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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, 1996
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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)
1
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ITEM 5. OTHER EVENTS
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On April 24, 1996, Heller Financial, Inc. (the "Registrant") issued a press
release announcing its earnings for the quarter ending March 31, 1996. 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, 1996, dated April 24, 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: April 24, 1996
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HELLER FINANCIAL, INC.
By: Lawrence G. Hund
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Lawrence G. Hund
Title: Senior Vice President and Controller
2
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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, 1996, dated
April 24, 1996
3
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[LETTERHEAD OF HELLER FINANCIAL]
NEWS RELEASE
Heller Financial, Inc.
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Reports Growth in 1996 First Quarter Net Income
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Chicago -- (April 24, 1996) -- Heller Financial, Inc. reported growth in net
income for the 1996 first quarter compared to the prior year period, Richard J.
Almeida, Chairman and Chief Executive Officer, announced today.
Net income in the 1996 first quarter grew 13 percent to $34 million mainly due
to a lower provision for losses. This was a result of the continued strong
credit performance of the ongoing portfolio and reduced net credit costs from
the pre-1990 portfolio.
Highlights for the 1996 first quarter include:
. Lending assets and investments increased during the quarter by $239 million,
or 3 percent, to $9.3 billion as growth in the asset-based businesses was
partially offset by the continued run-off of pre-1990 assets. The new
portfolio represents 86 percent of total lending assets and investments.
. The lower risk asset-based businesses grew 13 percent from year-end 1995 and
now comprise the company's single largest product category at 37 percent of
lending assets and investments.
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. Operating income declined for the quarter due to competitive pressures on
pricing and lower net gains on equity investments. At the same time, income
of international joint ventures continued to grow during this period.
. Operating expenses were higher as a result of the continued investment in the
growing asset-based businesses and expenditures for marketing and systems
development.
. The company's overall credit quality remained strong. At the end of the 1996
first quarter, nonearning assets remained well within management's targeted
range at 3.7 percent of total lending assets, a slight increase from year-end
1995. The pre-1990 portfolio accounted for 70 percent of total nonearning
assets.
"We are encouraged by both our overall growth in net income and our
successful efforts to build a more balanced portfolio and diversify our sources
of income," said Almeida. "As important, our post-1990 portfolio continued to
demonstrate solid credit performance as evidenced by a low level of net
writedowns during the quarter."
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 provides U.S.-based clients with
cash flow financing, factoring and working capital loans, equipment financing
and leasing, asset-based finance, real estate 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.
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HELLER FINANCIAL, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(in millions)
<TABLE>
<CAPTION>
March 31, 1996 December 31, 1995
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Assets (unaudited)
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<S> <C> <C>
Cash and cash equivalents $ 159 $ 599
Total receivables 8,269 8,085
Less: Allowance for losses of receivables 230 229
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Net receivables 8,039 7,856
Investments 739 693
Investments in international joint ventures 240 233
Other assets 261 257
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$9,438 $9,638
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Liabilities and Stockholders' Equity
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Senior debt
Commercial paper and short-term borrowings $2,136 $2,223
Notes and debentures 4,992 5,145
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Total debt 7,128 7,368
Credit balances of factoring clients 591 497
Other payables and accruals 263 343
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Total liabilities 7,982 8,208
Minority interest in equity of Heller International
Group, Inc. 48 46
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 1,258 1,234
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Total stockholders' equity 1,408 1,384
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$9,438 $9,638
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</TABLE>
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HELLER FINANCIAL, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(in millions)
<TABLE>
<CAPTION>
For the Three Months Ended
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March 31,
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1996 1995
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(unaudited)
<S> <C> <C>
Interest income $202 $206
Interest expense 112 112
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Net interest income 90 94
Fees and other income 32 44
Income of international joint ventures 9 8
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Operating revenues 131 146
Operating expenses 59 50
Provision for losses 24 50
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Income before income taxes
and minority interest 48 46
Income tax provision 12 15
Minority interest in income of
Heller International Group, Inc. 2 1
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Net income $ 34 $ 30
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</TABLE>
