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Previous: VAN KAMPEN AMERICAN CAPITAL CORPORATE BOND FUND /, 497, 1998-01-26 |
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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)
January 26, 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 and twelve month periods ended
December 31, 1997 and 1996 and provides certain additional financial
information.
<PAGE>
<TABLE>
<CAPTION>
SALOMON SMITH BARNEY HOLDINGS INC.
SELECTED FINANCIAL DATA
(Preliminary and Unaudited)
(In millions)
December 31,
------------------
1997 1996
---- ----
<S> <C> <C>
Total assets $277,000 $ 246,114
Total stockholder's equity $ 8,500 $ 7,615
Total assets under fee-based management $223,847 $ 178,516
Three Twelve
months ended months ended
December 31, December 31,
1997 1996 1997 1996
<S> <C> <C> <C> <C>
Revenues:
Commissions $ 782 $ 673 $ 2,967 $ 2,612
Investment banking 562 518 2,118 2,001
Principal transactions 243 663 2,504 3,027
Asset management and administration fees 479 369 1,715 1,390
Other 36 71 130 150
------ ------ ------- ------
Total noninterest revenues 2,102 2,294 9,434 9,180
------ ------ ------- ------
Interest and dividends 3,337 2,463 12,043 9,663
Interest expense 2,942 2,117 10,530 8,175
------ ------ ------- ------
Net interest and dividends 395 346 1,513 1,488
------ ------ ------- ------
Revenues, net of interest expense 2,497 2,640 10,947 10,668
------ ------ ------- ------
Noninterest expenses:
Compensation and benefits 1,489 1,369 6,037 5,558
Communications 123 124 495 486
Occupancy and equipment 108 108 432 435
Floor brokerage and other production 118 77 389 302
Advertising and market development 74 60 276 218
Professional services 69 48 210 190
Other operating and administrative expenses 103 108 450 456
Restructuring charge 838 7 838 7
------ ------ ------- ------
Total noninterest expenses 2,922 1,901 9,127 7,652
------ ------ ------- ------
Gain on sale of subsidiaries and
affiliates - - - 48
------ ------ ------- ------
Income (loss) from continuing operations
before income taxes (425) 739 1,820 3,064
Provision (benefit) for income taxes (201) 281 675 1,199
------ ------ ------- ------
Income (loss) from continuing operations (224) 458 1,145 1,865
------- ------ ------- ------
Discontinued operations:
Loss, net of benefit for income taxes of
$3 and $48 - (6) - (75)
Loss on sale of Basis Petroleum,net of
tax benefit of $215 - (290) - (290)
------ ------ ------- ------
Net income (loss) $ (224) $ 162 $ 1,145 $1,500
======= ====== ======= ======
Note: Certain prior year amounts have been reclassified to conform to the
current year's presentation.
</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: January 26, 1998 SALOMON SMITH BARNEY HOLDINGS INC.
By: /s/Michael J. Day
Michael J. Day
Controller
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