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Previous: WASHINGTON GAS LIGHT CO, S-8, 1999-07-19 |
Next: INVESCO BOND FUNDS INC, 485BPOS, 1999-07-19 |
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 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
(Unaudited)
This report summarizes the results of operations of Salomon Smith Barney
Holdings Inc. (the "Company") for the three and six month periods ended
June 30, 1999 and 1998.
<PAGE>
<TABLE>
<CAPTION>
SALOMON SMITH BARNEY HOLDINGS INC.
SELECTED FINANCIAL DATA
(Unaudited, dollars in millions)
June 30,
------------------
1999 1998
---- ----
<S> <C> <C>
Total stockholder's equity $ 9,585 $ 9,326
Total assets under fee-based management $ 298,900 $ 253,200
Three Six
Months Ended Months Ended
June 30, June 30,
1999 1998 1999 1998
<S> <C> <C> <C> <C>
Revenues:
Commissions $ 905 $ 784 $1,808 $1,579
Principal transactions 704 315 1,682 1,095
Investment banking 771 640 1,435 1,268
Asset management and administration fees 652 553 1,265 1,051
Other 52 42 118 74
------ ------ ------ ------
Total noninterest revenues 3,084 2,334 6,308 5,067
------ ------ ------ ------
Interest and dividends 2,866 3,468 5,479 6,786
Interest expense 2,414 3,067 4,663 5,990
------ ------ ------ ------
Net interest and dividends 452 401 816 796
------ ------ ------ ------
Revenues, net of interest expense 3,536 2,735 7,124 5,863
------ ------ ------ ------
Noninterest expenses:
Compensation and benefits 1,753 1,544 3,598 3,266
Floor brokerage and other production 136 105 241 215
Communications 114 116 236 233
Occupancy and equipment 108 105 219 210
Advertising and market development 83 68 155 138
Professional services 56 46 110 97
Other operating and administrative expenses 184 106 342 249
Restructuring credit - (324) (211) (324)
------ ------ ------ ------
Total noninterest expenses 2,434 1,766 4,690 4,084
------ ------ ------ ------
Income before income taxes and cumulative
effect of change in accounting principle 1,102 969 2,434 1,779
Provision for income taxes 406 368 894 676
------ ------ ------ ------
Income before cumulative effect
of change in accounting principle 696 601 1,540 1,103
------ ------ ------ ------
Cumulative effect of change in accounting
principle (net of tax benefit of $12) - - (15) -
------ ------ ------ ------
Net income $ 696 $ 601 $1,525 $1,103
====== ====== ====== ======
</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 19, 1999 SALOMON SMITH BARNEY HOLDINGS INC.
By: /s/Michael J. Day
Michael J. Day
Controller
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