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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 17, 2000
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 17, 2000, regarding
its financial results and selected balance sheet information as
of and for the period ended September 30, 2000, 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: Paula L. Summa
Date: October 17, 2000 Title: Vice President,
Finance, and Chief Financial
Officer and Director
Contact:
Robert Braun
IBM Credit Corporation
914-765-6560
[email protected]
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IBM CREDIT CORPORATION REPORTS 2000 THIRD-QUARTER RESULTS
NORTH CASTLE, New York, October 17, 2000 . . . IBM Credit
Corporation today reported third-quarter 2000 net earnings of
$105.0 million, an increase of 3 percent, compared with $102.3
million for the same 1999 period. The annualized return on
average equity was 18.4 percent, compared with 20.1 percent in
the third quarter of 1999.
In the third quarter of 2000, new customer financing
originations* for acquisition of information technology products
and services increased 13 percent to $1.7 billion, compared with
$1.5 billion in the third quarter of 1999. New commercial
financing originations, providing working capital for inventory
and accounts receivable financing, decreased 11 percent to $3.4
billion in the third quarter of 2000, compared with $3.8 billion
for the same 1999 period.
At September 30, 2000, total assets were $15.9 billion,
compared with $16.3 billion at December 31, 1999, a decrease of 2
percent. Retained earnings at September 30, 2000, were $1.5
billion, compared with $1.8 billion at December 31, 1999, a
decrease of 17 percent.
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For the first nine months of 2000, net earnings were $307.9
million, an increase of 4 percent, compared with $296.0 million
for the same period in 1999. For the first nine months of 2000,
customer financing originations* decreased 10 percent to $4.3
billion, compared with $4.8 billion for the first nine months of
1999. For the first nine months of 2000, commercial financing
originations decreased 10 percent to $9.5 billion, compared with
$10.6 billion for the same 1999 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 offerings 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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