<PAGE 1>
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, 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)
Item 5. Other Events
The Registrant's press release dated October 20, 1999, regarding
its financial results and selected balance sheet information as
of and for the period ended September 30, 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: October 20, 1999 Title:
Controller and Treasurer
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FOR IMMEDIATE RELEASE
Contact:
Robert Braun
IBM Credit Corporation
914-765-6560
[email protected]
IBM CREDIT CORPORATION REPORTS 1999 THIRD-QUARTER RESULTS
NORTH CASTLE, New York, October 20, 1999 . . . IBM Credit
Corporation today reported third-quarter 1999 net earnings of
$102.3 million, an increase of 28 percent, compared with $79.9
million for the same 1998 period. The return on average equity
was 20.1 percent, compared with 17.2 percent in the third quarter
of 1998.
In the third quarter of 1999, new customer financing
originations* for acquisition of information technology products
and services decreased 7 percent to $1.49 billion, compared with
$1.60 billion in the third quarter of 1998. New commercial
financing originations, providing working capital for inventory
and accounts receivable financing, increased by 1 percent to
$3.77 billion in the third quarter of 1999, compared with $3.72
billion for the same 1998 period.
At September 30, 1999 , total assets were $16.2 billion,
compared with $16.4 billion at December 31, 1998, a decrease of 1
percent. Retained earnings at September 30, 1999, were $1.6
billion, compared with $1.4 billion at December 31, 1998, an
increase of 14 percent.
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For the first nine months of 1999, net earnings were $296.0
million, an increase of 30 percent, compared with $227.2 million
for the same period in 1998. For the first nine months of 1999,
customer financing originations* increased by 8 percent to $4.82
billion, compared with $4.48 billion for the first nine months of
1998. For the first nine months of 1999, commercial financing
originations increased by 7 percent to $10.64 billion, compared
with $9.99 billion for the same 1998 period.
IBM Credit Corporation in the United States is part of the
worldwide IBM Global Financing organization. IBM Global
Financing offers 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 offering for inventory, accounts
receivable and acquisition financing to resellers and
remarketers. Visit the IBM Global Financing home page at
www.ibm.com/financing.
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.
*New customer financing originations reflect assets either owned
or managed by IBM Credit Corporation.
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