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Previous: IDS LIFE INSURANCE CO /MN, 424B3, 1994-05-03 |
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<PAGE> 1
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): April 21, 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) 298-2000
------------------------------------------
<PAGE> 2
ITEM 5. OTHER EVENTS.
FIRST QUARTER 1994 EARNINGS
Filed herewith is the preliminary and unaudited Consolidated Statement
of Operations of Lehman Brothers Inc. ("the Company"), for the quarter ended
March 31, 1994, which will be superseded by information contained in the
Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 1994.
All adjustments which are, in the opinion of management, necessary for a fair
presentation of the Consolidated Statement of Operations for the periods
presented have been included. Certain amounts for first quarter 1993 reflect
reclassifications to conform to the current period's presentation.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(c) Exhibits
The following Exhibit is filed as a part of this Report.
99 Consolidated Statement of Operations
(Three Months Ended March 31, 1994)
(Preliminary and Unaudited)
The Exhibit Index to this Report is incorporated herein by reference.
-2-
<PAGE> 3
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: MAY 3, 1994
-3-
<PAGE> 4
EXHIBIT INDEX
Exhibit No. Exhibit
- - - ----------- -------
Exhibit 99 Consolidated Statement of Operations
(Three Months Ended March 31, 1994)
(Preliminary and Unaudited)
-4-
<PAGE> 1
Exhibit 99
<PAGE> 2
<TABLE>
<CAPTION>
LEHMAN BROTHERS INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(PRELIMINARY AND UNAUDITED)
(IN MILLIONS)
Three Months Three Months Ended March 31, 1993
Ended ----------------------------------------
March 31, Lehman Businesses
Revenues: 1994 Businesses Sold Historical
------ ---------- ---------- ----------
<S> <C> <C> <C> <C>
Commissions $ 121 $ 106 $ 364 $ 470
Market making and principal transactions 276 258 155 413
Investment banking 137 131 64 195
Interest and dividends 1,353 1,160 66 1,226
Other 14 14 171 185
-------- ------- ------ ------
Total revenues 1,901 1,669 820 2,489
Interest expense 1,254 1,055 62 1,117
-------- ------- ------ ------
Net revenues 647 614 758 1,372
-------- ------- ------ ------
Non-interest expenses:
Compensation and benefits 336 363 509 872
Communications 37 36 51 87
Occupancy and equipment 25 25 41 66
Depreciation and amortization 26 19 20 39
Advertising and market development 23 24 16 40
Brokerage, commissions and clearance fees 36 32 (9) 23
Professional services 28 24 17 41
Other 44 24 51 75
Severance 27
Loss on sale of Shearson 535 535
Reserves for non-core businesses 21 120 141
-------- ------- ------ ------
Total non-interest expenses 582 568 1,351 1,919
-------- ------- ------ ------
Income (loss) from continuing operations
before taxes, cumulative effect of change
in accounting principle and preferred
dividend of subsidiary 65 46 (593) (547)
Provision for income taxes 24 21 81 102
-------- ------- ------ ------
Income (loss) from continuing operations
before cumulative effect of change in
accounting principle and preferred
dividend of subsidiary 41 25 (674) (649)
Income from discontinued operations, net:
Income from operations 24 24
Gain on disposal 165 165
-------- ------- ------ ------
189 189
Income (loss) before cumulative effect of
change in accounting principle and
preferred dividend of subsidiary 41 25 (485) (460)
Cumulative effect of change in accounting
principle (13)
Preferred dividend of subsidiary 17 17 17
-------- ------- ------ ------
Net income (loss) $ 11 $ 8 $ (485) $ (477)
======== ======= ====== ======
</TABLE>
Note: Certain prior year amounts have been reclassified to conform to the
current year's presentation.
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