ASSOCIATES FIRST CAPITAL CORP
8-K, 2000-04-11
PERSONAL CREDIT INSTITUTIONS
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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) April 11, 2000





                  ASSOCIATES FIRST CAPITAL CORPORATION
          (Exact name of registrant as specified in its charter)




            DELAWARE                              06-0876639
   (State or other jurisdiction                (I.R.S. Employer
     of incorporation)                       Identification Number)

                                  2-44197
                           (Commission File Number)


250 E. Carpenter Freeway, Irving, Texas                      75062-2729
(Address of principal executive offices)                     (Zip Code)



Registrant's telephone number, including area code (972) 652-4000

<PAGE>
Item 5.  Other Events.

Associates First Capital Corporation announced its first quarter earningsin a
news release dated April 11, 2000.  A copy of the news release, financial
highlights and financial supplement is attached as an Exhibit hereto and
incorporated by reference herein.


Item 7.  Financial Statements and Exhibits

( c )  Exhibits

       20 -  News release by Associates First Capital Corporation dated
           April 11, 2000 with supporting financial schedules.



                                  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.


                                  ASSOCIATES FIRST CAPITAL CORPORATION





                                  By: /s/ John F. Stillo
                                     ----------------------------------
                                     Executive Vice President
                                and Comptroller



Date: April 11, 2000



THE ASSOCIATES


NEWS

FOR IMMEDIATE RELEASE




         ASSOCIATES REPORTS STRONG QUARTER, IMPROVED CREDIT
                               QUALITY

          Company Achieves Continued Growth, Strong Margins
   DALLAS, April 11, 2000 - Associates First Capital Corporation
(NYSE: AFS) today reported first quarter earnings of $370.5
million, or $0.51 per share (diluted), an 11 percent increase per
share over the same period a year earlier, as adjusted to exclude
the previously announced charge of $0.10 per share reflecting the
company's decision to discontinue the manufactured housing loan
origination business.

   "Our first quarter performance demonstrates that our business
fundamentals are on track to deliver solid results throughout the
year.  We had strong growth and significantly improved credit
quality during the quarter.  We remain confident in our ability
to meet our commitments to shareholders," said Keith W. Hughes,
chairman and chief executive officer.

   During the quarter, credit card operations added 1.8 million
customers through its new KeyCorp and CITGO partnerships.
International operations, highlighted by results in Japan,
continued its strong contribution to the company's performance.
Domestic consumer operations significantly improved the credit
quality of its home equity portfolio.   In order to maximize its
commercial distribution channels, the company reorganized its
commercial operations to enhance the sales focus of its branch
network and capture the efficiency of centralized services.
                               - more -
<PAGE>
Associates Reports First Quarter Results
April 11, 2000
Page 2

  Bolstering its Web-based services and product offerings, The
Associates and Entrade launched TruckCenter.com, a new online
marketplace for the sale of trucks, parts, and related
finance and insurance services.  In addition, the company added
the convenience of online bill presentment and payment for its
more than 6 million Texaco credit card customers, bringing to
9.5 million the total number of Associates oil credit card
customers who have this capability.   Internet activities
continue to accelerate throughout the company in new business
development and customer service.  "We expect to acquire more
than one million customers through this channel this year and
provide Web-based services to 15 million retail and commercial
customers by year end," said Hughes.

  Commenting on its capital planning for 2000, Roy A. Guthrie,
chief financial officer, said, "The Associates board of directors
has authorized the repurchase of up to 50 million shares of the
company's stock.  The share repurchase would be implemented over
time and funded through excess capital formation.  This is one of
many tools we will use to enhance shareholder value as we
continue to evaluate the profit and growth potential of
individual businesses."

       Associates First Capital Corporation, established in 1918,
is a leading diversified finance company providing consumer and
commercial finance, leasing, insurance and related services
worldwide.  The Associates, headquartered in Dallas, has
operations in the United States and 14 international markets.
The Associates is a Fortune 150 corporation and is listed among
that magazine's Most Admired Companies.  For more information,
visit The Associates Web site at www.theassociates.com.

  This news release contains certain forward-looking statements.
The factors which may cause future results to differ materially
from expectations are discussed in the Form 10-K for the year
ended Dec. 31, 1999, filed with the Securities and Exchange
Commission.
                            - more -


The Associates Reports First Quarter Results
April 11, 2000
Page 3


                              #   #   #



Contact information

News media:         (972) 652-4522
                    [email protected]

Security Analysts:  (972) 652-7294
                    [email protected]

Shareholders:       1-888-NYSE-AFS


            THE ASSOCIATES


FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>

                                                     As Reported                             As Adjusted
                                              Three Months Ended or at                Three Months Ended or at
($ millions - except earnings per share)  3/31/00      12/31/99     3/31/99       3/31/00(1)   3/31/99(2)    %Change

<S>                                 <C>            <C>          <C>          <C>           <C>              <C>
Net earnings
     Amount                           $      299.7  $     408.7  $     336.8  $      370.5  $      336.8       10
     Return on average equity                12.08 %      16.97 %      15.47 %       14.94 %       15.47 %
     Return on average adjusted equity       13.39        18.83        17.20         16.50         17.20
     Return on average assets                 1.43         1.93         1.65          1.76          1.65
     Return on average managed assets         1.24         1.76         1.56          1.53          1.56
Net earnings per diluted share        $       0.41  $      0.56  $      0.46  $       0.51  $       0.46       11

Managed receivables                   $   81,338.6  $  84,414.7  $  76,612.5  $   81,338.6  $   71,187.8       14
Total managed assets                  $   98,247.3  $  95,088.0  $  86,805.4  $   98,247.3  $   86,805.4       13

Key Data (Managed)
Total revenue                         $    3,380.3  $   3,508.0  $   3,185.5  $    3,427.5  $    3,185.5       8
Net interest margin (% avg. mgd. recs.)       9.50 %       9.26 %       9.02 %        9.50 %        9.02 %
Efficiency ratio                              48.5         43.7         47.8          46.3          47.8
Credit quality
     60+days contractual delinquency          2.64 %       2.77 %       2.70 %        2.64 %        2.73 %
     Credit loss ratio (% avg. mgd. recs.)    2.86         2.97         2.72          2.86          2.78

Balance Sheet Information
Stockholders' equity                  $   10,014.9  $   9,800.5  $   8,860.1  $   10,014.9  $    8,860.1       13
Allowance for losses (3)                   2,055.6      2,174.4      2,267.3       2,055.6       2,267.3
    % of net receivables                      3.12 %       3.16 %       3.32 %        3.12 %        3.32 %
    Multiple to net losses  (4)               1.40 x       1.50 x       1.65 x        1.40 x        1.65 x


   (1)  Excludes a $112 million special pre-tax charge to earnings recorded during the first quarter of 2000 related to
        the discontinuation of the manufactured housing loan origination business.  This charge covers exit costs,
        including severance, noncancellable contractual obligations and related costs, as well as a provision for
        increased losses on the disposition of repossessions and fair-value adjustments of related assets.

   (2)  As adjusted March 31, 1999 managed receivables and credit quality information has been restated for
        comparability purposes to exclude manufactured housing and recreational vehicles. 60+days contractual
        delinquency excludes repossessions.  The adjusted March 31, 1999 ratio previously included truck and truck
        trailer repossessions with recourse to the dealer or manufacturer and has been restated for comparability.
        A total March 31, 1999 ratio of 2.76% was previously reported.

   (3) The March 31, 2000 allowance for losses reflects the reclassification of approximately $175 million of allowance
       for losses to a specific reserve for manufactured housing owned assets.

   (4)  Calculated as a ratio of the allowance for losses to related trailing net credit losses on receivables owned at
        the end of the period as adjusted to reflect the impact of significant acquisitions and to exclude net credit
        losses related to receivables held for securitization or sale and certain securitized receivables.

</TABLE>


<PAGE>
            THE ASSOCIATES


      QUARTERLY FINANCIAL SUPPLEMENT

<TABLE>
<CAPTION>

Pro Forma Managed Basis Income Statement and Key Data
As adjusted  (1) (2)
                                                         Three Months Ended or at           Change from Prior Year
($ millions)                                          3/31/00(1)  12/31/99(2) 3/31/99(2)      Amount     Percent

<S>                                                <C>        <C>         <C>          <C>             <C>
Revenue
     Finance charges                                $  3,004.2 $   3,035.2 $  2,747.7   $     256.5       9.3 %
     Insurance premiums                                  275.3       270.2      256.3          19.0       7.4
     Investment and other income                         148.0       202.6      181.5         (33.5)    (18.5)
                                                       --------    -------   --------        -------
                                                       3,427.5     3,508.0    3,185.5         242.0       7.6

Expenses
     Interest expense                                  1,101.4     1,116.1    1,031.6          69.8       6.8
     Operating expenses                                1,019.2       994.4      979.6          39.6       4.0
     Provision for losses                                593.4       634.3      531.7          61.7      11.6
     Insurance benefits paid or provided                 125.4       116.8      103.7          21.7      20.9
                                                       -------     -------    -------         -----
                                                       2,839.4     2,861.6    2,646.6         192.8       7.3
                                                       -------     -------    -------         -----
Earnings before provision for income taxes               588.1       646.4      538.9          49.2       9.1
Provision for income taxes                               217.6       237.7      202.1          15.5       7.7
                                                       -------     -------    -------         -----
Net earnings                                        $    370.5 $     408.7 $    336.8   $      33.7      10.0 %
                                                       =======     =======    =======         =====
Net earnings per diluted share (whole $)            $     0.51 $      0.56 $     0.46   $      0.05      10.5 %
Equivalent shares for diluted EPS  (000's)             728,847     729,711    732,137        (3,290)


<PAGE>
   (1)  Excludes a $112 million special pre-tax charge to earnings recorded during the first quarter of 2000 related to
        the discontinuation of the manufactured housing loan origination business.  This charge covers exit costs,
        including severance, noncancellable contractual obligations and related costs, as well as a provision for
        increased losses on disposition of repossessions and fair-value adjustments of related assets. This special
        charge reduced investment and other income by $47 million and increased operating expenses and provision for
        losses by $25 million and $40 million, respectively.  This special charge reduced first quarter 2000 net
        earnings per diluted share by $0.10.

   (2)  Managed receivables and credit quality information excludes manufactured housing and recreational vehicles for
        all periods presented.  60+day contractual delinquency excludes repossessions.  This ratio previously included
        truck and truck trailer repossessions with recourse to the dealer or manufacturer and has been restated for
        comparability. Total ratios of 2.85% and 2.76% at December 31, 1999 and March 31, 1999, respectively, were
        previously reported.
</TABLE>


<PAGE>
      QUARTERLY FINANCIAL SUPPLEMENT



Pro Forma Managed Basis Income Statement and Key Data
As adjusted  (1) (2)
<TABLE>
<CAPTION>
                                                         Three Months Ended or at           Change from Prior Year
($ millions)                                          3/31/00(1)  12/31/99(2) 3/31/99(2)      Amount     Percent

<S>                                                 <C>           <C>         <C>
Key Data ($ millions)
Net interest margin   (% avg. mgd. recs.)                 9.50 %      9.26 %     9.02 %
Efficiency ratio  (managed)                               46.3        43.7       47.8
Net credit losses (as a % of avg. mgd. recs.)             2.86        2.93       2.78
Delinquency ratio (% of mgd. gross recs.)                 2.64        2.81       2.73
</TABLE>
<TABLE>
<S>                                               <C>         <C>         <C>         <C>              <C>

Managed Receivables
     End of period                                  $ 81,338.6 $  78,919.9 $ 71,187.8   $  10,150.8      14.3 %
     Average                                          80,114.2    77,356.8   70,802.1       9,312.1      13.2
Managed Assets
     End of period                                    98,247.3    95,088.0   86,805.4      11,441.9      13.2
     Average                                          96,625.3    93,055.7   86,475.0      10,150.3      11.7


   (1)  Excludes a $112 million special pre-tax charge to earnings recorded during the first quarter of 2000 related to
        the discontinuation of the manufactured housing loan origination business.  This charge covers exit costs,
        including severance, noncancellable contractual obligations and related costs, as well as a provision for
        increased losses on disposition of repossessions and fair-value adjustments of related assets. This special
        charge reduced investment and other income by $47 million and increased operating expenses and provision for
        losses by $25 million and $40 million, respectively.  This special charge reduced first quarter 2000 net
        earnings per diluted share by $0.10.

   (2)  Managed receivables and credit quality information excludes manufactured housing and recreational vehicles for
        all periods presented.  60+day contractual delinquency excludes repossessions.  This ratio previously included
        truck and truck trailer repossessions with recourse to the dealer or manufacturer and has been restated for
        comparability. Total ratios of 2.85% and 2.76% at December 31, 1999 and March 31, 1999, respectively, were
        previously reported.
</TABLE>

            THE ASSOCIATES


 QUARTERLY FINANCIAL SUPPLEMENT


Managed Receivables ($ millions)
<TABLE>
<CAPTION>                                                                 Change from Prior Year
Outstanding at End of Period         3/31/00   12/31/99     3/31/99       Amount      Percent
<S>                              <C>        <C>         <C>          <C>              <C>
     Home equity                  $ 28,206.7 $  27,480.3 $ 24,765.9   $    3,440.8      13.9 %
     Personal loans /
      retail sales finance          16,222.0    16,012.4   15,264.1          957.9       6.3
     Truck and truck trailer        13,017.4    13,130.3   11,397.3        1,620.1      14.2
     Credit card                    13,194.1    11,733.6   10,519.7        2,674.4      25.4
     Equipment                       7,016.2     6,977.3    6,180.6          835.6      13.5
     Fleet leasing                   2,117.2     2,070.1    1,580.2          537.0      34.0
     Warehouse and other             1,565.0     1,515.9    1,480.0           85.0       5.7
                                    --------     -------   --------        -------
      Total ongoing operations(1) $ 81,338.6 $  78,919.9 $ 71,187.8   $   10,150.8      14.3 %
                            ========    ========   =======        ========

                                                                         Change from Prior Year
Average Outstanding                  3/31/00   12/31/99     3/31/99       Amount      Percent

     Home equity                  $ 27,815.2 $  26,990.7 $ 24,578.5   $    3,236.7      13.2 %
     Personal loans /
       retail sales finance         15,984.4    15,649.3   15,616.1          368.3       2.4
     Truck and truck trailer        13,047.0    13,026.9   11,109.4        1,937.6      17.4
     Credit card                    12,654.3    11,336.2   10,456.9        2,197.4      21.0
     Equipment                       6,981.6     6,870.2    6,120.1          861.5      14.1
     Fleet leasing                   2,094.4     2,057.9    1,586.8          507.6      32.0
     Warehouse and other             1,537.3     1,425.6    1,334.3          203.0      15.2
                                   ---------    --------   --------       --------
     Total ongoing operations(1)  $ 80,114.2 $  77,356.8 $ 70,802.1   $    9,312.1      13.2 %
                                   =========    ========   ========       ========

(1)  Excludes manufactured housing and recreational vehicles for all periods presented.

</TABLE>


            THE ASSOCIATES


  QUARTERLY FINANCIAL SUPPLEMENT


Credit Quality
<TABLE>
<CAPTION>

60+Days Contractual                                    Three Months Ended or at
Delinquency (as a % of Mgd. Gross Receivables)      3/31/00   12/31/99     3/31/99
<S>                                                <C>       <C>          <C>

     Home equity                                      2.97 %      3.29 %     2.98 %
     Personal loans / retail sales finance            3.35        3.84       3.49
     Truck and truck trailer (1)                      1.36        1.28       1.19
     Credit card                                      3.88        4.17       4.49
     Equipment                                        1.31        0.89       1.15
     Fleet leasing                                    0.47        0.39       1.13
              Total ongoing operations (2)            2.64 %      2.81 %     2.73 %



Net Credit Losses (as a % of Avg. Mgd. Receivables)


     Home equity                                      1.35 %      1.49 %     1.04 %
     Personal loans / retail sales finance            6.52        6.06       5.57
     Truck and truck trailer                          0.85        0.81       0.50
     Credit card                                      5.81        6.66       7.31
     Equipment                                        0.30        0.75       0.25
     Fleet leasing                                    0.04        0.06       0.03
              Total ongoing operations (2)            2.86 %      2.93 %     2.78 %


Loss Coverage (on-balance sheet)
     Allowance for losses (3)                   $  2,055.6 $   2,174.4 $  2,267.3
         % of net finance receivables                 3.12 %      3.16 %     3.32 %
         Multiple to net losses  (4)                  1.40 x      1.50 x     1.65 x


   (1)  60+days contractual delinquencies excludes repossessions.  This ratio previously
        included repossessions with recourse to the dealer or manufacturer and has been
        restated for comparability.  Truck and truck trailer ratios of 1.48% and 1.39%
        at December 31, 1999 and March 31, 1999, respectively, were previously reported.

   (2)  Excludes manufactured housing and recreational vehicles for all periods
        presented. 60+day contractual delinquency excludes repossessions.  This ratio
        previously included truck and truck trailer repossessions with recourse to the
        dealer or manufacturer and has been restated for comparability. Total ratios
        of 2.85% and 2.76% at December 31, 1999 and March 31, 1999, respectively, were
        previously reported.

   (3)  The March 31, 2000 allowance for losses reflects the reclassification of
        approximately $175 million of allowance for loss to a specific reserve for
        manufactured housing owned assets.

   (4)  Calculated as a ratio of the allowance for losses to related trailing net
        credit losses on receivables owned at the end of the period as adjusted to
        reflect the impact of significant acquisitions and to exclude net credit
        losses related to receivables held for securitization or sale and certain
        securitized receivables.

</TABLE>

            THE ASSOCIATES


      QUARTERLY FINANCIAL SUPPLEMENT


Income Statement and Balance Sheet Items
<TABLE>
<CAPTION>
                                                                As Reported
                                                           Three Months Ended or at
Income Statement ($ millions)                         3/31/00     12/31/99     3/31/99
- --------------------------------------------------------------------------------------
<S>                                             <C>          <C>          <C>
Revenue
     Finance charges                             $    2,278.2 $    2,318.8 $   2,283.9
     Servicing related income                           403.6        364.6       223.3
     Insurance premiums                                 275.3        270.2       256.3
     Investment and other income                        100.8        202.6       181.5
                                                      -------      -------     -------
                                                      3,057.9      3,156.2     2,945.0

Expenses
     Interest expense                                   961.1        988.7       960.0
     Operating expenses                               1,044.2        994.4       979.6
     Provision for losses                               451.5        409.9       362.8
     Insurance benefits paid or provided                125.4        116.8       103.7
                                                      -------      -------     -------
                                                      2,582.2      2,509.8     2,406.1
                                                      -------      -------     -------
Earnings before taxes                                   475.7        646.4       538.9
Provision for income taxes                              176.0        237.7       202.1
                                                      -------      -------     -------
Net earnings                                     $      299.7 $      408.7 $     336.8
                                                      =======      =======     =======
Net earnings per diluted share (whole $)         $       0.41 $       0.56 $      0.46
Equivalent shares for diluted EPS  (000's)            728,847      729,711     732,137


</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                                                                As Reported
                                                           Three Months Ended or at
Balance Sheet Items ($ millions)                     3/31/00     12/31/99     3/31/99
- --------------------------------------------------------------------------------------
<S>                                            <C>           <C>         <C>
Net Receivables
    End of period
       Home equity                               $   24,490.6 $   25,015.0 $  24,614.2
       Personal loans / retail sales finance         15,391.6     16,012.4    15,264.1
       Truck and truck trailer                       13,017.4     13,130.3    11,397.3
       Credit card                                    2,284.4      2,247.1     3,728.0
       Equipment                                      7,016.2      6,977.3     6,180.6
       Manufactured housing (2)                            -       1,849.0     3,955.4
       Fleet leasing                                  2,117.2      2,070.1     1,580.2
       Warehouse and other                            1,565.0      1,515.9     1,480.0
                                                     --------     --------    --------
          Total                                  $   65,882.4 $   68,817.1 $  68,199.8
                                                     ========     ========    ========
    Average                                      $   66,340.6 $   69,131.3 $  67,475.6
Total Assets
     End of period                               $   84,700.1 $   82,956.8 $  81,935.9
     Average                                         84,070.7     84,515.9    81,560.4
Debt                                                 70,045.7     68,657.4    69,137.5
Stockholders' Equity
     End of period                               $   10,014.9 $    9,800.5 $   8,860.1
     Per share (whole $)                                13.75        13.46       12.17
     Average                                          9,921.4      9,632.7     8,705.3

   (1)  Excludes a $112 million special pre-tax charge to earnings recorded during the
        first quarter of 2000 related to the discontinuation of the manufactured
        housing loan origination business.  This charge covers exit costs, including
        severance, noncancellable contractual obligations and related costs, as well
        as a provision for increased losses on disposition of repossessions and
        fair-value adjustments of related assets. This special charge reduced
        investment and other income by $47 million and increased operating expenses
        and provision for losses by $25 million and $40 million, respectively.  This
        special charge reduced first quarter 2000 net earnings per diluted share by
        $0.10.

   (2)  Adjusted March 31, 1999 net receivables exclude manufactured housing.
</TABLE>

<TABLE>
<CAPTION>

                                                                 As Adjusted
                                                         Three Months Ended or at
Income Statement ($ millions)                        3/31/00 (1)   3/31/99     %Change
- --------------------------------------------------------------------------------------
<S>                                             <C>          <C>              <C>
Revenue
     Finance charges                             $    2,278.2 $    2,283.9      (0.2)%
     Servicing related income                           403.6        223.3      80.7
     Insurance premiums                                 275.3        256.3       7.4
     Investment and other income                        148.0        181.5     (18.5)
                                                      -------      -------
                                                      3,105.1      2,945.0       5.4

Expenses
     Interest expense                                   961.1        960.0       0.1
     Operating expenses                               1,019.2        979.6       4.0
     Provision for losses                               411.3        362.8      13.4
     Insurance benefits paid or provided                125.4        103.7      20.9
                                                      -------      -------
                                                      2,517.0      2,406.1       4.6
                                                      -------      -------
Earnings before taxes                                   588.1        538.9       9.1
Provision for income taxes                              217.6        202.1       7.7
                                                      -------      -------
Net earnings                                     $      370.5 $      336.8      10.0 %
                                                      =======      =======
Net earnings per diluted share (whole $)         $       0.51 $       0.46      10.5 %
Equivalent shares for diluted EPS  (000's)            728,847      732,137

</TABLE>


<PAGE>
<TABLE>
<CAPTION>

                                                                 As Adjusted
                                                         Three Months Ended or at
Balance Sheet Items ($ millions)                     3/31/00 (1)   3/31/99     %Change
- --------------------------------------------------------------------------------------
<S>                                             <C>          <C>              <C>
Net Receivables
    End of period
       Home equity                               $   24,490.6 $   24,614.2      (0.5)%
       Personal loans / retail sales finance         15,391.6     15,264.1       0.8
       Truck and truck trailer                       13,017.4     11,397.3      14.2
       Credit card                                    2,284.4      3,728.0     (38.7)
       Equipment                                      7,016.2      6,180.6      13.5
       Manufactured housing (2)                            -           -          -
       Fleet leasing                                  2,117.2      1,580.2      34.0
       Warehouse and other                            1,565.0      1,480.0       5.7
                                                     --------     --------
          Total                                  $   65,882.4 $   64,244.4       2.5 %
                                                     ========     ========
    Average                                      $   66,340.6 $   63,673.3
Total Assets
     End of period                               $   84,700.1 $   81,935.9       3.4 %
     Average                                         84,070.7     81,560.4       3.1
Debt                                                 70,045.7     69,137.5       1.3
Stockholders' Equity
     End of period                               $   10,014.9 $    8,860.1
     Per share (whole $)                                13.75        12.17
     Average                                          9,921.4      8,705.3



<PAGE>
   (1)  Excludes a $112 million special pre-tax charge to earnings recorded during the
        first quarter of 2000 related to the discontinuation of the manufactured
        housing loan origination business.  This charge covers exit costs, including
        severance, noncancellable contractual obligations and related costs, as well
        as a provision for increased losses on disposition of repossessions and
        fair-value adjustments of related assets. This special charge reduced
        investment and other income by $47 million and increased operating expenses
        and provision for losses by $25 million and $40 million, respectively.  This
        special charge reduced first quarter 2000 net earnings per diluted share by
        $0.10.

   (2)  Adjusted March 31, 1999 net receivables exclude manufactured housing.

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