SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549-1004
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report: February 2, 2000
FINANCIAL FEDERAL CORPORATION
(Exact name of Registrant as specified in its charter)
Nevada 1-12006 88-0244792
(State of incorporation) (Commission file number) (I.R.S. Employer
Identification No.)
733 Third Avenue, New York, New York 10017
(Address of principal executive offices)
(Zip Code)
(212) 599-8000
(Registrant's telephone number, including area code)
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Item 5. OTHER EVENTS
See attached Exhibit 99.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
(C) Exhibits:
99 Press Release of Financial Federal Corporation dated
February 2, 2000
2
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EXHIBIT INDEX
Exhibit No. Description of Exhibit
99 Press Release of Financial Federal Corporation dated
February 2, 2000
3
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, Financial
Federal Corporation has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
FINANCIAL FEDERAL CORPORATION
By: /s/ Michael C. Palitz
----------------------------
Executive Vice President and
Chief Financial Officer
February 2, 2000
(Date)
4
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Exhibit 99
FOR IMMEDIATE RELEASE
CONTACT: Jeanne McDonald, Senior Vice President
(212) 599-8000
FINANCIAL FEDERAL CORPORATION ANNOUNCES
CLARENCE Y. PALITZ, JR. HAS
RETIRED AS CHIEF EXECUTIVE OFFICER
NEW YORK, NY: February 2, 2000 - Financial Federal Corporation
("FIF" - NYSE), announced today that Clarence Y. Palitz, Jr. has
retired from his management position as CEO effective February 2,
2000. As previously announced, Mr. Palitz, age 69, will continue in
his position as Board Chairman.
Mr. Palitz's career in the equipment finance and leasing industry
commenced in 1956 when he joined Credit America Corp., a family-
owned business. Credit America was sold in 1958 to James Talcott,
Inc. In 1963, Mr. Palitz and his brother Bernard founded Commercial
Alliance Corporation. That company, through its major subsidiaries
Credit Alliance Corporation and Leasing Service Corporation, financed
and leased income-producing equipment on a national basis. From
1963 until its acquisition by First Interstate Bancorp in 1984,
Commercial Alliance had 21 consecutive years of increased earnings
and outstanding receivables. In 1989, Mr. Palitz, together with
Bernard Palitz, Paul Sinsheimer, Michael Palitz, and Mike Gallagher,
founded Financial Federal Corporation.
Paul R. Sinsheimer, President and Chief Operating Officer of Financial
Federal Corporation and its operating subsidiaries, commented: "During
his 40+ year career, Cal Palitz has trained and mentored many of the
industry's most successful executives. He has strived to create a
premier financial services company, dedicated to serving all of its
constituencies, including its vendors, customers, employees and
shareholders. I believe his achievements in the industry are
unparalleled, and I am most confident that Financial Federal will
continue in the tradition that has been associated with Mr. Palitz
throughout his career."
Financial Federal Corporation is a nationwide, independent financial
services company specializing in financing industrial, commercial and
professional equipment through installment sales and leasing programs
for manufacturers, dealers and end users of such equipment. In
addition to its New York office, the Company has five full-service
operations centers in Texas, Illinois, New Jersey, North Carolina and
Arizona, plus numerous marketing locations throughout the country.
This document contains forward-looking statements, which involve
management assumptions, risks and uncertainties. Consequently, if
such management assumptions prove to be incorrect or such risks or
uncertainties materialize, the Company's actual results could differ
materially from the results in the forward-looking statements.
Additional information regarding the Company is accessible via the
Company's website at www.financialfederal.com.
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