<PAGE>
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: January 26, 1996
----------------
(Date of earliest event reported)
HELLER FINANCIAL, INC.
----------------------
(Exact name of registrant as specified in its charter)
Delaware
--------
(State or other jurisdiction of incorporation)
1-6157 36-1208070
------ ----------
(Commission File Number) (IRS Employer Identification Number)
500 West Monroe Street, Chicago, Illinois 60661
----------------------------------------- -----
(Address of principal executive offices) (Zip Code)
(312) 441-7000
--------------
(Registrant's telephone number, including area code)
1
<PAGE>
ITEM 5. OTHER EVENTS
- ------- ------------
On January 26, 1996, Heller Financial, Inc. (the "Registrant") released its
earnings for calendar year 1995. A copy of the release is attached.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
- ------- ---------------------------------
(c) Exhibits
99 Heller Financial, Inc. - Report of 1995 Net Income, dated January 26, 1996
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: January 29, 1996
-----------------
HELLER FINANCIAL, INC.
By: /s/ Lawrence G. Hund
----------------------
Lawrence G. Hund
Title: Senior Vice President
and Controller
2
<PAGE>
EXHIBIT INDEX
Exhibit Sequentially
Number Numbered Pages
- ------ --------------
99 Heller Financial, Inc. - Report of 1995 Net 4 - 8
Income, dated January 26, 1996
3
<PAGE>
Heller Financial, Inc.
----------------------
Reports Record 1995 Net Income
------------------------------
and Improvement in Nonearning Asset Levels
------------------------------------------
Chicago -- (January 26, 1996) -- Heller Financial, Inc. reported record net
income, operating revenues and pre-tax income for full-year 1995 along with
continued asset growth and improvement in nonearning assets, Richard J. Almeida,
Chairman and Chief Executive Officer, said today.
Highlights of the company's full-year 1995 results include:
. Lending assets and investments increased by $596 million or 7 percent during
1995 as the company continued to build a more balanced portfolio. The asset-
based businesses grew $900 million to 33 percent of total lending assets and
investments and became the company's second largest product category.
. Net income for 1995 was $125 million, a six percent increase compared to 1994,
and the fourth straight year the company achieved improved earnings.
. Operating revenues of $620 million were 11 percent higher than the prior
year, mainly due to a $28 million increase in fees and other income, and 67
percent growth in income of international joint ventures.
4
<PAGE>
. Pre-tax income was $181 million, a four percent increase over the prior year.
The smaller rate of growth in pre-tax income was the result of both a higher
level of provision for losses and an 11 percent increase in operating expenses
which was used to support the expansion of the newer asset-based businesses.
. The overall credit quality of the portfolio continued to improve due to
portfolio growth in the company's lower risk asset-based products, very
favorable credit experience in new strategy portfolios and a 24 percent
reduction in pre-1990 Corporate Finance and Real Estate lending assets and
investments. Net writedowns of receivables and repossessed assets, and the
provision for losses increased by $52 million and $35 million, respectively,
compared to 1994 as the company continued to aggressively resolve its pre-1990
Corporate Finance and Real Estate accounts. However, credit quality in the
new Corporate Finance and Real Estate portfolios performed at very acceptable
levels during the year as evidenced by low levels of nonearning assets and
writeoffs. Nonearning assets fell to 3.6 percent of lending assets at year-
end 1995 compared to 4.0 percent at the end of 1994.
"Heller's record operating performance in 1995 is a result of contributions
from a broad range of our businesses and reflects an increasingly better balance
of earnings between newer asset-based initiatives and more established
businesses," said Almeida. "Our results for the year demonstrate that we
continue to make progress toward our goals of strengthened earnings, stronger
asset quality, better asset diversification and continued conservative capital
structure."
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 cash flow financing, factoring and working capital loans, equipment
financing and leasing, asset-based finance, real estate
5
<PAGE>
financing and equity investments. The company also operates through joint
venture and wholly-owned companies located in 19 countries in Europe, Asia,
Australia and Latin America. These companies specialize in factoring, asset-
based finance, acquisition finance, leasing, vendor finance and trade finance.
6
<PAGE>
HELLER FINANCIAL, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(in millions)
<TABLE>
<CAPTION>
December 31, 1995 December 31, 1994
----------------- -----------------
<S> <C> <C>
Assets
- ------
Cash and cash equivalents $ 599 $ 99
Receivables 8,085 7,616
Less: Allowance for losses of receivables 229 231
------ ------
Net receivables 7,856 7,385
Investments 693 634
Investments in international joint ventures 233 174
Other assets 257 184
------ ------
$9,638 $8,476
====== ======
Liabilities and Stockholders' Equity
- ------------------------------------
Senior debt
Commercial paper and short-term borrowings $2,223 $2,451
Notes and debentures 5,145 3,930
------ ------
Total debt 7,368 6,381
Credit balances of factoring clients 497 452
Other payables and accruals 343 274
------ ------
Total liabilities 8,208 7,107
Minority interest in equity of Heller International
Group, Inc. 46 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 1,234 1,180
------ ------
Total stockholders' equity 1,384 1,330
------ ------
$9,638 $8,476
====== ======
</TABLE>
7
<PAGE>
HELLER FINANCIAL, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(in millions)
<TABLE>
<CAPTION>
For the Year Ended
------------------
December 31,
------------
<S> <C> <C>
1995 1994
----- -----
Interest income $851 $702
Interest expense 464 336
---- ----
Net interest income 387 366
Fees and other income 198 170
Income of international joint ventures 35 21
---- ----
Operating revenues 620 557
Operating expenses 216 195
Provision for losses 223 188
---- ----
Income before taxes and
minority interest 181 174
Income tax provision 49 51
Minority interest in income of
Heller International Group, Inc. 7 5
---- ----
Net income $125 $118
==== ====
</TABLE>
8
