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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) April 19, 1999
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CASE CREDIT CORPORATION
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(Exact Name of Registrant as Specified in its Charter)
Delaware
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(State or Other Jurisdiction of Incorporation)
33-80775-01 76-0394710
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(Commission File Number) (I.R.S. Employer Identification No.)
233 Lake Avenue, Racine, Wisconsin 53403
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(Address of Principal Executive Offices) (Zip Code)
(414) 636-6011
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(Registrant's Telephone Number, Including Area Code)
Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events.
On April 19, 1999, Case Capital Corporation announced its unaudited
financial results for the quarter ended March 31, 1999. This announcement is
filed as an exhibit hereto and is hereby incorporated by reference. The
financial services business of Case Corporation is provided through Case Capital
Corporation, including its wholly owned subsidiary Case Credit Corporation and
their subsidiaries and joint ventures (collectively, "Case Capital").
The following tables summarize the earnings and financial position of Case
Capital and consolidated subsidiaries as of March 31, 1999 and for the three
months ended March 31, 1999.
SUMMARY INCOME STATEMENT DATA
(Millions)
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended
March 31
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1999 1998
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<S> <C> <C>
Revenues
Interest income and other $109 $ 76
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Total 109 76
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Costs and Expenses
Selling, general and administrative 17 9
Interest expense 45 29
Other, net 16 8
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Total 78 46
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Income before taxes 31 30
Income tax provision 11 11
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Net Income $ 20 $ 19
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</TABLE>
Form 8-K page 2
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SUMMARY BALANCE SHEET DATA
(Millions)
(Unaudited)
<TABLE>
<CAPTION>
March 31
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1999 1998
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<S> <C> <C>
Assets
Cash and cash equivalents $ 28 $ 27
Accounts, notes receivable and other - net 2,722 1,989
Property, plant and equipment - net 3 3
Equipment on operating leases - net 495 208
Other assets 276 126
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Total $3,524 $2,353
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Liabilities and Equity
Current maturities of long-term debt $ -- $ --
Short-term debt 256 884
Accounts payable and other accrued liabilities 77 49
Long-term debt 2,610 1,014
Other liabilities 99 28
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Total Liabilities 3,042 1,975
Equity 482 378
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Total $3,524 $2,353
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</TABLE>
Form 8-K page 3
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Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits.
Exhibit
No. Document Description
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99 Press Release of Case Capital Corporation dated April 19, 1999.
Form 8-K page 4
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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.
CASE CREDIT CORPORATION
Dated: April 19, 1999 By: /s/ Kevin J. Hallagan
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Kevin J. Hallagan
Vice President and Secretary
Form 8-K page 5
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INDEX TO EXHIBITS
Exhibit
No. Document Description
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99 Press release dated April 19, 1999 of Case Capital Corporation.
Form 8-K page 6
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EXHIBIT 99
PRESS RELEASE
The following is issued in conjunction with Case Corporation's 1999 first
quarter results:
For more information, contact:
Sandra J. Lasch
(414) 636-6473
For Immediate Release
CASE CAPITAL CORPORATION REPORTS RECORD PORTFOLIO
. Managed portfolio grows to a record $7 billion
. Net income up 5 percent to $20 million
. Originations increase 16 percent for the quarter
. Diversified financing business increases significantly
Lincolnshire, Illinois (April 19, 1999) -- Case Capital Corporation today
announced net income of $20 million for the first quarter, up 5 percent from $19
million in the comparable period last year. Revenues increased 43 percent over
the prior year period to $109 million. The improvement in net income is
attributed to higher financing income from strong growth in receivables and
leases. This increase was partially offset by higher operating expenses and
additional provisions for loan losses to support the company's growth
initiatives.
Case Capital's managed portfolio grew to a record $7 billion as of March
31, 1999, a 32 percent increase year-over-year. Financing originations increased
16 percent in the first quarter, as compared to the prior year period. These
increases reflect the success of Case Capital's strategy to grow and diversify
its business.
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"Our strong performance for the quarter once again demonstrates the
strength of our business strategy," stated Ted R. French, chairman, Case
Capital. "And, our ability to achieve sustained, profitable portfolio
diversification and geographic growth demonstrates that we continue to execute
that strategy successfully."
Significant growth in Case Capital's diversified business enabled the
company to increase its portfolio, more than offsetting the impact of weaker
retail demand in the agricultural equipment market. Diversified originations,
generated primarily through Soris Financial, were higher than anticipated for
the quarter. Commercial marine financing, introduced in late 1998 through the
Cummins-Case Credit alliance, also exceeded expectations during the period.
New and improved product offerings introduced to equipment dealers and
customers during the past two years also enabled Case Capital to grow its core
business. These products include commercial loans, credit cards, leasing and
insurance brokerage. A new credit life insurance program, introduced in January,
was the first in a series of steps designed to enhance Case Credit Insurance
Agency's total offerings and better meet the needs of equipment dealers and
their customers.
Geographic expansion also supported Case Capital's growth during the
quarter. Case Credit Europe's portfolio tripled year-over-year, and Case Credit
Australia's portfolio increased over 50 percent during the period.
"We continue to experience success in growing both our core business and
our diversified business," stated Andrew E. Graves, president, Case Capital. "As
we pursue new opportunities,
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we continue to take significant steps to maintain our portfolio quality and
ensure sustainable, long-term earnings growth for Case Capital."
Case Capital Corporation, a wholly owned subsidiary of Case Corporation,
provides broad-based financial services for the global marketplace. Case Capital
serves customers purchasing, leasing and insuring products through Case Credit
Corporation, Soris Financial and Case Credit Insurance Agency. Established in
1957, Case Credit markets its products through Case Corporation's established
dealer networks in North America, Australia and Europe. Soris offers its
products through diverse dealer networks located in North America. Based in
Lincolnshire, Illinois, Case Capital manages a $7 billion portfolio of
receivables and leases.
