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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): January 13,
1995
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.
Fourth Quarter 1994 and Year-End Earnings
Filed herewith are the preliminary and unaudited
Consolidated Statements of Operations of Lehman Brothers Inc.
("the Company"), for the quarter and eleven months ended November
30, 1994, which will be superseded by information contained in
the Company's Annual Report on Form 10-K for the year ended
November 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 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 November 30, 1994)
(Preliminary and Unaudited)
99.2 Consolidated Statement of Operations
(Eleven Months Ended November 30, 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: January 13, 1994
EXHIBIT INDEX
Exhibit No. Exhibit
Exhibit 99.1 Consolidated Statement of
Operations
(Three Months Ended
November 30, 1994)
(Preliminary and Unaudited)
Exhibit 99.2 Consolidated Statement of
Operations
(Eleven Months Ended
November 30, 31, 1994)
(Preliminary and Unaudited)
Exhibit 99.1
LEHMAN BROTHERS INC. Year End 1994
CONSOLIDATED STATEMENT OF
OPERATIONS
(Preliminary and Unaudited)
(In millions)
Three Months Ended
Three December 31, 1993
Months
Ended
November
30, Lehman Businesses
1994 Businesses Sold
Total
Revenues:
Principal transactions $ 116 $ 291 $ 291
Investment banking 110 185 185
Commissions 103 111 111
Interest and dividends 2,107 1,236 1,236
Other 24 13 13
Total revenues 2,460 1,836 1,836
Interest expense 1,956 1,137 1,137
Net revenues 504 699 699
Non-interest expenses:
Compensation and benefits 251 347 347
Brokerage, commissions and
clearance fees 47 51 51
Communications 34 34 34
Professional services 29 30 30
Depreciation and amortization 20 24 24
Business development 23 24 24
Occupancy and equipment 21 23 23
Management fees 64
Other 17 33 33
Total non-interest expenses 506 566 566
Income (loss) before taxes and
preferred dividend of subsidiary (2) 133 133
Provision for (benefit from)
income taxes (9) 33 33
Income before preferred dividend
of subisidiary 7 100 100
Preferred dividend of subsidiary (5) (17) (17)
Net income $ 2 $ 83 $ 83
Note 1:Certain prior period amounts have been reclassified to
conform to the current year's presentation.
Exhibit 99.2
LEHMAN BROTHERS INC. Year End 1994
CONSOLIDATED STATEMENT OF OPERATIONS
(Preliminary and Unaudited)
(In millions)
Eleven Twelve Months Ended
Months December 31, 1993
Ended
November Lehman Businesses
30, Businesse Sold Historica
1994 s l
Revenues:
Principal transactions $ 732 $1,132 $ 323 $1,455
Investment banking 399 624 170 794
Commissions 391 437 828 1,265
Interest and dividends 6,235 4,868 161 5,029
Other 57 55 412 467
Total revenues 7,814 7,116 1,894 9,010
Interest expense 5,845 4,442 143 4,585
Net revenues 1,969 2,674 1,751 4,425
Non-interest expenses:
Compensation and benefits 1,004 1,400 1,164 2,564
Brokerage, commissions and
clearance fees 190 209 (20) 189
Communications 135 141 130 271
Professional services 103 111 42 153
Depreciation and amortization 89 89 46 135
Business development 86 97 34 131
Occupancy and equipment 82 96 93 189
Management fees 102
Other 150 118 145 263
Severance charge 27
Loss on sale of Shearson 535 535
Reserves for non-core 21 120 141
businesses
Total non-interest 1,968 2,282 2,289 4,571
expenses
Income (loss) from continuing
operations before taxes and
cumulative effect of change
in accounting principle and
preferred dividend of 1 392 (538) (146)
subsidiary
Provision for (benefit from)
income taxes (33) 126 108 234
Income (loss) from continuing
operations before cumulative
effect of change in
accounting principle and
preferred dividend of 34 266 (646) (380)
subsidiary
Income from discontinued
operations, net of taxes:
Income from operations 24 24
Gain on disposal 165 165
Net income from discontinued 189 189
operations
Income (loss) before
cumulative effect of change
in accounting principle and
preferred dividend of 34 266 (457) (191)
subsidiary
Cumulative effect of change
in accounting principle (13)
Preferred dividend of (50) (68) (68)
subsidiary
Net income (loss) $ (29) $ 198 $ (457) $ (259)
Note 1:Certain prior period amounts have been reclassified to
conform to the current year's presentation.
