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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) October 26, 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 October 26, 1999, Case Capital Corporation announced its unaudited
financial results for the quarter ended September 30, 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 September 30, 1999 and for the three
months and the nine months ended September 30, 1999.
SUMMARY INCOME STATEMENT DATA(a)
(Millions)
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30 September 30
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1999 1998 1999 1998
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<S> <C> <C> <C> <C>
Revenues
Interest income and other $ 120 $ 108 $ 346 $ 264
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Total 120 108 346 264
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Costs and Expenses
Selling, general and administrative 17 12 52 33
Interest expense 49 43 141 103
Other, net 19 14 53 32
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Total 85 69 246 168
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Income before taxes 35 39 100 96
Income tax provision(b) 12 14 36 34
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Net income $ 23 $ 25 $ 64 $ 62
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</TABLE>
(a) Certain reclassifications have been made to conform the prior year's
financial statements to the 1999 presentation.
(b) Case Capital's effective income tax rate of 36% for the first nine months of
1999 was slightly higher than the U.S. statutory tax rate primarily due to
foreign income taxed at different rates and state income taxes. For the
first nine months of 1998, Case Capital's effective tax rate of 35% was
equal to the U.S. statutory rate.
Form 8-K page 2
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SUMMARY BALANCE SHEET DATA(a)
(Millions)
(Unaudited)
<TABLE>
<CAPTION>
September 30
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1999 1998
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<S> <C> <C>
Assets
Cash and cash equivalents $ 39 $ 23
Accounts, notes receivable and other - net 2,925 2,411
Property, plant and equipment - net 4 2
Equipment on operating leases - net 528 422
Other assets 347 176
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Total $3,843 $3,034
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Liabilities and Equity
Current maturities of long-term debt $ -- $ --
Short-term debt 429 1,195
Accounts payable and other accrued liabilities 88 49
Long-term debt 2,681 1,351
Other liabilities 116 28
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Total Liabilities 3,314 2,623
Equity 529 411
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Total $3,843 $3,034
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</TABLE>
(a) Certain reclassifications have been made to conform the prior year's
financial statements to the 1999 presentation.
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 October 26, 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: October 29, 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 October 26, 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 third
quarter results:
For more information, contact:
Sandra J. Lasch (414) 636-6473
For Immediate Release
CASE CAPITAL PORTFOLIO INCREASES 19 PERCENT
. Revenues increased 11 percent to $120 million.
. Net income down 8 percent, to $23 million, as rising interest
rates narrowed margins.
. Managed portfolio grows to $7.5 billion.
Lincolnshire, Illinois (October 26, 1999) -- Case Capital Corporation today
announced net income of $23 million for the third quarter, down slightly from
$25 million in the comparable period last year. Revenues increased 11 percent
over the prior year period to $120 million. The year-over-year decrease in net
income is attributed to lower margins on receivables and lower gains on asset-
backed securitizations due to a rising interest rate environment and competitive
market conditions.
For the first nine months, revenues increased 31 percent over the prior
year to $346 million. Net income for the first nine months was $64 million, up
slightly from the $62 million reported in the comparable period last year. The
improvement in net income is attributed to higher financing income from strong
growth in receivables and leases. The increase was partially offset by higher
operating expenses, lower gains on asset-backed securitizations and additional
provisions for loan losses. The increased loss provisions support Case
Capital's growing portfolio as well as higher losses resulting from the
weakening agricultural market.
Form 8-K page 7
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Case Capital's managed portfolio grew to $7.5 billion as of September 30,
1999, a 19 percent increase year-over-year. While Case Capital's
diversification initiatives contributed to the portfolio growth, sustained
weakness in the farm economy continues to put pressure on the agricultural
segment of the business.
"Given significant declines in our core market, we're proud to report
continued growth in our portfolio," stated Ted R. French, chairman, Case
Capital. "Our ability to sustain growth despite a weakening economy
demonstrates the soundness of our strategy."
Case Capital continued to grow its diversified business significantly,
partially offsetting the impact of weak retail demand in the agricultural
equipment market. Diversified originations, generated primarily through Soris
Financial, were higher than anticipated for the quarter. Sustained geographic
growth in Europe and Australia also supported Case Capital's profitability
during the period.
"Our organization is focused on operational excellence and profitable
growth in every aspect of our business," stated Andrew E. Graves, president,
Case Capital. "We remain confident that our strategy will 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 located in North America, Europe and Australia.
Soris offers its products through diverse dealer networks in North America.
Based in Lincolnshire, Illinois, Case Capital manages a $7.5 billion portfolio
of receivables and leases.
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Form 8-K page 9
