-----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, VXyoExj00hq9pKippifh/ebWw3/QT9ZeR89F35Wk4pvcwI4WVuoKsmtqH3gXEucR 7qWeV6Dafm84cUAPi/mnNQ== 0000096638-94-000012.txt : 19940721 0000096638-94-000012.hdr.sgml : 19940721 ACCESSION NUMBER: 0000096638-94-000012 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19940630 ITEM INFORMATION: Acquisition or disposition of assets FILED AS OF DATE: 19940720 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 SEC ACT: 1934 Act SEC FILE NUMBER: 000-14120 FILM NUMBER: 94539409 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 1 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): July 20, 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 July 20, 1994 Advanta Corp. announced record quarterly earnings for the second quarter 1994 with net income of $25.8 million and earnings per share of $.63, increases of 39% and 37%, respectively, over the $18.5 million and $.46 per share (before extraordinary item) results for the second quarter 1993. Earnings for the first quarter 1994 totalled $24.9 million or $.61 per share. From June 1993, the Company's portfolio of managed receivables increased by $1.8 billion or 44% to $5.9 billion at June 30, 1994. Earnings per share for all periods reflect the October 15, 1993 three-for-two stock split. During the quarter, the Company sold $150 million of credit card relationships. The gain on the transaction was fully offset by an increase in marketing and developmental expenditures and an increase in the general loan loss reserves. Highlights for the second quarter include the following items: Managed credit card receivables at June 30 of $4.5 billion posted a 55% increase over the $2.9 billion level last June. The managed credit card 30+ day delinquency rate fell to 2.0%, from 2.9% in the second quarter last year. The charge-off rate on managed credit cards dropped to 2.7%, compared to 4.0% a year ago. The Company added over 344,000 new credit card accounts during the quarter compared to 249,000 in the second quarter of 1993. The managed net interest margin for the quarter fell to 6.95% from 7.38% in the first quarter, and 7.72% in the comparable period of 1993 due to introductory pricing on credit cards and a lag in the repricing from the multiple changes in the prime rate during the quarter. Item 7. Financial Statements and Exhibits (c) Exhibits. The following exhibits are filed as part of this Report on Form 8-K: 27 Financial Data Schedules. 99 Selected summary financial data. -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 thereunto duly authorized. Advanta Corp. Date: July 20, 1994 By: /s/ Gene S. Schneyer Gene S. Schneyer, Vice President and Secretary EXHIBIT INDEX Exhibit No. Description 27 Financial Data Schedules. 99 Selected summary financial data. ADVANTA AND SUBSIDIARIES FINANCIAL HIGHLIGHTS (Dollars in millions except per share data) Three Months Ended % Change June 30, 1994 versus 1994 1993 1993 OPERATING RESULTS Net Revenues(1) $ 97.7 $ 77.0 27% Provision for Losses $ 15.4 $ 6.4 143% Operating Expenses $ 60.0 $ 41.7 44% Net Income Before Extraordinary Item $ 25.8 $ 18.5 39% After Extraordinary Item $ 25.8 $ 17.2 50% Earnings Per Common Share(2) Before Extraordinary Item $ .63 $ .46 37% After Extraordinary Item $ .63 $ .43 47% Average Shares 41.2 40.3 2% Return on Equity 27.23% 24.09% 13% Managed Net Interest Margin 6.95% 7.72% (10%) Six Months Ended % Change June 30, 1994 versus 1994 1993 1993 OPERATING RESULTS Net Revenues(1) $192.0 $149.9 28% Provision for Losses $ 22.3 $ 13.5 64% Operating Expenses $108.4 $ 81.7 33% Net Income Before Extraordinary Item $ 50.7 $ 34.6 46% After Extraordinary Item $ 50.7 $ 33.3 52% Earnings Per Common Share(2) Before Extraordinary Item $ 1.23 $ 0.90 37% After Extraordinary Item $ 1.23 $ 0.87 41% Average Shares 41.0 38.2 7% Return on Equity 27.49% 28.30% (3%) Managed Net Interest Margin 7.15% 7.73% (7%) (1) Excludes $18.4 million gain on sale of credit card relationships. (2) 1993 per share amounts have been adjusted to reflect the three- for-two stock split effective October 15, 1993. -more- ADVANTA AND SUBSIDIARIES FINANCIAL HIGHLIGHTS (Dollars in millions except per share data) % Change June 1994 June 30, March 31, June 30, versus 1994 1994 1993 June 1993 FINANCIAL CONDITION Gross Receivables - Owned $1,330 $1,405 $1,181 13% - Managed $5,933 $5,411 $4,118 44% Total Assets - Owned $2,192 $2,325 $2,050 7% - Managed $6,795 $6,331 $4,987 36% Deposits $1,041 $1,144 $1,242 (16%) Stockholders' Equity $ 389 $ 364 $ 298 31% Book Value Per Common Share(1) $ 9.88 $ 9.32 $ 7.75 27% Equity/Owned Assets 17.76% 15.67% 14.54% 22% CREDIT QUALITY Reserves as a % of Impaired Assets Owned Credit Cards 186.0% 185.9% 191.7% (3%) Owned Mortgages 31.1% 30.9% 34.1% (9%) Owned Receivables 103.1% 119.7% 155.8% (34%) Net Charge-off Rate Managed Credit Cards 2.7% 2.7% 4.0% (32%) Managed Mortgages(2) 1.8% 1.7% 1.0% 80% Managed Receivables 2.5% 2.5% 3.2% (21%) 30+ Day Delinquency Rate Managed Credit Cards 2.0% 2.3% 2.9% (31%) Managed Mortgages 5.6% 5.9% 7.0% (19%) Managed Receivables 2.9% 3.3% 4.2% (31%) (1) 1993 per share amounts reflect the three-for-two stock split effective October 15, 1993. (2) Restated for June 1993 to exclude interest advances on serviced mortgage portfolio to be consistent with presentation of owned portfolio. EX-27 2 ARTICLE 9 FDS FOR 8-K
9 1000 6-MOS DEC-31-1994 JUN-30-1994 30803 178428 41800 0 297132 0 0 1377932 50222 2191842 1041005 245876 91027 424716 404 0 1010 387804 2191842 52332 13046 0 65378 23920 42335 23043 22263 (102) 108387 79679 50681 0 0 50681 1.23 1.23 407 41783 6907 0 0 31227 17852 3249 50222 31463 0 18759
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