-----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, C+q+P1earrGDcnA7cTz2rumG2PecKEtxfcRwOeXSide822kdb+QmilHoaB6iwI0G 7sU9ZOueArQ2OmmpxKHY/g== 0000096638-94-000015.txt : 19941020 0000096638-94-000015.hdr.sgml : 19941020 ACCESSION NUMBER: 0000096638-94-000015 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19940930 ITEM INFORMATION: Acquisition or disposition of assets FILED AS OF DATE: 19941019 SROS: NONE 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: 94554089 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): October 19, 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 October 19, 1994 Advanta Corp. announced record quarterly earnings for the third quarter 1994 with net income of $26.8 million and earnings per share of $.65, increases of 32% and 30%, respectively, over the $20.3 million and $.50 per share results reported for the third quarter 1993. Earnings for the second quarter 1994 totalled $25.8 million or $.63 per share. From September 1993, the Company's portfolio of managed receivables increased by $2 billion or 44% to $6.6 billion at September 30, 1994. Highlights for the third quarter include the following items: Managed credit card receivables at September 30 of $5.1 billion posted a 52% increase over the $3.3 billion level of last September. The managed credit card 30+ day delinquency rate fell to 2.1%, from 2.8% in the third quarter last year. The charge-off rate on managed credit cards dropped to 2.4%, compared to 3.2% a year ago. The Company added 192,000 new credit card accounts during the quarter compared to 166,000 in the third quarter of 1993. The managed net interest margin for the quarter fell to 6.79% from 6.95% in the second quarter, and 8.05% in the comparable period of 1993 primarily due to introductory pricing on credit card receivables acquired 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: October 19, 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 September 30, 1994 versus 1994 1993 1993 OPERATING RESULTS Net Revenues $101.2 $ 86.4 17% Provision for Losses $ 5.8 $ 8.0 (28%) Operating Expenses $ 53.3 $ 44.7 19% Net Income $ 26.8 $ 20.3 32% Earnings Per Common Share $ .65 $ .50 30% Average Shares 41.2 40.7 1% Return on Equity 26.47% 26.20% 1% Managed Net Interest Margin 6.79% 8.05% (16%) Nine Months Ended % Change September 30, 1994 versus 1994 1993 1993 OPERATING RESULTS Net Revenues(1) $293.2 $236.3 24% Provision for Losses $ 28.0 $ 21.6 30% Operating Expenses $161.7 $126.4 28% Net Income Before Extraordinary Item $ 77.4 $ 54.9 41% After Extraordinary Item $ 77.4 $ 53.6 44% Earnings Per Common Share Before Extraordinary Item $ 1.88 $ 1.40 34% After Extraordinary Item $ 1.88 $ 1.37 37% Average Shares 41.1 39.0 5% Return on Equity 27.13% 27.47% (1%) Managed Net Interest Margin 7.02% 7.83% (10%) (1) September 1994 year-to-date figure excludes $18.4 million gain on sale of credit card relationships. -more- ADVANTA AND SUBSIDIARIES FINANCIAL HIGHLIGHTS (Dollars in millions except per share data) % Change Sept. 1994 Sept 30, June 30, Sept 30, versus 1994 1994 1993 Sept. 1993 FINANCIAL CONDITION Gross Receivables - Owned $1,363 $1,330 $1,158 18% - Managed $6,642 $5,933 $4,622 44% Total Assets - Owned $2,349 $2,192 $1,935 21% - Managed $7,628 $6,795 $5,399 41% Deposits $1,016 $1,041 $1,177 (14%) Stockholders' Equity $ 416 $ 389 $ 318 31% Book Value Per Common Share $10.51 $ 9.88 $ 8.21 28% Equity/Owned Assets 17.70% 17.76% 16.43% 8% CREDIT QUALITY Reserves as a % of Impaired Assets Owned Credit Cards 185.7% 186.0% 188.5% (2%) Owned Mortgages 25.9% 31.1% 38.4% (33%) Owned Receivables 100.0% 103.1% 147.3% (32%) Net Charge-off Rate Managed Credit Cards 2.4% 2.7% 3.2% (25%) Managed Mortgages 1.6% 1.8% 1.1% 46% Managed Receivables 2.2% 2.5% 2.7% (19%) 30+ Day Delinquency Rate Managed Credit Cards 2.1% 2.0% 2.8% (25%) Managed Mortgages 5.3% 5.6% 6.7% (21%) Managed Receivables 2.9% 2.9% 3.9% (26%) EX-27 2
9 1000 9-MOS DEC-31-1994 SEP-30-1994 36292 208235 87335 0 296649 0 0 1409284 47190 2348968 1015581 268779 91257 557633 405 0 1010 414303 2348968 71665 20346 0 92011 35011 64954 27057 28013 (172) 161700 121832 77448 0 0 77448 1.88 1.88 395 38323 8865 0 0 31227 29225 4706 47190 31952 0 15238
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