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 16, 1995
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 16, 1995, announcing its earnings for
the quarter ended September 29, 1995, which includes the Unaudited Consolidated
Statements of Income for the Company for the three months ended September 29,
1995 and September 30, 1994. 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 16, 1995.
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 16, 1995
THE BEAR STEARNS COMPANIES INC.
FORM 8-K
CURRENT REPORT
Exhibit Index
Exhibit No. Description Page
(99) Press Release, dated October 16, 1995
For Immediate Release
Contact: Hannah Burns (212)272-2395
Anne Graber (212)272-8188
THE BEAR STEARNS COMPANIES INC.
REPORTS FIRST QUARTER RESULTS;
ANNOUNCES ANNUAL MEETING
New York, New York -- October 16, 1995 -- The Bear Stearns Companies Inc.
(NYSE:BSC) today announced earnings for the company's first fiscal quarter
ended September 29, 1995.
Net income for the first quarter of fiscal 1996 was $93.8 million,
or 67 cents per share, versus $35.5 million, or 23 cents per share, for the
comparable quarter last year. Revenues, net of interest expense, for the
quarter ended September 29, 1995 were $617.5 million, versus $433.6
million for the comparable quarter a year ago.
President and Chief Executive Officer James E. Cayne stated, "Our
performance in the first quarter demonstrates our balanced stream of
revenues. The majority of our businesses, both established and
developing, posted substantial gains quarter-over-quarter. We are
particularly pleased with the continued expansion of our investment
banking franchise, evidenced by a 50% increase in overall revenues
attributable to robust merger and acquisition activity and a pick-up in
equity new-issue volume. We are equally please with the results of both
the equity and fixed income trading areas, in addition to the continued
solid contribution from our correspondent clearing franchise."
The company said that the overall 29% increase in commission
revenues over the first quarter of fiscal 1995 included a 37% revenue
increase in both the Correspondent Clearing and Private Client Services
Divisions. Revenues from principal activities rose 51% over the same
period, reflecting significant gains in the bankruptcy/high yield,
convertible bond, corporate bond, derivatives, government bond and over-
the-counter trading areas.
The quarter was characterized by an environment of stabilized
interest rates which resulted in increased liquidity, bolstering new-issue
volume in both the debt and equity markets. The increase in investment
banking revenues reflects a 61% rise in equity issuance management fees
and syndicate commissions, and a 162% rise in merger and acquisition fees.
Annual Meeting
The Bear Stearns Companies Inc. Annual Meeting of Shareholders will
be held on Monday, October 30, 1995 at 5:00 pm in the fifth floor
auditorium at the company's headquarters located at 245 Park Avenue in New
York City.
The Bear Stearns Companies Inc. is the parent company of Bear,
Stearns & Co. Inc., a leading 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., professional and correspondent clearing services are
provided, including securities lending. Headquartered in New York City,
the company has over 7,400 employees located in domestic offices in
Atlanta, Boston, Chicago, Dallas, Los Angeles, San Francisco and
Washington, D.C.; and an international presence in Beijing, Buenos Aires,
Geneva, Hong Kong, Karachi, London, Madrid, Manila, Paris, Sao Paulo,
Shanghai, Singapore and Tokyo. As of September 29, 1995, total capital,
including stockholders' equity and long-term borrowings, was $6.8 billion.
Book value as of September 29, 1995 was $15.24 per share, based on
137,384,404 shares outstanding.
<TABLE>
THE BEAR STEARNS COMPANIES INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
<CAPTION>
Three Months Ended
September 29, September 30,
1995 1994(1)
(In thousands, except share data)
<S> <C> <C>
Revenues
Commissions $ 155,190 $ 120,329
Principal transactions 269,915 178,796
Investment banking 87,405 58,352
Interest and dividends 553,921 444,440
Other income 8,003 6,508
Total revenues 1,074,434 808,425
Interest expense 456,945 374,800
Revenues, net of interest expense 617,489 433,625
Expenses
Employee compensation and benefits 306,997 231,029
Floor brokerage, exchange
and clearance fees 29,746 25,661
Communications 22,498 21,326
Occupancy 21,146 19,989
Depreciation and amortization 16,276 13,793
Advertising and market development 12,524 14,424
Data processing and equipment 8,981 8,407
Other expenses 42,911 41,801
Total expenses 461,079 376,430
Income before provision for
income taxes 156,410 57,195
Provision for income taxes 62,564 21,734
Net income $ 93,846 $ 35,461
Net income applicable to
common shares $ 87,636 $ 29,229
Earnings per share (2) $ .67 $ .23
Weighted average common and
common equivalent shares
outstanding (2) 136,934,498 135,135,285
Cash dividends declared
per common share $ .15 $ .15
<F1>
(1) Restated to conform prior period amounts to current period's
presentation.
<F2>
(2) Adjusted for 5% stock dividend declared on April 19, 1995.
</TABLE>
