509 BUSINESS PHONE: 3107871310 MAIL ADDRESS: STREET 1: 19300 GRAMERCY PLACE STREET 2: NORTH BUILDING CITY: TORRANCE STATE: CA ZIP: 90509 8-K 1 form8k.txt UNITED STATES 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): February 12, 2003 ----------------- Toyota Motor Credit Corporation ------------------------------------------------------ (Exact name of registrant as specified in its charter) California 1-9961 95-3775816 - ------------------- ---------------- ------------------- (State or other (Commission (IRS Employer jurisdiction of File Number) Identification No.) incorporation) Toyota Motor Credit Corporation 19001 South Western Avenue Torrance, California 90509 - ---------------------------------------------- ------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (310) 468-1310 ------------------- Exhibit Index is on Page 2 Page 1 of 3 Item 5. Other Events ------------ The February 12, 2003 Press Release of the Registrant attached as Exhibit 99 is incorporated herein by reference. Item 7(c). Exhibits Exhibit Number Description -------------- ----------- 99 Press Release, dated February 12, 2003, of Toyota Motor Credit Corporation. -2- 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 hereunto duly authorized. TOYOTA MOTOR CREDIT CORPORATION ------------------------------- (Registrant) Date: February 12, 2003 By: /s/ John F. Stillo ------------------ ------------------------------- John F. Stillo Vice President and Chief Financial Officer -3- EX-99 4 exhibit99.txt Exhibit 99 Earnings Release Toyota Motor Credit Corporation Reports Third Quarter results TORRANCE, Calif. February 12, 2003 -- Toyota Motor Credit Corporation ("the Company"), which is marketed under the brands of Toyota Financial Services ("TFS") and Lexus Financial Services ("LFS"), announced earnings for the third quarter 2002. Three Months Ended Nine Months Ended (in millions) (in millions) ---------------------------- ---------------------------- 12/31/02 12/31/01 % Change 12/31/02 12/31/01 % Change -------- -------- -------- -------- -------- -------- Net Income $ 93 $ 62 50% $ 68 $ 133 49% Derivative Adjustment (net of income tax) (11) (21) (48%) 191 12 1492% -------- -------- -------- -------- -------- -------- Net Income Excluding Derivative Adjustment (net of income tax) $ 82 $ 41 100% $ 259 $ 145 79% ======== ======== ======== ======== ======== ========
Net income has been presented for the three and nine month periods ended December 31, 2002 and 2001 in accordance with generally accepted accounting principles in the United States ("GAAP"), and also on a basis which excludes the effects of derivative fair value adjustments calculated in accordance with Statement of Financial Accounting Standards Statements 133, Accounting for Derivative Activities and Hedging Activities, and Statement of Financial Accounting Standards Statements 138, Accounting for Certain Derivative Instruments and Certain Hedging Activities - - an Amendment of SFAS 133 ("Derivative Adjustment"). Management believes that providing a calculation of net income excluding the effect of the Derivative Adjustment provides useful information to investors for the reasons explained below, and a more balanced representation of the Company's operating results. Management uses this measure when analyzing its core operating results. The Company uses derivative instruments to help mitigate exposure to interest rate and currency fluctuations related to its debt portfolio, and to manage the relationship between the yield on earning assets and the cost to fund these assets. The Company does not use any of these instruments for trading purposes. In accordance with GAAP, the effect of interest rate movements on portfolio-based derivative instruments and the ineffective portion of the Company's fair value hedge relationships must be included in the Company's financial results. However, the effect of interest rate movements on the Company's related earning assets is not included in the Company's financial results under current GAAP rules. Management believes that including in the Company's financial results the effect of interest rate movements on its portfolio-based derivative instruments and fair value hedges in accordance with GAAP, while not including any corresponding valuation adjustment related to earning assets, does not provide a complete picture of the economics of the Company's business and its operating performance. Therefore, the Company reports financial results, including the Derivative Adjustment in accordance with GAAP, as well as excluding the Derivative Adjustment. TFS and LFS are the finance and insurance brands for Toyota and Lexus respectively in the United States. They primarily offer retail auto financing and leasing, and wholesale auto financing through Toyota Motor Credit Corporation, and extended service contracts through Toyota Motor Insurance Services ("TMIS"). The Company is part of a worldwide network of comprehensive financial services offered by Toyota Financial Services Corporation, a wholly owned subsidiary of Toyota Motor Corporation. -----END PRIVACY-ENHANCED MESSAGE-----