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) October 18, 1994
THE BEAR STEARNS COMPANIES INC.
Exact name of registrant as specified in its charter
DELAWARE File No. 1-8989 13-3286161
(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification
incorporation) Number)
245 Park Avenue, New York, New York 10167
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (212) 272-2000
Not Applicable
(former name or former address, if changed since last report)
Item 5. Other Events.
Filed herewith is a copy of The Bear Stearns Companies Inc. (the
"Company") Press Release, dated October 18, 1994, announcing its earnings for
the quarter ended September 30, 1994, which includes the Unaudited Consolidated
Statements of Income for the Company for the three months ended September 30,
1994, and September 24, 1993. All normal recurring adjustments that are, in the
opinion of management, necessary for a fair presentation of the results of
operations for the periods presented have been included. The nature of the
Company's business is such that the results for any interim period are not
necessarily indicative of the results for a full year.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Financial Statements of business acquired:
Not applicable.
(b) Pro Forma financial information:
Not applicable.
(c) Exhibit:
(99) Press Release, dated October 18, 1994.
Signatures
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
THE BEAR STEARNS COMPANIES INC.
By: /s/ Michael J. Abatemarco
Michael J. Abatemarco
Controller
Dated: October 18, 1994
THE BEAR STEARNS COMPANIES INC.
FORM 8-K
CURRENT REPORT
Exhibit Index
Exhibit No. Description Page
(99) Press Release, dated October 18, 1994
For Immediate Release
Contact: Hannah Burns (212)272-2395
Heather McDonnell (212)272-4356
THE BEAR STEARNS COMPANIES INC.
REPORTS FIRST QUARTER RESULTS;
ANNOUNCES ANNUAL MEETING
New York, New York -- October 18, 1994 -- The Bear Stearns Companies Inc.
(NYSE:BSC) today announced earnings for the company's first fiscal quarter
ended September 30, 1994.
Net income for the first quarter of fiscal 1995 was $35.5 million,
or 25 cents per share, versus $104.3 million, or 77 cents per share for
the comparable quarter last year. Revenues, net of interest expense for
the quarter ended September 30, 1994 were $433.6 million, versus $586.1
million for the comparable quarter a year ago.
The company stated that the results of the current quarter are a
reflection of the present market environment. While investment banking
revenues were down due to the low level of debt and equity underwriting
activity during the quarter, the correspondent clearing business,
institutional sales and private client services contributed to an 11.8%
increase in commission revenues. Revenue performance from the
derivatives, emerging markets and risk arbitrage areas also helped to
offset declines in other activities.
President and Chief Executive Officer James E. Cayne stated "I am
proud of the optimism and energy of the entire Bear Stearns team in
meeting the challenges of the markets throughout the quarter. In spite
of the environment during the last six months, our commitment to growing
and strengthening our franchise is stronger than ever. We continue to
make strategic investments in our business both domestically and overseas.
We have developed a strong international presence and intend to continue
our expansion in Asia, Latin America and Europe."
The company also said that with the recent announcement of two
significant transactions, merger and acquisition activity remains an area
of strength. Bear Stearns is serving as advisor to Martin Marietta in its
merger with Lockheed Corporation and as advisor to ITT/Cablevision in its
proposed acquisition of Madison Square Garden from Viacom Inc. Most
recently Bear Stearns served as global coordinator and lead manager for
the US and international tranches of the $480 million Usiminas
privatization, the largest Brazilian global equity offering to date.
Annual Meeting
The Bear Stearns Companies Inc. Annual Meeting of Shareholders will
be held on October 24, 1994 at 5:00 p.m. in the fifth floor auditorium at
the company's headquarters located at 245 Park Avenue in New York City.
The Bear Stearns Companies Inc. (NYSE:BSC) is the parent company of
Bear, Stearns & Co. Inc., a leading worldwide investment banking and
securities trading firm, serving governments, corporations, institutions
and individuals worldwide. The company's business includes corporate
finance and mergers and acquisitions, institutional equities and fixed
income sales and trading, private client services, foreign exchange and
futures sales and trading, asset management and custody services. Through
Bear, Stearns Securities Corp., it offers professional and correspondent
clearing, including securities lending. Headquartered in New York City,
the company has over 7,600 employees located in domestic offices in
Atlanta, Boston, Chicago, Dallas, Los Angeles, San Francisco and
Washington, DC; and an international presence in Beijing, Buenos Aires,
Frankfurt, Geneva, Hong Kong, London, Madrid, Manila, Paris, Sao Paulo,
Shanghai and Tokyo. As of September 30, 1994, total capital, including
stockholders' equity and long-term borrowings, was $5.7 billion. Book
value as of September 30, 1994 was $14.33 per share, based on 129,967,000
shares outstanding.
<TABLE>
THE BEAR STEARNS COMPANIES INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
<CAPTION>
Three Months Ended
September 30, September 24,
1994 1993(1)
(In thousands, except share data)
<S> <C> <C>
Revenues
Commissions $ 120,329 $ 107,598
Principal transactions 177,066 286,770
Investment banking 58,352 119,170
Interest and dividends 447,512 246,999
Other income 6,508 10,236
Total revenues 809,767 770,773
Interest expense 376,142 184,673
Revenues, net of interest expense 433,625 586,100
Expenses
Employee compensation and benefits 231,029 289,373
Floor brokerage, exchange
and clearance fees 25,661 23,010
Communications 21,326 16,269
Occupancy 19,989 18,944
Depreciation and amortization 13,793 10,955
Advertising and market development 14,424 10,256
Data processing and equipment 8,407 6,392
Other expenses 41,801 32,909
Total expenses 376,430 408,108
Income before provision for
income taxes 57,195 177,992
Provision for income taxes 21,734 73,689
Net income $ 35,461 $ 104,303
Net income applicable to
common shares $ 29,229 $ 98,766
Earnings per share $ .25 $ .77
Weighted average common and
common equivalent shares
outstanding 128,700,271 130,299,926
Cash dividends declared
per common share $ .15 $ .15
<F1>
(1) Restated to conform prior periods to current year's presentation.
</TABLE>
