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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q/A
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 1999
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM _______ TO ______
COMMISSION FILE NUMBER 1-041077
T & W FINANCIAL CORPORATION
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
WASHINGTON 91-1844249
------------------------------- ----------------
(STATE OR OTHER JURISDICTION OF (I.R.S. EMPLOYER
INCORPORATION OR ORGANIZATION) IDENTIFICATION NO.)
6416 PACIFIC HIGHWAY EAST, TACOMA, WASHINGTON 98424
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (253) 922-5164
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes [X] No [ ]
The number of shares outstanding of the registrant's common stock as of May 11,
1999 was 8,408,348.
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T & W Financial Corporation and Subsidiaries
Consolidated Statements of Income
(unaudited)
(in thousands, except per share data)
<TABLE>
<CAPTION>
Three Months Ended March 31,
----------------------------
1998 1999
----------- ------------
<S> <C> <C>
Revenues:
Lease contract revenue $ 4,969 $ 7,303
Gain on sale of leases 6,032 9,680
Fee income 417 779
Servicing & Other Income 586 826
-------- --------
Total Revenues 12,004 18,588
-------- --------
Expenses:
Interest expense 2,269 3,775
Compensation and related expenses 482 2,752
Amortization of initial direct cost 562 1,043
Provision for credit losses 390 2,521
Other general and administrative
expenses 1,155 2,886
-------- --------
4,858 12,977
-------- --------
Income before minority interest and
income taxes 7,146 5,611
Minority Interest (1,072) (842)
-------- --------
Income before income taxes 6,074 4,769
Income Taxes (2,187) (1,631)
-------- --------
Net Income $ 3,887 $ 3,138
======== ========
Earnings Per Share: Basic and Diluted $ 0.46 $ 0.37
Weighted Average Number of shares of
Common Stock and Common Stock
Equivalents Outstanding 8,400 8,397
</TABLE>
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T & W Financial Corporation and Subsidiaries
Consolidated Balance Sheets
(unaudited)
(in thousands)
<TABLE>
<CAPTION>
December 31, March 31,
1998 1999
(Audited) (Unaudited)
---------- ------------
<S> <C> <C>
Assets
Cash and cash equivalents $ 11,394 $ 19,866
Dealer floor plans 9,522 7,152
Net investment in leases 167,516 181,661
Securitization receivables 49,001 59,275
Intangible assets, net 5,260 6,071
Other assets 8,343 16,774
-------- --------
Total Assets $251,036 $290,799
======== ========
Liabilities
Accounts payable and other accrued liabilities $ 18,000 $ 11,961
Notes payable - recourse 103,758 148,855
Notes payable - nonrecourse 29,624 24,291
Security deposits 13,065 13,887
Deferred income taxes 17,642 19,187
-------- --------
Total Liabilities 182,089 218,181
-------- --------
Minority Interest 11,271 11,729
-------- --------
Commitments and Contingencies
Shareholders' Equity
Preferred Stock -- --
Common Stock and paid-in capital 28,306 28,381
Retained Earnings 29,370 32,508
-------- --------
Total Shareholders' Equity 57,676 60,889
-------- --------
Total Liabilities and Shareholders' Equity $251,036 $290,799
======== ========
</TABLE>
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Part II. Other Information
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(A) EXHIBITS
11. Computation of Earnings Per Share is on page 3.
27. Financial Data Schedule (previously filed).
(B) REPORTS ON FORM 8-K
ITEMS 1 THROUGH 5 ARE NOT APPLICABLE AND HAVE BEEN OMITTED.
SIGNATURE
Pursuant to the requirements of the Securitites Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
T & W Financial Corporation
Date: July 12, 1999 By: /s/ Paul B. Luke
Paul B. Luke
Senior Vice President, Chief
Financial Officer, Secretary,
Treasurer and Director
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