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UNITED STATES
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)
October 18, 1999
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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
(Unaudited)
This report summarizes the results of operations of Salomon Smith Barney
Holdings Inc. (the "Company") for the three and nine month periods ended
September 30, 1999 and 1998. Certain prior period amounts have been
reclassified to conform to current period presentation.
<PAGE>
<TABLE>
<CAPTION>
SALOMON SMITH BARNEY HOLDINGS INC.
SELECTED FINANCIAL DATA
(Unaudited, dollars in millions)
September 30,
------------------
1999 1998
---- ----
<S> <C> <C>
Total stockholder's equity $ 9,879 $ 8,715
Total assets under fee-based management $ 297,200 $ 247,300
Three Nine
Months Ended Months Ended
September 30, September 30,
1999 1998 1999 1998
<S> <C> <C> <C> <C>
Revenues:
Commissions $ 815 $ 797 $2,623 $2,376
Investment banking 778 531 2,213 1,799
Principal transactions 329 (1,331) 2,011 (236)
Asset management and administration fees 693 563 1,958 1,614
Other 67 28 185 102
------ ------ ------ ------
Total noninterest revenues 2,682 588 8,990 5,655
------ ------ ------ ------
Interest and dividends 2,811 3,338 8,290 10,124
Interest expense 2,420 3,013 7,083 9,003
------ ------ ------ ------
Net interest and dividends 391 325 1,207 1,121
------ ------ ------ ------
Revenues, net of interest expense 3,073 913 10,197 6,776
------ ------ ------ ------
Noninterest expenses:
Compensation and benefits 1,608 915 5,206 4,181
Communications 124 118 360 351
Floor brokerage and other production 110 111 335 326
Occupancy and equipment 114 105 333 315
Advertising and market development 81 80 236 218
Professional services 64 69 174 166
Other operating and administrative expenses 138 39 496 288
Restructuring credit (30) - (241) (324)
------ ------ ------ ------
Total noninterest expenses 2,209 1,437 6,899 5,521
------ ------ ------ ------
Income (loss) before income taxes and cumulative
effect of change in accounting principle 864 (524) 3,298 1,255
Provision (benefit) for income taxes 326 (199) 1,220 477
------ ------ ------ ------
Income (loss) before cumulative effect
of change in accounting principle 538 (325) 2,078 778
------ ------ ------ ------
Cumulative effect of change in accounting
principle (net of tax benefit of $12) - - (15) -
------ ------ ------ ------
Net income (loss) $ 538 $ (325) $2,063 $ 778
====== ====== ====== ======
</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: October 18, 1999 SALOMON SMITH BARNEY HOLDINGS INC.
By: /s/Michael J. Day
Michael J. Day
Controller
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