SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Pursuant to Section 13 or 15 (d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) April 6, 2000
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)
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Item 5. Other Events
On January 18, 2000, the Company's Board of Directors approved a change in the
Company's fiscal year-end to November 30 from June 30, effective with the year
beginning November 27, 1999. Filed herewith is a copy of The Bear Stearns
Companies Inc. (the "Company") recast unaudited statements of income for the
three-month periods ended February 26, 1999, May 28, 1999, August 27, 1999 and
November 26, 1999 and the three-month periods ended February 27, 1998, May 29,
1998, August 28, 1998 and November 27, 1998. 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) Recast unaudited statements of income for the
three-month periods ended February 26, 1999,
May 28, 1999, August 27, 1999 and November 26,
1999 and the three-month periods ended
February 27, 1998, May 29, 1998, August 28,
1998 and November 27, 1998.
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Signature
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/ Marshall J Levinson
-----------------------
Marshall J Levinson
Controller
(Principal Accounting Officer)
Dated: April 6, 2000
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THE BEAR STEARNS COMPANIES INC.
FORM 8-K
CURRENT REPORT
EXHIBIT INDEX
Exhibit No. Description
(99) Recast unaudited statements of income for the three-month periods
ended February 26, 1999, May 28, 1999, August 27, 1999 and November
26, 1999 and the three-month periods ended February 27, 1998, May 29,
1998, August 28, 1998 and November 27, 1998.
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THE BEAR STEARNS COMPANIES INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
Below is the recast unaudited statements of income for the three-month periods ended February 26, 1999, May 28, 1999,
August 27, 1999 and November 26, 1999.
<CAPTION> Three-Months Ended
--------------------------------------------------------------------------
February 26, May 28, August 27, November 26,
1999 1999 1999 1999
--------------- --------------- --------------- ---------------
(In thousands, except share data)
<S> <C> <C> <C> <C>
Revenues
Commissions $ 246,519 $ 272,145 $ 238,665 $ 264,995
Principal transactions 620,297 661,790 496,549 499,135
Investment banking 235,932 244,501 266,031 309,536
Interest and dividends 987,758 895,570 1,011,518 1,128,519
Other income 22,003 22,988 29,255 44,441
--------------- --------------- --------------- ---------------
Total Revenues 2,112,509 2,096,994 2,042,018 2,246,626
Interest expense 828,943 740,900 846,429 965,544
--------------- --------------- --------------- ---------------
Revenues, net of interest expense 1,283,566 1,356,094 1,195,589 1,281,082
--------------- --------------- --------------- ---------------
Non-interest expenses
Employee compensation and benefits 627,511 676,236 602,200 620,753
Floor brokerage, exchange
and clearance fees 35,130 39,721 37,019 39,492
Communications 36,537 37,130 37,237 41,559
Depreciation and amortization 33,319 33,923 36,213 38,093
Occupancy 28,199 28,006 26,804 26,554
Advertising and market development 23,361 24,973 23,814 25,284
Data processing and equipment 16,688 18,619 19,503 26,233
Other expenses 112,991 174,802 107,237 133,218
--------------- --------------- --------------- ---------------
Total non-interest expenses 913,736 1,033,410 890,027 951,186
--------------- --------------- --------------- ---------------
Income before provision for
income taxes 369,830 322,684 305,562 329,896
Provision for income taxes 139,164 124,584 113,277 122,353
--------------- --------------- --------------- ---------------
Net income $ 230,666 $ 198,100 $ 192,285 $ 207,543
=============== =============== =============== ===============
Net income applicable to
common shares $ 220,888 $ 188,322 $ 182,507 $ 197,765
=============== =============== =============== ===============
Earnings per share (1) $ 1.45 $ 1.38 $ 1.19 $ 1.32
=============== =============== =============== ===============
Weighted average common and
common equivalent shares
outstanding (1) 165,086,729 163,805,887 165,365,835 164,238,098
=============== =============== =============== ===============
Cash dividends declared
per common share (1) $ 0.14 $ 0.14 $ 0.14 $ 0.15
=============== =============== =============== ===============
(1) Reflects all stock dividends declared through October 29, 1999.
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THE BEAR STEARNS COMPANIES INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
Below is the recast unaudited statements of income for the three-month periods ended February 27, 1998, May 29, 1998,
August 28, 1998 and November 27, 1998.
<CAPTION> Three-Months Ended
-------------------------------------------------------------------------
February 27, May 29, August 28, November 27,
1998 1998 1998 1998
---------------- --------------- --------------- ---------------
(In thousands, except share data)
<S> <C> <C> <C> <C>
Revenues
Commissions $ 221,599 $ 237,212 $ 232,347 $ 252,714
Principal transactions 416,598 467,463 341,346 257,844
Investment banking 226,690 291,997 190,537 129,906
Interest and dividends 1,050,992 1,148,252 1,165,203 1,021,519
Other income 14,913 12,076 13,562 23,184
---------------- --------------- --------------- ---------------
Total Revenues 1,930,792 2,157,000 1,942,995 1,685,167
Interest expense 876,597 987,326 990,710 870,158
---------------- --------------- --------------- ---------------
Revenues, net of interest expense 1,054,195 1,169,674 952,285 815,009
---------------- --------------- --------------- ---------------
Non-interest expenses
Employee compensation and benefits 515,614 570,504 490,677 421,868
Floor brokerage, exchange
and clearance fees 41,271 42,832 41,819 43,815
Communications 30,509 31,971 33,846 36,018
Depreciation and amortization 28,736 30,763 33,011 32,769
Occupancy 25,959 25,247 25,521 26,751
Advertising and market development 21,659 23,698 24,005 22,151
Data processing and equipment 10,540 12,866 11,145 12,149
Other expenses 103,930 212,523 104,838 55,978
---------------- --------------- --------------- ---------------
Total non-interest expenses 778,218 950,404 764,862 651,499
---------------- --------------- --------------- ---------------
Income before provision for
income taxes 275,977 219,270 187,423 163,510
Provision for income taxes 108,098 75,693 71,565 49,600
---------------- --------------- --------------- ---------------
Net income $ 167,879 $ 143,577 $ 115,858 $ 113,910
================ =============== =============== ===============
Net income applicable to
common shares $ 160,034 $ 133,597 $ 105,709 $ 104,132
================ =============== =============== ===============
Earnings per share (1) $ 1.06 $ 0.89 $ 0.78 $ 0.61
================ =============== =============== ===============
Weighted average common and
common equivalent shares
outstanding (1) 166,527,217 164,046,563 165,741,168 166,953,214
================ =============== =============== ===============
Cash dividends declared
per common share (1) $ 0.14 $ 0.14 $ 0.14 $ 0.14
================ =============== =============== ===============
(1) Reflects all stock dividends declared through October 29, 1999.
For a discussion of the risks and uncertainties that may affect the Company's
future results, please see "Management's Discussion and Analysis of Financial
Condition and Results of Operations" and "Risk Management" in the Company's 1999
Annual Report to Stockholders and its Form 10-K and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" and "Quantitative and
Qualitative Disclosures about Market Risk" in the Company's quarterly reports on
Form 10-Q, which have been filed with the Securities and Exchange Commission.
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