-----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, rcFu2wNg6h0vBHrSeyhWzs81lIotf7gwFcHej34CgqMyp11NXmv18GWIHmscpMm3 S0Fw680FQMr/dg2q/RsTOA== 0000096638-95-000011.txt : 19950721 0000096638-95-000011.hdr.sgml : 19950721 ACCESSION NUMBER: 0000096638-95-000011 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19950630 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19950720 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADVANTA CORP CENTRAL INDEX KEY: 0000096638 STANDARD INDUSTRIAL CLASSIFICATION: PERSONAL CREDIT INSTITUTIONS [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: 95555026 BUSINESS ADDRESS: STREET 1: 650 NAAMANS RD STREET 2: BRANDYWINE CORP CTR 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, 1995 ________________________ADVANTA Corp.____________________________ (Exact name of registrant as specified in its charter) _______Delaware__________ _____0-14120________ ______23-1462070__ (State or other jurisdic- (Commission File (IRS EmployerIdenti- 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, 1995 Advanta Corp. announced record quarterly earnings for the second quarter 1995 with net income of $33.4 million and earnings per share of $.80, increases of 30% and 27%, respectively, over the $25.8 million and $.63 per share results reported for the second quarter 1994. Earnings for the first quarter 1995 totalled $30.8 million or $.74 per share. From June 1994, the Company's portfolio of managed receivables increased by $3.4 billion or 58% to $9.4 billion at June 30, 1995. Highlights for the second quarter include the following items: Managed credit card receivables at June 30 of $7.5 billion posted a 67% increase over the $4.5 billion level last June. The managed credit card 30+ day delinquency rate was unchanged from the second quarter last year at a favorable 2.0%. The charge-off rate on managed credit cards dropped to 2.5%, compared to 2.7% in the year ago quarter. The Company added over 450,000 new credit card accounts during the quarter compared to 344,000 in the second quarter of 1994. The managed net interest margin for the quarter of 5.96% rose slightly from 5.94% in the first quarter, and is down from 6.95% in the comparable period of 1994. Rapid growth in new credit card business with low introductory rates decreased average yields. Item 7. Financial Statements and Exhibits. (c) Exhibits. The following exhibit is filed as part of this Report on Form 8-K: 27 Financial Data Schedules. 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: July 20, 1995 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, 1995 versus 1995 1994 1994 OPERATING RESULTS Net Revenues(1) $143.8 $106.9 35% Provision for Losses $ 8.6 $ 15.4 (44%) Operating Expenses $ 83.9 $ 69.2 21% Net Income $ 33.4 $ 25.8 30% Earnings Per Common Share $ .80 $ .63 27% Average Shares 41.8 41.2 1% Return on Equity 26.91% 27.23% (1%) Managed Net Interest Margin 5.96% 6.95% (14%) Six Months Ended % Change June 30, 1995 versus 1995 1994 1994 OPERATING RESULTS Net Revenues(1) $279.4 $206.6 35% Provision for Losses $ 17.5 $ 22.3 (21%) Operating Expenses $162.0 $123.0 32% Net Income $ 64.2 $ 50.7 27% Earnings Per Common Share $ 1.54 $ 1.23 25% Average Shares 41.6 41.0 2% Return on Equity 26.78% 27.49% (3%) Managed Net Interest Margin 5.95% 7.15% (17%) (1) 1994 amount 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 June 1995 June 30, March 31, June 30, versus 1995 1995 1994 June 1994 FINANCIAL CONDITION Gross Receivables - Owned $ 1,868 $1,622 $1,330 40% - Managed $ 9,371 $8,610 $5,933 58% Total Assets - Owned $ 3,058 $2,846 $2,192 40% - Managed $10,561 $9,834 $6,795 55% Deposits $ 1,098 $1,005 $1,041 5% Stockholders' Equity $ 511 $ 475 $ 389 31% Book Value Per Common Share $ 12.69 $11.87 $ 9.88 28% Equity/Owned Assets 16.70% 16.69% 17.76% (6%) CREDIT QUALITY Reserves as a % of Impaired Assets Owned Credit Cards 187.4% 185.4% 186.0% 1% Owned Mortgages 10.4% 13.5% 31.1% (67%) Owned Receivables 110.2% 106.0% 103.1% 7% Net Charge-off Rate Managed Credit Cards 2.5% 2.2% 2.7% (7%) Managed Mortgages 0.7% 1.2% 1.8% (61%) Managed Receivables 2.1% 2.1% 2.5% (16%) 30+ Day Delinquency Rate Managed Credit Cards 2.0% 2.1% 2.0% 0% Managed Mortgages 4.8% 4.7% 5.6% (14%) Managed Receivables 2.7% 2.8% 2.9% (7%) -----END PRIVACY-ENHANCED MESSAGE-----