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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) April
21, 1999
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 Drive, 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 April 21, 1999, regarding its
financial results and selected balance sheet information as of and for
for the period ended March 31, 1999, 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: John V. Palermo, Jr.
Date: April 20, 1999 Title: Controller and Treasurer
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IBM CREDIT REPORTS 1999 FIRST-QUARTER RESULTS
NORTH CASTLE, New York, April 21, 1999 . . . IBM Credit Corporation
today reported first-quarter 1999 net earnings of $91.3 million, an
increase of 21 percent, compared with $75.7 million for the same 1998
period.
New financing originations for commercial and government customers
acquiring computer hardware and other information technology products
and services in the first quarter of 1999 decreased by 1 percent to
$1.34 billion, compared with $1.35 billion for the first three months
of 1998. New commercial financing originations providing distribution
channel partners with working capital for inventory and accounts
receivable rose 4 percent to $3.33 billion in the first quarter of 1999,
compared with $3.21 billion for the same 1998 period.
At March 31, 1999, total assets were $15.5 billion, compared with
$16.4 billion at December 31, 1998, a decrease of 6 percent. Retained
earnings at March 31, 1999, were $1.44 billion, compared with
$1.42 billion at December 31, 1998, an increase of 1 percent.
The return on average equity was 18.3 percent, compared with
17.9 percent in the first quarter of 1998.
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,
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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
Financing organizations worldwide, offer businesses of all sizes
leasing and financing solutions for hardware, software and services
acquired from IBM and IBM Business Partners. Serving customers in more
than 40 countries, IBM Global Financing provides a broad array of asset
management services. In addition, IBM Global Financing provides
flexible commercial financing offerings for inventory and
accounts receivable financing to resellers and remarketers.
Visit the IBM Global Financing home page at www.financing.ibm.com.
