|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: PENNZENERGY CO, SC 13G, 1999-02-22 |
Next: MAXCO INC, SC 13G/A, 1999-02-22 |
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
------------
February 22, 1999 (February 22, 1999)
(Date of Report (date of earliest event reported))
PHH Corporation
(Exact name of Registrant as specified in its charter)
Maryland 1-7797 52-0551284
(State or other jurisdiction (Commission File No.) (I.R.S. Employer
of incorporation or Identification Number)
organization)
6 Sylvan Way
Parsippany, NJ 07054
(Address of principal (Zip Code)
executive office)
(973) 428-9700
(Registrant's telephone number, including area code)
None
(Former name, former address and former fiscal year, if applicable)
<PAGE>
Item 5. Other Events
PHH Corporation reports its 1998 annual financial results of operations and
statements of position.
Table of Contents
1. Consolidated statements of operations.
2. Consolidated statements of income, adjusted for merger-related costs and
other unusual charges.
3. Consolidated balance sheets.
<PAGE>
PHH Corporation and Subsidiaries
CONSOLIDATED STATEMENTS OF OPERATIONS, as reported
(In millions)
<TABLE>
<CAPTION>
Year Ended December 31,
1998 1997 1996
-------------- ------------- -------------
<S> <C> <C> <C>
Revenues
Fleet management services $ 206.1 $ 212.4 $ 199.2
Relocation services 444.0 409.4 342.1
Mortgage services (net of amortization of mortgage
servicing rights and interest expense of $221.4, $180.6
and $116.9, respectively) 353.4 179.3 127.7
------------- ------------- -------------
Service fees - net 1,003.5 801.1 669.0
Fleet leasing (net of depreciation and interest costs of
$1,279.4, $1,205.2 and $1,132.4, respectively) 88.7 59.5 56.7
Other 5.4 - -
------------- ------------- --------------
Net revenues 1,097.6 860.6 725.7
------------- ------------- -------------
Expenses
Operating 469.7 422.9 346.9
General and administrative 171.7 164.4 173.9
Depreciation and amortization 36.8 25.7 28.6
Merger-related costs and other unusual charges (credits) (20.2) 251.0 -
-------------- ------------- --------------
Total expenses 658.0 864.0 549.4
------------- ------------- -------------
Income (loss) before income taxes 439.6 (3.4) 176.3
Provision for income taxes 159.6 44.2 71.8
------------- ------------- -------------
Net income (loss) $ 280.0 $ (47.6) $ 104.5
============= ============== =============
</TABLE>
<PAGE>
PHH Corporation and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME, as adjusted (1)
(In millions)
<TABLE>
<CAPTION>
Year Ended December 31,
1998 1997 1996
-------------- ------------- --------------
<S> <C> <C> <C>
Revenues
Fleet management services $ 206.1 $ 212.4 $ 199.2
Relocation services 444.0 409.4 342.1
Mortgage services (net of amortization of mortgage
servicing rights and interest expense of $221.4, $180.6
and $116.9, respectively) 353.4 179.3 127.7
------------- ------------- -------------
Service fees - net 1,003.5 801.1 669.0
Fleet leasing (net of depreciation and interest costs of
$1,279.4, $1,205.2 and $1,132.4, respectively) 88.7 59.5 56.7
Other 5.4 - -
------------- ------------- --------------
Net revenues 1,097.6 860.6 725.7
------------- ------------- -------------
Expenses
Operating 469.7 422.9 346.9
General and administrative 171.7 164.4 173.9
Depreciation and amortization 36.8 25.7 28.6
------------- ------------- -------------
Total expenses 678.2 613.0 549.4
------------- ------------- -------------
Income before income taxes 419.4 247.6 176.3
Provision for income taxes 152.4 102.0 71.8
------------- ------------- -------------
Net income $ 267.0 $ 145.6 $ 104.5
============= ============= =============
</TABLE>
(1) Adjusted to exclude merger-related costs and other unusual charges (credits)
of ($20.2) million and $251.0 million for 1998 and 1997, respectively.
<PAGE>
PHH Corporation and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(In millions, except share data)
<TABLE>
<CAPTION>
December 31,
1998 1997
------------- -------------
<S> <C> <C>
Assets
Cash and cash equivalents $ 233.2 $ 2.1
Accounts and notes receivable, (net of allowance
for doubtful accounts of $14.2 and $12.1, respectively) 775.2 567.6
Other assets 520.3 447.1
------------ -------------
Total assets exclusive of assets under programs 1,528.7 1,016.8
------------ -------------
Assets under management and mortgage programs:
Net investment in leases and leased vehicles 3,801.1 3,659.1
Relocation receivables 659.1 775.3
Mortgage loans held for sale 2,416.0 1,636.3
Mortgage servicing rights 635.7 373.0
------------ -------------
7,511.9 6,443.7
------------ -------------
Total assets $ 9,040.6 $ 7,460.5
============ =============
Liabilities and shareholder's equity
Accounts payable and accrued liabilities $ 759.7 $ 692.4
Deferred income 57.0 53.3
------------ -------------
Total liabilities exclusive of liabilities under programs 816.7 745.7
------------ -------------
Liabilities under management and mortgage programs:
Debt 6,896.8 5,602.6
------------ -------------
Deferred income taxes 341.0 295.7
------------ -------------
Total liabilities 8,054.5 6,644.0
------------ -------------
Commitments and contingencies
Shareholder's equity 986.1 816.4
------------ -------------
Total liabilities and shareholder's equity $ 9,040.6 $ 7,460.5
============ =============
</TABLE>
<PAGE>
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 hereunto duly authorized.
PHH CORPORATION
By: /s/ David M. Johnson
David M. Johnson
Senior Executive Vice President
and Chief Financial Officer
Date: February 22, 1999
|
|