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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
AMENDMENT NO. 1
FORM 10-Q/A
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1994
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ________ to ________ .
Commission file number 1-6155
American General Finance Corporation
(Exact name of registrant as specified in its charter)
Indiana 35-0416090
(State of Incorporation) (I.R.S. Employer Identification No.)
601 N.W. Second Street, Evansville, IN 47708
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (812) 424-8031
Indicate by check mark whether the registrant: (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months, and (2) has been subject to such
filing requirements for the past 90 days. Yes X No
The registrant meets the conditions set forth in General Instruction
H(1)(a) and (b) of Form 10-Q and is therefore filing this Form 10-Q with
the reduced disclosure format.
As of May 2, 1994, there were 10,160,012 shares of registrant's common
stock, $.50 par value, outstanding.
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This Form 10-Q/A of American General Finance Corporation (AGFC) constitutes
Amendment No. 1 to AGFC's Quarterly Report on Form 10-Q for the quarterly
period ended March 31, 1994 which was originally filed with the Securities
and Exchange Commission on May 2, 1994 (Original Form 10-Q). This
Amendment No. 1 inserts an additional line, "Principal collections on
finance receivables", under the heading "Cash Flows from Investing
Activities" in the Condensed Consolidated Statements of Cash Flows on page
5. Such line was inadvertently omitted from the Original Form 10-Q.
Insertion of such line results in no other changes to values or disclosures
within the Original Form 10-Q.
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PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
The unaudited condensed consolidated financial statements of American
General Finance Corporation are presented on pages 3 through 6.
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American General Finance Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
March 31, December 31,
1994 1993
Assets (dollars in thousands)
Finance receivables, net of unearned
finance charges:
Loans:
Real estate loans $2,618,578 $2,637,266
Non-real estate loans 2,345,712 2,313,478
Retail sales contracts 957,530 920,904
Net finance receivables 5,921,820 5,871,648
Deduct allowance for finance
receivable losses 156,371 152,696
Net finance receivables, less allowance
for finance receivable losses 5,765,449 5,718,952
Marketable securities 688,308 699,332
Cash and cash equivalents 12,965 11,793
Notes receivable from parent and affiliates 666,800 585,385
Goodwill 296,878 299,158
Other assets 183,635 190,178
Total assets $7,614,035 $7,504,798
Liabilities and Shareholder's Equity
Long-term debt $3,852,432 $3,965,772
Short-term notes payable:
Commercial paper 1,853,889 1,643,961
Banks and other 17,780 3,500
Insurance claims and
policyholder liabilities 422,719 415,488
Other liabilities 189,457 207,687
Accrued taxes 79,668 66,501
Total liabilities 6,415,945 6,302,909
Shareholder's equity:
Common stock 5,080 5,080
Additional paid-in capital 611,914 611,914
Net unrealized investment gains 9,031 33,740
Retained earnings 572,065 551,155
Total shareholder's equity 1,198,090 1,201,889
Total liabilities and shareholder's equity $7,614,035 $7,504,798
See Notes to Condensed Consolidated Financial Statements.
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American General Finance Corporation and Subsidiaries
Condensed Consolidated Statements of Income
Three Months Ended
March 31,
1994 1993
(dollars in thousands)
Revenues
Finance charges $249,457 $237,920
Insurance 39,242 32,788
Other 25,447 21,670
Total revenues 314,146 292,378
Expenses
Interest expense 90,402 92,825
Operating expenses 83,179 80,276
Provision for finance
receivable losses 33,775 26,682
Insurance losses and loss
adjustment expenses 23,163 18,536
Total expenses 230,519 218,319
Income before provision for
income taxes and cumulative
effect of accounting changes 83,627 74,059
Provision for Income Taxes 31,723 27,735
Income before cumulative
effect of accounting changes 51,904 46,324
Cumulative Effect of
Accounting Changes - 12,591
Net Income $ 51,904 $ 33,733
See Notes to Condensed Consolidated Financial Statements.
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American General Finance Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows
Three Months Ended
March 31,
1994 1993
(dollars in thousands)
Cash Flows from Operating Activities
Net income $ 51,904 $ 33,733
Reconciling adjustments to net cash
provided by operating activities:
Provision for finance receivable losses 33,775 26,682
Depreciation and amortization 30,496 25,221
Deferral of finance receivable
origination costs (18,511) (14,385)
Deferred federal income tax benefit (2,335) (955)
Change in other assets and other liabilities 26,860 21,991
Change in insurance claims and
policyholder liabilities 7,231 26,756
Other, net 32,799 27,715
Net cash provided by operating activities 162,219 146,758
Cash Flows from Investing Activities
Finance receivables originated or purchased (992,729) (898,550)
Principal collections on finance receivables 901,431 766,954
Marketable securities purchased (52,142) (70,225)
Marketable securities called, matured and sold 26,220 34,871
Change in notes receivable from parent
and affiliates (81,415) 3,104
Purchase of assets from affiliate - (23,416)
Other, net (8,995) (7,976)
Net cash used for investing activities (207,630) (195,238)
Cash Flows from Financing Activities
Proceeds from issuance of long-term debt 62,375 397,882
Repayment of long-term debt (176,500) (275,500)
Change in short-term notes payable 224,208 (53,753)
Dividends paid (63,500) (21,273)
Net cash provided by financing activities 46,583 47,356
Increase (decrease) in cash and cash equivalents 1,172 (1,124)
Cash and cash equivalents at beginning of period 11,793 15,928
Cash and cash equivalents at end of period $ 12,965 $ 14,804
Supplemental Disclosure of Cash Flow Information
Income taxes paid $ 18,491 $ 6,726
Interest paid $ 94,023 $107,882
See Notes to Condensed Consolidated Financial Statements.
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American General Finance Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements
March 31, 1994
Note 1. Principles of Consolidation
The accompanying unaudited condensed consolidated financial statements have
been prepared in accordance with generally accepted accounting principles.
These condensed consolidated financial statements include the accounts of
American General Finance Corporation (AGFC) and all of its subsidiaries
(the Company). The subsidiaries are all wholly-owned, and all intercompany
items have been eliminated. Per share information is not included because
AGFC is a wholly-owned subsidiary of American General Finance, Inc. (AGFI).
AGFI is a wholly-owned subsidiary of American General Corporation (American
General).
Note 2. Adjustments and Reclassifications
These condensed consolidated financial statements include all adjustments,
consisting only of normal recurring adjustments, which the Company
considers necessary for a fair presentation of the consolidated financial
position at March 31, 1994 and December 31, 1993, the consolidated results
of operations for the three months ended March 31, 1994 and 1993, and the
consolidated cash flows for the three months ended March 31, 1994 and 1993.
These condensed consolidated financial statements should be read in
conjunction with the consolidated financial statements and related notes
included in the Company's Annual Report on Form 10-K for the year ended
December 31, 1993. Certain amounts in the 1993 condensed consolidated
financial statements have been reclassified to conform to the 1994
presentation. Amounts previously reported in the 1993 first quarter Form
10-Q have been restated for the adoption of Statement of Financial
Accounting Standards 112, "Employers' Accounting for Postemployment
Benefits", which was implemented effective January 1, 1993.
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this Amendment No. 1 to be signed on its behalf
by the undersigned thereunto duly authorized.
AMERICAN GENERAL FINANCE CORPORATION
(Registrant)
Date: May 19, 1994 By /s/ Philip M. Hanley
Philip M. Hanley*
Senior Vice President and Chief
Financial Officer
* Signing as duly authorized officer and principal financial officer.
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