SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Filed pursuant to Section 13 or 15(d) of
THE SECURITIES EXCHANGE ACT OF 1934
July 20 1994
Date of Earliest Event Reported
COMDISCO, INC.
(a Delaware Corporation)
6111 North River Road
Rosemont, Illinois 60018
Telephone (708) 698-3000
Commission file number 1-7725
I.R.S. Employer Identification Number 36-2687938
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Item 5. Other Events
On July 20, 1994, the Board of Directors of Comdisco, Inc. announced that
Jack Slevin, 57, has been named President and Chief Executive Officer of
Comdisco, Inc., succeeding Kenneth N. Pontikes who died on June 24, 1994.
Slevin had been Chief Operating Officer since January, 1994 and a member
of the Office of the President since March, 1992.
Item 7. Financial Statements and Exhibits
(c). Exhibits
21. Consolidated Statements of Earnings for the Three and
Nine Months Ended June 30, 1994 and 1993 (unaudited)
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this Current Report on Form 8-K to be signed
on its behalf by the undersigned hereunto duly authorized.
COMDISCO, INC.
Date: July 28, 1994 by:
John J. Vosicky
Executive Vice President,
Chief Financial Officer
and Treasurer
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Comdisco, Inc. and Subsidiaries
Consolidated Statements of Earnings
For the Three and Nine Months Ended June 30, 1994 and 1993
(Dollars in millions except per share data)
Three months Nine months
ended ended
June 30, June 30,
1994 1993 1994 1993
Revenue
Leasing
Operating $ 244 $ 269 $ 760 $ 832
Direct financing 46 47 139 144
Sales-type 74 70 255 212
Total leasing 364 386 1,154 1,188
Sales 64 60 207 232
Disaster recovery 60 55 178 161
Other 26 12 40 33
Total revenue 514 513 1,579 1,614
Costs and expenses
Leasing
Operating 181 197 564 619
Sales-type 51 55 194 165
Total leasing 232 252 758 784
Sales 53 50 171 203
Disaster recovery 55 53 166 153
Selling, general and administrative 60 50 157 147
Litigation charge 10 - 10 -
Interest 64 71 198 221
Total costs and expenses 474 476 1,460 1,508
Earnings before income taxes and
cumulative effect of change in
accounting principle 40 37 119 106
Income taxes 16 14 48 42
Earnings before cumulative
effect of change in accounting
principle 24 23 71 64
Cumulative effect of change in
accounting principle - - - 20
Net earnings before preferred
dividends 24 23 71 84
Preferred dividends (2) (2) (6) (5)
Net earnings available to
common stockholders $ 22 $ 21 $ 65 $ 79
Retained earnings at beginning
of period $ 686 $ 634 $ 650 $ 582
Net earnings available to
common stockholders 22 21 65 79
Cash dividends paid on
common stock (3) (3) (10) (9)
Retained earnings at end of period $ 705 $ 652 $ 705 $ 652
Net earnings per common and
common equivalent share:
Earnings from continuing
operations $ 0.57 $ 0.50 $ 1.66 $1.44
Cumulative effect of change
in accounting principle - - - 0.49
Net earnings available to
common stockholders $ 0.57 $ 0.50 $ 1.66 $ 1.93
Common and common equivalent
shares outstanding 38 40 39 41
* Included in the third quarter financials is a one-time adjustment for
key-man life insurance proceeds of $20 million. This adjustment increased
"other" revenue by $20 million. The $20 million revenue effect is offset
through the establishment of a $10 million litigation expense reserve, and
a contribution of $10 million to the Comdisco Foundation. The $10 million
foundation contribution is included in selling, general and administrative
expenses and the litigation expense reserve is a separate line item
(litigation charge) on the income statement.
