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Previous: APPLIED INDUSTRIAL TECHNOLOGIES INC, 8-A12B, 1998-07-20 |
Next: SALOMON SMITH BARNEY HOLDINGS INC, 424B3, 1998-07-20 |
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, 1998
----------------------------------
SALOMON SMITH BARNEY HOLDINGS INC.
(Exact name of registrant as specified in its charter)
Delaware 1-4346 22-1660266
(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification No.)
incorporation)
388 Greenwich Street, New York, NY 10013
(Address of principal executive offices) (Zip Code)
(212) 816-6000
(Registrant's telephone number, including area code)
<PAGE>
SALOMON SMITH BARNEY HOLDINGS INC.
Current Report on Form 8-K
Item 5. Other Events
Results of Operations
(Preliminary and Unaudited)
This report summarizes the results of operations of Salomon Smith Barney
Holdings Inc. (the "Company") for the three month and six month periods
ended June 30, 1998 and 1997 and provides certain additional financial
information.
<PAGE>
<TABLE>
<CAPTION>
SALOMON SMITH BARNEY HOLDINGS INC.
SELECTED FINANCIAL DATA
(Preliminary and Unaudited)
(In millions)
June 30,
------------------
1998 1997
---- ----
<S> <C> <C>
Total stockholder's equity $ 9,325 $ 8,079
Total assets under fee-based management $253,200 $ 203,200
Three Six
Months Ended Months Ended
June 30, June 30,
1998 1997 1998 1997
<S> <C> <C> <C> <C>
Revenues:
Commissions $ 784 $ 686 $1,579 $1,402
Investment banking 640 475 1,268 959
Principal transactions 315 709 1,095 1,471
Asset management and administration fees 553 399 1,051 788
Other 42 25 74 53
------ ------ ------ ------
Total noninterest revenues 2,334 2,294 5,067 4,673
------ ------ ------ ------
Interest and dividends 3,468 3,008 6,786 5,499
Interest expense 3,067 2,578 5,990 4,747
------ ------ ------ ------
Net interest and dividends 401 430 796 752
------ ------ ------ ------
Revenues, net of interest expense 2,735 2,724 5,863 5,425
------ ------ ------ ------
Noninterest expenses:
Compensation and benefits 1,544 1,442 3,266 2,921
Communications 116 124 233 245
Floor brokerage and other production 105 86 215 172
Occupancy and equipment 105 110 210 216
Advertising and market development 68 70 138 132
Professional services 46 47 97 88
Restructuring credit (324) - (324) -
Other operating and administrative expenses 106 106 249 234
------ ------ ------ ------
Total noninterest expenses 1,766 1,985 4,084 4,008
------ ------ ------ ------
Income before income taxes 969 739 1,779 1,417
Provision for income taxes 368 288 676 555
------ ------ ------ ------
Net income $ 601 $ 451 $1,103 $ 862
====== ====== ====== ======
Note: Certain prior year amounts have been reclassified to conform to the
current year's presentation.
</TABLE>
<PAGE>
<TABLE>
Included in the Company's consolidated results is the following data relating
to the Company's Asset Management Division:
(Preliminary and Unaudited)
(In millions)
Three Six
Months Ended Months Ended
June 30, June 30,
1998 1997 1998 1997
<S> <C> <C> <C> <C>
Revenues:
Investement advisory, administrative
and distribution fees $214 $173 $416 $341
Unit Investment Trust revenues - net 7 7 20 16
Other 6 14 16 23
---- ---- ---- ----
Total revenues 227 194 452 380
---- ---- ---- ----
Expenses:
Compensation and benefits 44 35 86 70
Deferred commission amortization 31 31 66 64
Other expenses 48 48 96 92
---- ---- ---- ----
Total expenses 123 114 248 226
---- ---- ---- ----
Income before income taxes 104 80 204 154
Provision for income taxes 41 31 81 61
---- ---- ---- ----
Net income $ 63 $ 49 $123 $ 93
==== ==== ==== ====
</TABLE>
<PAGE>
SIGNATURE
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.
Date: July 20, 1998 SALOMON SMITH BARNEY HOLDINGS INC.
By: /s/Michael J. Day
Michael J. Day
Controller
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