United States
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
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Date of Report: February 27, 1996
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MCDONNELL DOUGLAS FINANCE CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 95-2564584 0-10795
(State or other (I.R.S. Employer (Commission File No.)
jurisdiction of Identification No.)
Incorporation or
Organization)
4060 Lakewood Boulevard, 6th Floor - Long Beach, California 90808-1700
(Address of principal executive offices)
(310) 627-3000
(Registrant's telephone number, including area code)
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Item 5. Other Events
The following consolidated balance sheet and consolidated statement of income
and income retained for growth of McDonnell Douglas Finance Corporation and
its subsidiaries is provided for public reference prior to the to the filing
of the Form 10-K for the year ended December 31, 1995. The Form 10-K is
expected to be filed on or before April 1, 1996.
McDonnell Douglas Finance Corporation and Subsidiaries
Consolidated Balance Sheet
December 31,
(Dollars in millions, except 1995 1994
stated value and par value)
ASSETS
Financing receivables:
Investment in finance leases $ 1,249.7 $ 1,090.3
Notes receivable 263.5 351.7
1,513.2 1,442.0
Allowance for losses on financing receivables (42.3) (40.7)
Financing receivables, net 1,470.9 1,401.3
Cash and cash equivalents 12.6 13.1
Equipment under operating leases, net 475.5 374.3
Equipment held for sale or re-lease 28.6 12.1
Accounts with MDC and MDFS 18.5 44.9
Other assets 43.5 83.9
$ 2,049.6 $ 1,929.6
LIABILITIES AND SHAREHOLDER'S EQUITY
Short-term notes payable $ 13.7 $ 103.8
Accounts payable and accrued expenses 41.8 44.0
Other liabilities 82.5 92.5
Deferred income taxes 305.4 306.1
Long-term debt:
Senior 1,206.3 1,023.8
Subordinated 119.7 87.5
1,769.4 1,657.7
Shareholder's equity:
Preferred stock - no par value; authorized 100,000
shares:
Series A; $5,000 stated value; authorized, issued
and outstanding 10,000 shares 50.0 50.0
Common stock $100 par value; authorized 100,000
shares; issued and outstanding 50,000 shares 5.0 5.0
Capital in excess of par value 89.5 89.5
Income retained for growth 135.7 127.4
280.2 271.9
$ 2,049.6 $ 1,929.6
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McDonnell Douglas Finance Corporation and Subsidiaries
Consolidated Statement of Income and Income Retained for Growth
Years Ended December 31,
(Dollars in millions) 1995 1994 1993
OPERATING INCOME
Finance lease income $ 104.3 $ 100.7 $ 90.1
Interest income on notes receivable 27.2 29.4 38.9
Operating lease income, net of
depreciation expense of $48.2, $39.9,
$39.0 in 1995, 1994, and 1993, 41.1 38.5 35.9
respectively
Net gain on disposal or re-lease of 8.7 11.1 23.7
assets
Other 10.2 7.9 9.9
191.5 187.6 198.5
EXPENSES
Interest expense 101.9 108.3 116.4
Provision for losses 12.2 9.9 8.6
Operating expenses 11.3 15.2 20.3
Other 4.9 12.3 12.4
130.3 145.7 157.7
Income before taxes on income 61.2 41.9 40.8
Provision for income taxes 21.9 13.6 24.0
Net income 39.3 28.3 16.8
Income retained for growth at beginning 127.4 129.6 116.4
of year
Dividends (31.0) (30.5) (3.6)
Income retained for growth at end of $ 135.7 $ 127.4 $ 129.6
year
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Signature
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.
McDonnell Douglas Finance Corporation
February 27, 1996 /s/ Steven W. Vogeding
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Steven W. Vogeding
Vice President and Chief Financial
Officer (Principal Financial Officer) and
Registrant's Authorized Officer
