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Previous: SALOMON SMITH BARNEY HOLDINGS INC, 424B2, 1998-04-20 |
Next: CHEFS INTERNATIONAL INC, SC 13D/A, 1998-04-20 |
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)
April 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 period ended
March 31, 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)
March 31,
------------------
1998 1997
---- ----
<S> <C> <C>
Total stockholder's equity $ 8,875 $ 7,869
Total assets under fee-based management $245,400 $ 185,900
Three
months ended
March 31,
1998 1997
<S> <C> <C>
Revenues:
Commissions $ 795 $ 716
Investment banking 628 484
Principal transactions 780 762
Asset management and administration fees 498 389
Other 32 28
------ ------
Total noninterest revenues 2,733 2,379
------ ------
Interest and dividends 3,318 2,491
Interest expense 2,923 2,169
------ ------
Net interest and dividends 395 322
------ ------
Revenues, net of interest expense 3,128 2,701
------ ------
Noninterest expenses:
Compensation and benefits 1,722 1,479
Communications 117 121
Floor brokerage and other production 110 86
Occupancy and equipment 105 106
Advertising and market development 70 62
Professional services 51 41
Other operating and administrative expenses 143 128
------ ------
Total noninterest expenses 2,318 2,023
------ ------
Income before income taxes 810 678
Provision for income taxes 308 267
------ ------
Net income $ 502 $ 411
====== ======
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
months ended
March 31,
1998 1997
<S> <C> <C>
Revenues:
Investement advisory, administrative
and distribution fees $202 $168
Unit Investment Trust revenues - net 13 9
Other 10 9
---- ----
Total revenues 225 186
---- ----
Expenses:
Compensation and benefits 42 35
Deferred commission amortization 35 33
Other expenses 48 44
---- ----
Total expenses 125 112
---- ----
Income before income taxes 100 74
Provision for income taxes 40 30
---- ----
Net income $ 60 $ 44
==== ====
</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: April 20, 1998 SALOMON SMITH BARNEY HOLDINGS INC.
By: /s/Michael J. Day
Michael J. Day
Controller
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