-----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, OO37F8Qh/HDVLJZX4+uPOdp1pGvWKoJ1Kc6iFyNHsPD/sd2KSF8O2uwVy8/4DQza ofXwE7tsNoJFJEFutNu5mA== 0000096638-94-000002.txt : 19940128 0000096638-94-000002.hdr.sgml : 19940128 ACCESSION NUMBER: 0000096638-94-000002 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19931231 ITEM INFORMATION: 1 FILED AS OF DATE: 19940126 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADVANTA CORP CENTRAL INDEX KEY: 0000096638 STANDARD INDUSTRIAL CLASSIFICATION: 6141 IRS NUMBER: 231462070 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 34 SEC FILE NUMBER: 000-14120 FILM NUMBER: 94502861 BUSINESS ADDRESS: STREET 1: 650 NAAMANS RD STREET 2: BRANDYWINE CORPORATE CENTER CITY: CLAYMONT STATE: DE ZIP: 19703 BUSINESS PHONE: 2156574000 MAIL ADDRESS: STREET 1: BRANDYWINE CORPORATE CENTER STREET 2: 650 NAAMANS ROAD CITY: CLAYMONT STATE: DE ZIP: 19703 FORMER COMPANY: FORMER CONFORMED NAME: TSO FINANCIAL CORP DATE OF NAME CHANGE: 19880306 FORMER COMPANY: FORMER CONFORMED NAME: TEACHERS SERVICE ORGANIZATION INC DATE OF NAME CHANGE: 19850812 8-K/A 1 DEC 93 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 (Date of earliest event reported): January 26, 1994 ________________________ADVANTA Corp.____________________________ (Exact name of registrant as specified in its charter) _______Delaware__________ _____0-14120________ ______23-1462070__ (State or other jurisdic- (Commission File (IRS Employer Identi- tion of incorporation) Number) fication No.) Brandywine Corporate Center, 650 Naamans Road, Claymont, Delaware (Address of principal executive offices) 19703 (Zip Code) Registrant's telephone number, including area code: (302) 791-4400 Item 5. Other Events. On January 26, 1994 ADVANTA Corp. announced record earnings for both the fourth quarter and full year 1993. For the quarter, ADVANTA reported earnings per share of $.56 and net income of $23.0 million, increases of 30% and 55%, respectively, over fourth quarter 1992. For the full year, earnings per share totalled $1.95 before extraordinary item and net income before extraordinary item was $77.9 million, increasing 41% and 62%, respectively, over 1992. At December 31, 1993, the Company's portfolio of managed receivables increased by $1.5 billion or 42% compared to December 31, 1992. Total managed credit card receivables expanded by $575 million in the fourth quarter, bringing the outstandings to $3.9 billion at year-end 1993, up 47% for the year. Fourth quarter earnings per share incorporate an 18% increase in the number of common shares outstanding versus the fourth quarter last year. Earnings per share for all periods reflect the October 15, 1993 three-for-two stock split. Highlights for the fourth quarter include the following items: Continued strong receivable growth with each business segment growing its average total managed receivables in excess of 30% year-over-year. Average managed credit card receivables for the quarter were up 47% from the comparable year-ago period and 16% from the September quarter; The managed credit card charge-off rate fell to 2.9% in the quarter from 4.2% in the year-earlier period and 3.2 % in the September quarter. The consolidated managed charge-off rate declined from 3.2% in the year-earlier period to 2.7% in the quarter, the same as the September quarter; The 30 plus day delinquency rate on managed credit cards declined to 2.4% at December 31, down from 3.7% in the year-ago quarter and 2.8% in the September quarter; The managed net interest margin rose to 7.64% from 7.32% in the year-earlier period and compares to 8.05% in the September quarter; -2- Off-balance sheet reserves for mortgage servicing were increased to reflect recent loan loss and prepayment experience; Disciplined cost management resulted in an operating expense ratio of 3.94% in the fourth quarter, compared to 4.68% in the comparable year-ago period and 4.11% in the third quarter; Return on equity of 27.6% for the quarter and 27.5% for the full year. Item 7. Financial Statements and Exhibits. (c) Exhibits. The following exhibit is filed as part of this Report on Form 8-K: 99 Selected summary financial data. 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. ADVANTA Corp. Date: January 26, 1994 By: /s/ Gene S. Schneyer Gene S. Schneyer, Vice President and Secretary EXHIBIT INDEX Exhibit No. Description 99 Selected summary financial data. ADVANTA AND SUBSIDIARIES FINANCIAL HIGHLIGHTS (In millions except per share data) Three Months Ended Percent Change December 1993 versus 1993 1992 1992 OPERATING RESULTS Net Revenues $ 91.3 $ 72.2 27% Provision for Losses $ 8.2 $ 8.3 (1%) Operating Expenses $ 48.2 $ 40.3 20% Net Income $ 23.0 $ 14.9 55% Earnings Per Common Share(1) $ .56 $ .43 30% Average Shares 41.2 34.9 18% Return on Equity 27.58% 35.84% (23%) Year Ended Percent Change December 31, 1993 versus 1993 1992 1992 OPERATING RESULTS Net Revenues $327.7 $261.8 25% Provision for Losses $ 29.8 $ 47.1 (37%) Operating Expenses $174.6 $137.6 27% Net Income Before extraordinary item $ 77.9 $ 48.0 62% After extraordinary item $ 76.6 $ 48.0 60% Earnings Per Common Share(1) Before extraordinary item $ 1.95 $ 1.38 41% After extraordinary item $ 1.92 $ 1.38 39% Average Shares 39.8 34.6 15% Return on Equity 27.50 % 33.32% (17%) (1) Share and per share amounts reflect the three-for-two stock split effective October 15, 1993. -more- ADVANTA AND SUBSIDIARIES FINANCIAL HIGHLIGHTS (In millions except per share data) Percent Change December 31, December 31, 1993 versus 1993 1992 1992 FINANCIAL CONDITION Gross Receivables Owned $1,277 $ 998 28% Managed $5,264 $3,720 42% Total Assets Owned $2,141 $1,775 21% Managed $6,128 $4,497 36% Deposits $1,255 $1,204 4% Stockholders' Equity $ 343 $ 175 96% Book Value Per Common Share(1) $ 8.82 $ 5.22 69% Equity/Owned Assets 16.01% 9.85% 63% CREDIT QUALITY Reserves as a percentage of Impaired Assets Owned Receivables 138.6% 127.4% 9% Owned Credit Cards 183.7% 187.6% (2%) Net Charge-off Rate for the Year Managed Receivables 2.9% 3.4% (15%) Managed Credit Cards 3.5% 4.5% (22%) 30 plus Day Delinquency Rate Managed Receivables 3.5% 5.0% (30%) Managed Credit Cards 2.4% 3.7% (35%) (1) Per share amounts reflect the three-for-two stock split effective October 15, 1993 --Statistical Supplement Available Upon Request-- # # # # -----END PRIVACY-ENHANCED MESSAGE-----