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
April 23, 1997
Date of Earliest Event Reported
COMDISCO, INC.
(a Delaware Corporation)
6111 North River Road
Rosemont, Illinois 60018
Telephone (847) 698-3000
Commission file number 1-7725
I.R.S. Employer Identification Number 36-2687938
<PAGE>
Item 5. Other Events
On April 23, 1997 Comdisco, Inc announced second quarter and fiscal 1997
operating results.
Item 7. Financial Statements and Exhibits
(c) Exhibits
99 Consolidated Statements of Earnings For the Three and Six Months Ended
March 31, 1997 and 1996
<PAGE>
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: May 1, 1997 by: /s/John J. Vosicky
-------------------
Executive Vice President
and Chief Financial Officer
<PAGE>
Comdisco, Inc. and Subsidiaries
Consolidated Statements of Earnings
For the Three and Six Months Ended March 31, 1997 and 1996
(Dollars in millions except per share data)
<TABLE>
<CAPTION>
Three months Six months
ended March 31, ended March
1997 1996 1997 1996
Revenue
Leasing
<S> <C> <C> <C> <C>
Operating ..................................................... $ 402 $ 330 $ 792 $ 646
Direct financing .............................................. 36 39 72 79
Sales-type .................................................... 68 49 132 89
------- ------- ------- -------
Total leasing ................................................ 506 418 996 814
Sales ........................................................... 59 74 105 125
Continuity and network services ................................. 85 78 169 148
Other <F1> ...................................................... 40 11 53 24
------- ------- ------- -------
Total revenue ................................................. 690 581 1,323 1,111
------- ------- ------- -------
Costs and expenses
Leasing
Operating ..................................................... 316 249 621 484
Sales-type .................................................... 43 35 89 59
------- ------- ------- -------
Total leasing ................................................ 359 284 710 543
Sales ........................................................... 49 59 79 100
Continuity and network services ................................. 71 68 142 129
Selling, general and administrative ............................. 61 60 120 120
Interest ........................................................ 73 65 146 130
Other <F2> ...................................................... 25 -- 25 --
------- ------- ------- -------
Total costs and expenses ...................................... 638 536 1,222 1,022
------- ------- ------- -------
Earnings before income taxes .................................... 52 45 101 89
Income taxes .................................................... 19 17 38 34
------- ------- ------- -------
Net earnings before preferred dividends ......................... 33 28 63 55
Preferred dividends ............................................. (2) (2) (4) (4)
------- ------- ------- -------
Net earnings available to common stockholders ................... $ 31 $ 26 $ 59 $ 51
======= ======= ======= =======
Retained earnings at beginning of period ........................ $ 881 $ 785 $ 856 $ 764
Net earnings available to common stockholders ................... 31 26 59 51
Cash dividends paid on common stock ............................. (4) (3) (7) (7)
------- ------- ------- -------
Retained earnings at end of period .............................. $ 908 $ 808 $ 908 $ 808
======= ======= ======= =======
Net earnings per common and common equivalent share:
Net earnings available to common stockholders ................ $ 0.58 $ 0.49 $ 1.13 $ 0.96
======= ======= ======= =======
Common and common equivalent shares outstanding ................. 52 53 52 53
======= ======= ======= =======
<FN>
<F1> Other revenue includes a gain of $25 million, ($16 million after-tax, or
$.30 per common share) as a result of amounts received in settlement of
litigation.
<F2> In the second quarter of fiscal 1997, the Company recorded a non-cash,
non-operating charge of $25 million, ($16 million after-tax, or $.30 per common
share) as a one time addition to the equipment valuation allowance
</FN>
</TABLE>
