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Previous: PARK COMMUNICATIONS INC, 10-Q, 1994-07-27 |
Next: PUTNAM CORPORATE ASSET TRUST /MA, NSAR-A, 1994-07-27 |
<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): July 19, 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
________________________________________
<PAGE> 2
ITEM 5. OTHER EVENTS.
SECOND 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 six
months ended June 30, 1994, which will be superseded by information contained
in the Company's Quarterly Report on Form 10-Q for the quarter ended June 30,
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 periods 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 June 30, 1994)
(Preliminary and Unaudited)
99.2 Consolidated Statement of Operations
(Six Months Ended June 30, 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: July 27, 1994
-3-
<PAGE> 4
EXHIBIT INDEX
EXHIBIT NO. EXHIBIT
- - ----------- -------
Exhibit 99.1 Consolidated Statement of Operations
(Three Months Ended June 30, 1994)
(Preliminary and Unaudited)
Exhibit 99.2 Consolidated Statement of Operations
(Six Months Ended June 30, 1994)
(Preliminary and Unaudited
<PAGE> 1
EXHIBIT 99.1
<PAGE> 2
LEHMAN BROTHERS INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(PRELIMINARY AND UNAUDITED)
(IN MILLIONS)
<TABLE>
<CAPTION>
Three Months Three Months Ended June 30, 1993
Ended -----------------------------------------
June 30, Lehman Businesses
1994 Businesses Sold Historical
------------ ---------- ---------- ----------
<S> <C> <C> <C> <C>
Revenues:
Market making and principal transactions $ 184 $ 287 $ 127 $ 414
Investment banking 94 166 60 226
Commissions 103 109 346 455
Interest and dividends 1,544 1,205 70 1,275
Other 14 14 174 188
------- ------- ------- -------
Total revenues 1,939 1,781 777 2,558
Interest expense 1,475 1,098 63 1,161
------- ------- ------- -------
Net revenues 464 683 714 1,397
------- ------- ------- -------
Non-interest expenses:
Compensation and benefits 256 368 475 843
Communications 38 38 58 96
Brokerage, commissions and clearance fees 34 38 (9) 29
Occupancy and equipment 25 24 42 66
Professional services 33 27 15 42
Advertising and market development 25 24 10 34
Depreciation and amortization 28 21 20 41
Other 54 41 53 94
------- ------- ------- -------
Total non-interest expenses 493 581 664 1,245
------- ------- ------- -------
Income (loss) before taxes and preferred
dividend of subsidiary (29) 102 50 152
Provision for (benefit from) income taxes (22) 38 24 62
------- ------- ------- -------
Income (loss) before preferred dividend
of subsidiary (7) 64 26 90
Preferred dividend of subsidiary (17) (17) (17)
------- ------- ------- -------
Net income (loss) $ (24) $ 47 $ 26 $ 73
======= ======= ======= =======
</TABLE>
Note: Certain prior period amounts have been reclassified to conform to the
current year's presentation.
<PAGE> 1
EXHIBIT 99.2
<PAGE> 2
LEHMAN BROTHERS INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(PRELIMINARY AND UNAUDITED)
(IN MILLIONS)
<TABLE>
<CAPTION>
Six Months Six Months Ended June 30, 1993
Ended -----------------------------------------
June 30, Lehman Businesses
1994 Businesses Sold Historical
------------ ---------- ---------- ----------
<S> <C> <C> <C> <C>
Revenues:
Market making and principal transactions $ 467 $ 549 $ 282 $ 831
Investment banking 231 297 124 421
Commissions 224 215 710 925
Interest and dividends 2,897 2,365 136 2,501
Other 28 28 345 373
-------- ------- ------- -------
Total revenues 3,847 3,454 1,597 5,051
Interest expense 2,729 2,153 125 2,278
-------- ------- ------- -------
Net revenues 1,118 1,301 1,472 2,773
-------- ------- ------- -------
Non-interest expenses:
Compensation and benefits 592 731 984 1,715
Communications 75 74 109 183
Brokerage, commissions and clearance fees 77 74 (18) 56
Occupancy and equipment 50 49 83 132
Professional services 61 51 32 83
Advertising and market development 48 48 26 74
Depreciation and amortization 54 40 40 80
Other 98 66 104 170
Severance charge 27
Loss on sale of Shearson 535 535
Reserves for non-core businesses 21 120 141
-------- ------- ------- -------
Total non-interest expenses 1,082 1,154 2,015 3,169
-------- ------- ------- -------
Income (loss) from continuing operations
before taxes, cumulative effect of change
in accounting principle and preferred
dividend of subsidiary 36 147 (543) (396)
Provision for income taxes 2 58 105 163
-------- ------- ------- -------
Income (loss) from continuing operations
before cumulative effect of change in
accounting principle and preferred
dividend of subsidiary 34 89 (648) (559)
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 34 89 (459) (370)
Cumulative effect of change in accounting
principle (13)
Preferred dividend of subsidiary (34) (34) (34)
-------- ------- ------- -------
Net income (loss) $ (13) $ 55 $ (459) $ (404)
======== ======= ======= =======
</TABLE>
Note: Certain prior period amounts have been reclassified to conform to the
current year's presentation.
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