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FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
November 16, 1999
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(Date of Report)
NATIONAL CITY CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 1-10074 34-1111088
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(State or other jurisdiction (Commission IRS Employer
of incorporation) File Number) Identification No.)
1900 East Ninth Street, Cleveland, Ohio 44114
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(Address of principal executive offices) (Zip Code)
(216) 575-2000
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(Registrant's telephone number, including area code)
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Item 5. Other Events
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On November 16, 1999, the Registrant issued a News Release stating
that fourth quarter and full year net income could be as much as $.02 to $.05
per share below analysts' consensus estimates, primarily due to recent weakness
in net interest margin.
Reference is made to the News Release, dated November 16, 1999, a copy
of which is filed as Exhibit 99.1 to this Current Report on Form 8-K and
incorporated herein by reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
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a) FINANCIAL STATEMENTS OF BUSINESS ACQUIRED: None
b) PRO FORMA FINANCIAL INFORMATION: None.
c) EXHIBITS:
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99.1 News Release, dated November 16, 1999 incorporated HEREIN by
reference.
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Signatures
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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 hereunto duly authorized.
Dated: November 16, 1999 By /s/ Carlton E. Langer
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Carlton E. Langer
Vice President
and Assistant Secretary
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Exhibit 99.1
NATIONAL CITY CORPORATION
[NATIONAL CITY LOGO] P.O. Box 5756
Cleveland, OH 44104-0756
FOR INFORMATION CONTACT:
Thomas A. Richlovsky News Release
Senior Vice President and Treasurer
(216)575-2126
Jeffrey C. Douglas
Vice President, Assistant Treasurer
(216)222-9849
For Immediate Release
NATIONAL CITY CORPORATION UPDATES EARNINGS GUIDANCE
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CLEVELAND, Ohio --November 16, 1999--National City Corporation
(NYSE:NCC) today stated that fourth quarter and full year net income could be
as much as $.02 to $.05 per share below analysts' consensus estimates. The
current 1999 earnings consensus as reported by First Call is $.59 per share for
the fourth quarter and $2.25 per share for the year 1999, both on a diluted
basis. The revised outlook would imply 1999 earnings per share growth of 10 to
11.5 percent over 1998, versus the consensus view of 12.5 percent.
The primary reason for the possible variance from consensus
expectations is recent weakness in net interest margin. October margins were
less than forecast and significantly below the treadline of the preceding nine
months. Continuation of that weakness would dampen both revenue and earnings
growth for the fourth quarter as a whole. While loan volumes have been strong,
spreads have been under pressure, particularly on the commercial side, and
purchased funding costs have risen.
Commenting on the revised outlook, Chairman & CEO David A. Daberko
stated, "Each year we set ambitious goals for our company with the objective of
continuing our long-term record of double-digit earnings per share growth.
While our expected growth this year will be consistent with our long-term
target, we had hoped to do better. Although 1999 has been a
(more)
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-2-
successful year on most fronts, recent weakness in margins may cause us to fall
short of our annual profit plan. We are now in the midst of budget reviews for
2000, and are evaluating numerous initiatives in technology, marketing, sales,
and other areas, to boost revenues and enhance growth. The long-term growth of
our company will be top priority as we evaluate these initiatives."
This press release contains forward-looking statements involving
significant risks and uncertainties, including changes in general economic and
financial market conditions, the company's ability to anticipate and react to
such changes, and its ability to execute its business plans. Although
management believes that the expectations reflected in such forward-looking
statements are reasonable, actual results may differ materially.
National City Corporation is an $85 billion diversified financial
services company headquartered in Cleveland,Ohio. National City operates banks
and other financial services subsidiaries principally in Ohio, Michigan,
Pennsylvania, Indiana, Kentucky and Illinois.
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