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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) July 20, 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 July 20, 1999, Case Capital Corporation announced its unaudited
financial results for the quarter ended June 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 June 30, 1999 and for the three
months and the six months ended June 30, 1999.
SUMMARY INCOME STATEMENT DATA
(Millions)
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Six Month Ended
June 30 June 30
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1999 1998 1999 1998
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<S> <C> <C> <C> <C>
Revenues
Interest income and other $117 $80 $226 $156
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Total 117 80 226 156
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Costs and Expenses
Selling, general and administrative 18 12 35 21
Interest expense 47 31 92 60
Other, net 18 10 34 18
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Total 83 53 161 99
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Income before taxes 34 27 65 57
Income tax provision 13 9 24 20
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Net Income $ 21 $18 $ 41 $ 37
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</TABLE>
Form 8-K page 2
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SUMMARY BALANCE SHEET DATA
(Millions)
(Unaudited)
<TABLE>
<CAPTION>
June 30
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1999 1998
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<S> <C> <C>
Assets
Cash and cash equivalents $ 34 $ 21
Accounts, notes receivable and other - net 3,053 2,324
Property, plant and equipment - net 4 3
Equipment on operating leases - net 511 351
Other assets 334 143
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Total $3,936 $2,842
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Liabilities and Equity
Current maturities of long-term debt $ -- $ --
Short-term debt 748 1,357
Accounts payable and other accrued liabilities 78 58
Long-term debt 2,507 1,008
Other liabilities 97 28
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Total Liabilities 3,430 2,451
Equity 506 391
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Total $3,936 $2,842
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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.
<TABLE>
<CAPTION>
Exhibit
No. Document Description
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<S> <C>
99 Press Release of Case Capital Corporation dated July 20, 1999.
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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: July 23, 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 July 20, 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 second
quarter results:
For more information, contact:
Sandra J. Lasch (414) 636-6473
For Immediate Release
CASE CAPITAL NET INCOME INCREASES 17 PERCENT
. Managed portfolio grows to a record $7.4 billion
. Net income up 17 percent to $21 million
. Diversified financing business increases significantly
Lincolnshire, Illinois (July 20, 1999) -- Case Capital Corporation today
announced net income of $21 million for the second quarter, up 17 percent from
$18 million in the comparable period last year. Revenues increased 46 percent
over the prior year period to a record $117 million. For the first six months,
revenues increased 45 percent over the prior year to $226 million. Net income
for the first half was $41 million, an 11 percent increase over the comparable
period last year. These improvements in net income are attributed to higher
financing income from strong growth in receivables and leases. The increases
were partially offset by higher operating expenses, additional provisions for
loan losses to support the company's growth initiatives and a higher effective
tax rate.
Case Capital's managed portfolio grew to a record $7.4 billion as of June
30, 1999, a 28 percent increase year-over-year. This increase reflects the
success of Case Capital's strategy to grow and diversify its business.
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"Once again, our strong performance attests to the strength of our business
strategy," stated Ted R. French, chairman, Case Capital. "Sustained, profitable
portfolio diversification and geographic growth outside of North America
continue to demonstrate our ability to execute that strategy successfully."
Case Capital continued to grow its diversified business significantly,
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 increased profitability
during the quarter.
"Given significant declines in our core agricultural market, we're proud to
report continued growth in both our portfolio and net income," stated Andrew E.
Graves, president, Case Capital. "The new initiatives we've introduced to grow
and diversify our portfolio, including our entry into the commercial vehicle and
marine businesses, are designed to 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 $7.4 billion portfolio of
receivables and leases.
