<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: April 22, 1997
--------------
(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)
<PAGE>
Item 5. Other Events
- ------- ------------
On April 22, 1997, Heller Financial, Inc. (the "Registrant") issued a press
release announcing its earnings for the quarter ending March 31, 1997. A copy
of the press release is attached.
Item 7. Financial Statements and Exhibits
- ------- ---------------------------------
(c) Exhibits
99 Heller Financial, Inc. - Report of Net Income for the quarter ending March
31, 1997, dated April 22, 1997
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, 1997
--------------
HELLER FINANCIAL, INC.
By: /s/ Lauralee E. Martin
------------------------------
Lauralee E. Martin
Title: Executive Vice President and
Chief Financial Officer
2
<PAGE>
EXHIBIT INDEX
Exhibit Sequentially
Number Numbered Pages
- ------ --------------
99 Heller Financial, Inc. - Report of Net Income 4 - 7
for the quarter ending March 31, 1997, dated
April 22, 1997
3
<PAGE>
PRESS RELEASE
Heller Financial, Inc.
----------------------
Reports Growth in 1997 First Quarter
------------------------------------
Operating Revenues and Net Income
---------------------------------
Chicago--April 22, 1997--Heller Financial, Inc. today reported growth in
all components of its operating revenues and a resulting 15 percent increase in
its 1997 first quarter net income as well as continued strong performance in
overall credit quality, said Chairman and Chief Executive Officer Richard J.
Almeida.
Highlights of the company's 1997 first quarter results versus the prior
year period include:
. New business volume totaled nearly $1 billion and was spread across all of
the businesses, especially those in the asset based finance category. Total
lending assets and investments grew 2 percent due in part to a 13 percent
decline in the company's pre-1990 portfolio since year-end 1996. The
company reached another milestone in its goal of diversifying assets and
building a more balanced portfolio as no single product group represents
more than 25 percent of the portfolio.
Net income of $39 million was 15 percent higher than the prior year period.
Earnings were driven by an 8 percent increase in operating revenues which
benefited from solid business fundamentals--growth in net interest income,
fees and other income, and income of international joint ventures. The 22
percent increase in fees and other income was largely due to higher fees
and participation income in the Real Estate business. The 11 percent
increase in international-based income was primarily the result of
contributions from the company's new joint venture in Chile.
. As expected, operating expenses moderated in the 1997 first quarter,
growing only 5 percent. This was largely a result of the company benefiting
from improved operating leverage in its asset based businesses.
. The provision for losses decreased $2 million as the ongoing portfolio
continued to demonstrate strong credit characteristics. The post-1990
portfolio required only $6 million, or 30 basis points, of net writedowns
during the quarter. At the same time, gross writedowns declined to $27
million from $38 million. The company's nonearning assets remained at 3.3
percent of total lending assets--well within company and industry
standards--and continue to be primarily comprised of pre-1990 accounts.
4
<PAGE>
"We're both pleased and excited about our company's diversified new
business volume, our strong across the board financial performance and our
stable credit profile," said Almeida. "All these elements--along with our
early-April purchase of Factofrance Heller which increased our ownership
interest in the company to nearly 100 percent--are key strategies which will
help us achieve our ambitious long term goals."
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
equipment financing and leasing, factoring and working capital loans,
collateral-based financing, cash flow financing, real estate financing, small
business lending, and specialized equity investments. The company also operates
through joint venture and wholly-owned companies located in 18 countries in
Europe, Asia, Australia and Latin America. These companies specialize in asset-
based finance, factoring, acquisition finance, leasing, vendor finance and trade
finance.
5
<PAGE>
Heller Financial, Inc. and Subsidiaries
Consolidated Condensed Balance Sheets
(in millions)
<TABLE>
<CAPTION>
March 31, 1997 December 31, 1996
--------------- -----------------
Assets (unaudited)
- ------
<S> <C> <C>
Cash and cash equivalents $ 320 $ 296
Total receivables 8,673 8,529
Less: Allowance for losses of receivables 226 225
------- ------
Net receivables 8,447 8,304
Investments 833 805
Investments in international joint ventures 259 272
Other assets 269 249
------- ------
$10,128 $9,926
======= ======
Liabilities and Stockholders' Equity
- ------------------------------------
Senior debt
Commercial paper and short-term borrowings $ 2,752 $2,745
Notes and debentures 4,996 4,761
------- ------
Total debt 7,748 7,506
Credit balances of factoring clients 542 590
Other payables and accruals 307 306
------- ------
Total liabilities 8,597 8,402
Minority interest in equity of Heller International
Group, Inc. 54 57
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 1,327 1,317
------- ------
Total stockholders' equity 1,477 1,467
------- ------
$10,128 $9,926
======= ======
</TABLE>
6
<PAGE>
Heller Financial, Inc. and Subsidiaries
Consolidated Condensed Statements of Income
(in millions)
For the Three Months Ended
--------------------------
March 31,
--------
1997 1996
---- ----
(unaudited)
Interest income $208 $202
Interest expense 116 112
---- ----
Net interest income 92 90
Fees and other income 39 32
Income of international joint ventures 10 9
---- ----
Operating revenues 141 131
Operating expenses 62 59
Provision for losses 22 24
---- ----
Income before income taxes
and minority interest 57 48
Income tax provision 17 12
Minority interest in income of
Heller International Group, Inc. 1 2
---- ----
Net income $ 39 $ 34
===== ====
7
