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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) July 19, 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 July 19, 2000, regarding its
financial results and selected balance sheet information as of
and for the period ended June 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: July 19, 2000 Title: Vice President,
Finance, and Chief Financial
Officer and Director
Contact: Carol J.
Blaszczynski
IBM Credit
Corporation
914-765-6647
[email protected]
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IBM CREDIT CORPORATION REPORTS 2000 SECOND-QUARTER RESULTS
North Castle, New York, July 19, 2000 . . . IBM Credit
Corporation today reported second-quarter 2000 net earnings of
$106.1 million, an increase of 4 percent, compared with $102.4
million for the same 1999 period. The annualized return on
average equity was 17.7 percent, compared with 20.2 percent for
the first half of 1999.
In the second quarter of 2000, new customer financing
originations* for acquisition of information technology products
and services decreased 17 percent to $1.66 billion, compared with
$1.99 billion in the second quarter of 1999. New commercial
financing originations, providing working capital for inventory
and accounts receivable financing, decreased by 7 percent to
$3.30 billion in the second quarter of 2000, compared with $3.55
billion for the same 1999 period.
At June 30, 2000, total assets were $15.4 billion, compared
with $16.3 billion at December 31, 1999, a decrease of 6 percent.
Retained earnings at June 30, 2000, were $1.6 billion, compared
with $1.8 billion at December 31, 1999, a decrease of 11 percent.
-more-
ICC Second Quarter 2000 Earnings (cont.)
-2-
For the first half of 2000, net earnings were $202.8 million, an
increase of 5 percent, compared with $193.7 million for the same
period in 1999. For the first half of 2000, customer financing
originations* decreased by 20 percent to $2.68 billion, compared
with $3.33 billion for the first half of 1999. For the first
half of 2000, commercial financing originations decreased by 11
percent to $6.13 billion, compared with $6.88 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 customers in more than 40 countries leasing and financing
solutions for hardware, software and services acquired from IBM
and other vendors. With more than $40 billion in annual
financing originations in 1999, IBM Global Financing also
provides flexible commercial financing for inventory, accounts
receivable and acquisitions. 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 both owned
and managed by IBM Credit Corporation.
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