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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report: April 24, 1995
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(Date of earliest event reported)
HELLER FINANCIAL, INC.
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(Exact name of registrant as specified in its charter)
Delaware
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(State or other jurisdiction of incorporation)
1-6157 36-1208070
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(Commission File Number) (IRS Employer Identification Number)
500 West Monroe Street, Chicago, Illinois 60661
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(Address of principal executive offices) (Zip Code)
(312) 441-7000
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(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS
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On April 24, 1995, Heller Financial, Inc. (the "Registrant") issued a press
release announcing its earnings for the quarter ending March 31, 1995. A copy of
the press release is attached.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
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(c) Exhibits
99 Heller Financial, Inc. - Report of Net Income for the quarter ending March
31, 1995, dated April 24, 1995
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
Dated: April 26, 1995
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HELLER FINANCIAL, INC.
By: /s/ Richard J. Almeida
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Richard J. Almeida
Title: Executive Vice President and
Chief Financial Officer
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EXHIBIT INDEX
Exhibit Sequentially
Number Numbered Pages
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99 Heller Financial, Inc. - Report of Net Income 4 - 7
for the quarter ending March 31, 1995, dated
April 24, 1995
3
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John Brooklier
312-441-6184
Heller Financial, Inc.
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Reports Growth in First Quarter 1995 Net Income
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Chicago -- (April 24, 1995) -- Heller Financial, Inc. reported an increase
in 1995 first quarter net income compared to the prior year period along with
continued asset growth from year-end 1994, Michael S. Blum, Chairman and Chief
Executive Officer, announced today.
For the 1995 first quarter, net income increased 7 percent to $30 million
principally due to growth in net interest income, higher income of international
joint ventures and a lower income tax provision.
Operating revenues in the 1995 first quarter were $146 million, a 4 percent
increase from the prior year period. Higher operating revenues were largely the
result of a 15 percent growth in net interest income and a $3 million increase
in income of international joint ventures. Growth in these areas was offset by
lower gains from equity interests and investments which were particularly strong
in 1994 and continued spending for developing businesses in the asset based
product category.
The provision for losses showed no change from the prior year period as
marginally lower net writedowns were offset by provision for new funds growth.
The allowance for losses of receivables was maintained at 3 percent of total
4
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receivables even as the performance of new financings over the past five years
remained strong.
At the end of the 1995 first quarter, the Company's overall portfolio was
characterized by asset growth and continuing product diversification. Lending
assets and investments increased $553 million, or 7 percent, from year-end 1994.
At the same time, asset based finance became the second largest product category
due to growth in each asset based business as well as the seasonal increase in
factored receivables.
The Company's asset quality was stable during the 1995 first quarter.
Impaired nonearning assets were 4.0 percent of total lending assets, the same as
at year-end 1994. This performance is consistent with the Company's goal of
having nonearning assets fall within the range of 3 percent to 5 percent of
total lending assets.
"We are encouraged by our first quarter performance on many fronts, " said Mr.
Blum. "Heller's increase in net income, further asset growth and product
diversification, and stability in nonearning assets together with a strong
reserve position demonstrates we are tracking with both our short- and long-
term strategies and objectives."
Heller Financial, Inc. is a worldwide commercial financial services
organization which is a wholly-owned subsidiary of The Fuji Bank, Limited, one
of the world's largest banks. Heller Financial, Inc. provides U.S.-based
clients with corporate financing, real estate financing, factoring and working
capital loans, equipment financing and leasing, asset-based finance and equity
investments. The Company also operates in European, Asian, and Latin American
countries through joint venture and wholly-owned companies that specialize in
factoring, asset-based finance, acquisition finance, leasing, vendor finance
and/or trade finance.
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HELLER FINANCIAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in millions)
<TABLE>
<CAPTION>
March 31, 1995 December 31, 1994
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Assets (unaudited)
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<S> <C> <C>
Cash and cash equivalents $ 61 $ 99
Total receivables 8,040 7,616
Less: Allowance for losses of receivables 240 231
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Net receivables 7,800 7,385
Investments 679 634
Investments in international joint ventures 215 174
Other assets 198 184
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$8,953 $8,476
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Liabilities and Stockholders' Equity
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Senior debt
Commercial paper and short-term borrowings $2,701 $2,451
Notes and debentures 4,089 3,930
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Total debt 6,790 6,381
Credit balances of factoring clients 498 452
Other payables and accruals 266 274
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Total liabilities 7,554 7,107
Minority interest in equity of Heller International
Group, Inc. 42 39
Stockholders' equity
Cumulative Perpetual Senior Preferred
Stock, Series A 125 125
Cumulative Convertible Preferred
Stock, Series D 25 25
Common stock, additional paid-in
capital and retained earnings 1,207 1,180
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Total stockholders' equity 1,357 1,330
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$8,953 $8,476
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</TABLE>
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HELLER FINANCIAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(in millions)
<TABLE>
<CAPTION>
For the Three Months
Ended March 31,
1995 1994
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(unaudited)
<S> <C> <C>
Interest income $ 206 $ 151
Interest expense 112 69
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Net interest income 94 82
Fees and other income 44 53
Income of international joint ventures 8 5
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Operating revenues 146 140
Operating expenses 50 44
Provision for losses 50 50
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Income before taxes and minority interest 46 46
Income tax provision 15 17
Minority interest in income of Heller International
Group, Inc. 1 1
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Net income $ 30 $ 28
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</TABLE>
