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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)
April 19, 1999
----------------------------------
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, 1999
and 1998 and provides certain additional financial information.
<PAGE>
<TABLE>
<CAPTION>
SALOMON SMITH BARNEY HOLDINGS INC.
SELECTED FINANCIAL DATA
(Preliminary and Unaudited)
(In millions)
March 31,
------------------
1999 1998
---- ----
<S> <C> <C>
Total stockholder's equity $ 9,596 $ 8,874
Total assets under fee-based management $289,700 $ 203,200
Three
Months Ended
March 31,
1999 1998
<S> <C> <C>
Revenues:
Commissions $ 903 $ 795
Investment banking 664 628
Principal transactions 978 780
Asset management and administration fees 613 498
Other 66 32
------ ------
Total noninterest revenues 3,224 2,733
------ ------
Interest and dividends 2,613 3,318
Interest expense 2,249 2,923
------ ------
Net interest and dividends 364 395
------ ------
Revenues, net of interest expense 3,588 3,128
------ ------
Noninterest expenses:
Compensation and benefits 1,845 1,722
Communications 122 117
Floor brokerage and other production 105 110
Occupancy and equipment 111 105
Advertising and market development 72 70
Professional services 54 51
Other operating and administrative expenses 158 143
Restructuring credit (211) -
------ ------
Total noninterest expenses 2,256 2,318
------ ------
Income before income taxes and cumulative
effect of change in accounting principle 1,332 810
Provision for income taxes 488 308
------ ------
Net income before cumulative effect
of change in accounting principle 844 502
------ ------
Cumulative effect of change in accounting
principle (net of tax benefit of $12) (15) -
----- -----
Net income $ 829 $ 502
====== ======
</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 19, 1999 SALOMON SMITH BARNEY HOLDINGS INC.
By: /s/Michael J. Day
Michael J. Day
Controller
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