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 (date of earliest event reported): September 29, 1994
LEHMAN BROTHERS INC.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
1-6817 13-2518466
(Commission File Number) (IRS Employer Identification No.)
3 World Financial Center
New York, New York 10285
(Address of principal (Zip Code)
executive offices)
Registrant's telephone number, including
area code: (212) 526-7000
________________________________________
Item 5. Other Events.
Third Quarter and Year-to-Date 1994 Earnings
Filed herewith are the preliminary and unaudited
Consolidated Statements of Operations of Lehman Brothers Inc.
("the Company"), for the quarter and eight months ended August
31, 1994, which will be superseded by information contained in
the Company's Quarterly Report on Form 10-Q for the quarter ended
August 31, 1994. All adjustments which are, in the opinion of
management, necessary for a fair presentation of the Consolidated
Statements of Operations for the periods presented have been
included. Certain amounts for the prior year reflect
reclassifications to conform to the current periods'
presentations.
Item 7. Financial Statements and Exhibits
(c) Exhibits
The following Exhibits are filed as a part of this
Report.
99.1 Consolidated Statement of Operations
(Three Months Ended August 31, 1994)
(Preliminary and Unaudited)
99.2 Consolidated Statement of Operations
(Eight Months Ended August 31, 1994)
(Preliminary and Unaudited)
The Exhibit Index to this Report is incorporated herein by
reference.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Company has duly caused this Report to be signed on
its behalf by the undersigned hereunto duly authorized.
LEHMAN BROTHERS INC.
By: /s/ Robert Matza
----------------------
Robert Matza
Chief Financial Officer
Date: September 30, 1994
EXHIBIT INDEX
Exhibit No. Exhibit
Exhibit 99.1 Consolidated Statement of Operations
(Three Months Ended August 31, 1994)
(Preliminary and Unaudited)
Exhibit 99.2 Consolidated Statement of Operations
(Eight Months Ended August 31, 1994)
(Preliminary and Unaudited)
Exhibit 99.1
Exhibit 99.2
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LEHMAN BROTHERS INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(Preliminary and Unaudited)
(In millions)
Three
Months Three Months Ended
Ended September 30, 1993
Aug. 31, Lehman Businesses
1994 Businesses Sold Historical
<S> <C> <C> <C> <C>
Revenues
Market making and principal
transactions $ 180 $ 260 $ 41 $ 301
Investment banking 116 142 47 189
Commissions 98 111 118 229
Interest and dividends 1,790 1,267 25 1,292
Other 14 14 67 81
Total revenues 2,198 1,794 298 2,092
Interest expense 1,695 1,152 18 1,170
Net revenues 503 642 280 922
Non-interest expenses
Compensation and benefits 265 322 180 502
Brokerage, commissions
and clearance fees 45 52 (2) 50
Communications 39 33 21 54
Professional services 25 30 10 40
Depreciation and amortization 25 25 6 31
Advertising and market development 24 25 8 33
Occupancy and equipment 20 24 10 34
Management fees 38
Other 52 20 42 62
Total non-interest expenses 533 531 275 806
Income (loss) before taxes and
preferred dividend of subsidiary (30) 111 5 116
Provision for (benefit from)
income taxes (28) 34 3 37
Income (loss) before preferred
dividend of subsidiary (2) 77 2 79
Preferred dividend of subsidiary (17) (17) (17)
Net income (loss) $ (19) $ 60 $ 2 $ 62
Note: Certain prior period amounts have been reclassified to conform
to the current year's presentation.
LEHMAN BROTHERS INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(Preliminary and Unaudited)
(In millions)
Eight
Months Nine Months Ended
Ended September 30, 1993
Aug. 31, Lehman Businesses
1994 Businesses Sold Historical
<S> <C> <C> <C> <C>
Revenues
Market making and
principal transactions $ 616 $ 841 $ 323 $1,164
Investment banking 289 439 171 610
Commissions 288 326 828 1,154
Interest and dividends 4,128 3,632 161 3,793
Other 33 42 412 454
Total revenues 5,354 5,280 1,895 7,175
Interest expense 3,889 3,305 143 3,448
Net revenues 1,465 1,975 1,752 3,727
Non-interest expenses
Compensation and benefits 753 1,053 1,164 2,217
Brokerage, commissions
and clearance fees 143 158 (20) 138
Communications 101 107 130 237
Professional services 74 81 42 123
Depreciation and amortization 69 65 46 111
Advertising and market development 63 73 34 107
Occupancy and equipment 61 73 93 166
Management fees 38
Other 133 86 146 232
Severance charge 27
Loss on sale of Shearson 535 535
Reserves for non-core businesses _____ 21 120 141
Total non-interest expenses 1,462 1,717 2,290 4,007
Income (loss) from continuing
operations before taxes,
cumulative effect of change
in accounting principle and
preferred dividend of
subsidiary 3 258 (538) (280)
Provision for (benefit from)
income taxes (24) 92 108 200
Income (loss) from continuing
operations before cumulative
effect of change in accounting
principle and preferred
dividend of subsidiary 27 166 (646) (480)
Income from discontinued
operations, net of taxes:
Income from operations 24 24
Gain on disposal _____ _____ 165 165
Net income from discontinued
operations _____ _____ 189 189
Income (loss) before cumulative
effect of change in
accounting principle and
preferred dividend of
subsidiary 27 166 (457) (291)
Cumulative effect of change
in accounting principle (13)
Preferred dividend of subsidiary (45) (51) (51)
Net income (loss) $ (31) $ 115 $ (457) $ (342)
Note: Certain prior period amounts have been reclassified to conform
to the current year's presentation.
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