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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
20, 1998
IBM CREDIT CORPORATION
_________________________________________________
(Exact Name of Registrant as Specified in Charter)
Delaware 1-8175 22-2351962
____________________________ _____________ _____________________
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
North Castle Crive, MS NCA-306
Armonk, New York 10504-1785
__________________________________________ ___________
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (914)765-1900
Not Applicable
_____________________________________________________________
(Former Name or Former Address, if changed Since Last
Report)
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Item 5. Other Events
The Registrant's press release dated October 20, 1998, regarding
its financial results and selected balance sheet information
as of and for the period ended September 30, 1997, is attached.
SIGNATURES
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 duty authorized.
IBM CREDIT CORPORATION
(Registrant)
By:
______________________________
Name: Michael J. Twomey
Date: October 23, 1998 Title: Controller and Treasurer
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Contact: Terrence Marable
IBM Credit Corporatio
914-765-6647
[email protected]
IBM CREDIT CORPORATION REPORTS 1998 THIRD-QUARTER RESULTS
NORTH CASTLE, New York, October 20, 1998 . . . IBM Credit Corporation
today reported third-quarter 1998 net earnings of $79.9 million, an
increase of 28 percent, compared with $62.4 million for the same 1997
period.
New financing originations for commercial and government customers
acquiring computer hardware and other information technology products and
services in the third quarter of 1998 decreased 8 percent to $1.60
billion, compared with $1.74 billion in the third quarter of 1997. New
financing originations providing distribution channel partners with
working capital for inventory and accounts receivable in the third
quarter of 1998 decreased by 4 percent to $3.72 billion, compared with
$3.87 billion for the same 1997 period. The return on average equity was
17.2 percent, compared with 18.7 percent in the third quarter of 1997.
At September 30, 1998, total assets were $15.6 billion, compared with
$16.6 billion at December 31, 1997, a decrease of 6 percent. Retained
earnings at September 30, 1998, were $1.41 billion, compared with
$1.21 billion at December 31, 1997, an increase of 17 percent.
For the first nine months of 1998, net earnings were $227.2 million, an
increase of 8 percent, compared with $210.2 million for the same period
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in 1997. For the first nine months of 1998, financing originated for
commercial and government customers decreased by 3 percent to $4.48
billion, compared with $4.64 billion for the first nine months of
1997. For the first nine months of 1998, working capital financing
originated for distribution channel partners decreased by 6 percent to
$9.99 billion, compared with $10.66 billion for the same 1997 period.
Forward-Looking and Cautionary Statements
Except for the historical information and discussions contained herein,
statements contained in this release may constitute "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. These statements involve a number of risks,
uncertainties and other factors that could cause actual results to differ
materially, as discussed in the company's filings with the Securities and
Exchange Commission.
IBM Credit Corporation in the United States, and the IBM Global Finaning
organizations worldwide, offer businesses of all sizes leasing and
financing for technology acquired from IBM or remarketers. IBM Credit and
the IBM Global Financing organizations also offer customers in more than
40 countries a broad array of asset management services and provide
remarketers with inventory and accounts receivable financing. Visit the
IBM Global Financing home page at www.financing.ibm.com
