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Previous: MUNICIPAL INVT TR FD INSURED SERIES 205 DEFINED ASSET FUNDS, S-6EL24, 1994-04-26 |
Next: MUNICIPAL SECURITIES TRUST SERIES 36 & 53RD DISCOUNT SERIES, 485B24E, 1994-04-26 |
<PAGE> 1
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): April 21, 1994
LEHMAN BROTHERS HOLDINGS INC.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
1-9466 13-3216325
(Commission File Number) (IRS Employer Identification No.)
3 World Financial Center
New York, New York 10285
(Address of principal (Zip Code)
executive offices)
Registrant's telephone number, including
area code: (212) 298-2000
----------------------------------------
<PAGE> 2
ITEM 5. OTHER EVENTS.
FIRST QUARTER 1994 EARNINGS
Filed herewith is preliminary and unaudited Selected Consolidated
Financial Information of Lehman Brothers Holdings Inc. ("the Company"), for the
quarter ended March 31, 1994, which information will be superseded by
information contained in the Company's Quarterly Report on Form 10-Q for the
quarter ended March 31, 1994.All adjustments which are, in the opinion of
management, necessary for a fair presentation of the Selected Consolidated
Financial Information for the period presented have been included.Certain
amounts for first quarter 1993 reflect reclassifications to conform to the
current period's presentation.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(c) Exhibits
The following Exhibits are filed as a part of this Report.
99.1 Consolidated Statement of Operations
(Three Months Ended March 31, 1994)
(Preliminary and Unaudited)
99.2 Selected Statistical Information
(At March 31, 1994)
(Preliminary and Unaudited)
The Exhibit Index to this Report is incorporated hereinby reference.
-2-
<PAGE> 3
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Company has duly caused this Report to be signed on its behalf by the
undersigned hereunto duly authorized.
LEHMAN BROTHERS HOLDINGS INC.
BY: /S/ ROBERT MATZA
-------------------
ROBERT MATZA
CHIEF FINANCIAL OFFICER
DATE: APRIL 26, 1994
-3-
<PAGE> 4
EXHIBIT INDEX
EXHIBIT NO. EXHIBIT
Exhibit 99.1 Consolidated Statement of Operations
(Three Months Ended March 31, 1994)
(Preliminary and Unaudited)
Exhibit 99.2 Selected Statistical Information
(At March 31, 1994)
(Preliminary and Unaudited)
<PAGE> 1
EXHIBIT 99.1
<PAGE> 2
LEHMAN BROTHERS HOLDINGS INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(PRELIMINARY AND UNAUDITED)
(IN MILLIONS)
<TABLE>
<CAPTION>
Three Months Three Months Ended March 31, 1993
Ended ---------------------------------
March 31, Lehman Businesses
1994 Businesses Sold Historical
---- ---------- ---- ----------
<S> <C> <C> <C> <C>
Revenues:
Commissions $ 141 $ 116 $ 364 $ 480
Market Making and Principal Transactions 434 433 155 588
Investment Banking 175 164 64 228
Interest and Dividends 1,527 1,305 66 1,371
Other 17 19 171 190
------ ------ ------ ------
Total Revenues 2,294 2,037 820 2,857
Interest Expense 1,453 1,208 62 1,270
------ ------ ------ ------
Net Revenues 841 829 758 1,587
------ ------ ------ ------
Non-Interest Expenses:
Compensation and Benefits 450 461 509 970
Communications 50 46 51 97
Occupancy and Equipment 42 41 41 82
Depreciation and Amortization 31 24 20 44
Advertising and Market Development 31 31 16 47
Brokerage, Commissions and Clearance Fees 45 39 (9) 30
Professional Services 42 35 17 52
Other 29 48 51 99
Severance 33 0 0 0
Loss on Sale of Shearson 0 0 535 535
Reserves for Non-Core Businesses 0 32 120 152
------ ------ ------ ------
Total Non-Interest Expenses 753 757 1,351 2,108
------ ------ ------ ------
Income (Loss) from Continuing
Operations Before Accounting Change 88 72 (593) (521)
Income Tax Provision 33 38 81 119
------ ------ ------ ------
Income (Loss) from Continuing Operations
Before Accounting Change and Preferred
Dividends 55 34 (674) (640)
Income from Discontinued Operations, Net:
Income from Operations 0 0 24 24
Gain on Disposal 0 0 165 165
------ ------ ------ ------
Income (Loss) before Accounting
Change and Preferred Dividends 55 34 (485) (451)
Change in Accounting Principle, Net (13) 0 0 0
------ ------ ------ ------
Net Income (Loss) 42 34 (485) (451)
Preferred Stock Dividends 12 12 0 12
------ ------ ------ ------
Net Income (Loss) Applicable to
Common Shares $ 30 $ 22 $ (485) $(463)
====== ====== ====== ====
</TABLE>
Note: Certain prior year amounts have been reclassified to conform to the
current year's presentation.
<PAGE> 1
EXHIBIT 99.2
<PAGE> 2
LEHMAN BROTHERS HOLDINGS INC.
SELECTED STATISTICAL INFORMATION
(PRELIMINARY AND UNAUDITED)
<TABLE>
<CAPTION>
(Amounts in millions, except percentages and where indicated)
Three Months Ended
March 31,
-------------------- Percentage
1994 1993 Inc/(Dec)
---- ---- ---------
<S> <C> <C> <C>
Total Stockholders' Equity $2,033 $1,906 6.7%
Tangible Equity $1,762 $1,609 9.5%
Return on Average Common Equity* 17.1% -- --
</TABLE>
*Calculated before the accounting change.
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