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Previous: MORGAN STANLEY DEAN WITTER & CO, 424B3, 1999-03-25 |
Next: NICHOLAS APPLEGATE MUTUAL FUNDS, 485APOS, 1999-03-25 |
<PAGE>
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): March 25, 1999
Morgan Stanley Dean Witter & Co.
--------------------------------------
(Exact name of Registrant as specified
in its charter)
Delaware 1-11758 36-3145972
-------------------------------------------------------------------------
(state or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
incorporation)
1585 Broadway, New York, New York 10036
------------------------------------------------
(Address of principal executive offices)(Zip Code)
Registrant's telephone number, including area code: (212) 761-4000
--------------
-------------------------------------------------------------------------
(Former address, if changed since last report.)
<PAGE>
Item 5. Other Events
- ---------------------
On March 25, 1999, Morgan Stanley Dean Witter & Co. (the "Registrant")
released financial information with respect to the quarter ended February 28,
1999. A copy of the press release containing such financial information is
annexed as Exhibit 99.1 to this Report and by this reference incorporated herein
and made a part hereof.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
- --------------------------------------------------------------------------
99.1 Press release of the Registrant dated March 25, 1999
containing financial information for the first quarter
ended February 28, 1999.
<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, thereto duly authorized.
MORGAN STANLEY DEAN WITTER & CO.
--------------------------------
(Registrant)
By: /s/ Ronald T. Carman
--------------------------------
Ronald T. Carman
Assistant Secretary
Dated: March 25, 1999
<PAGE>
MORGAN STANLEY DEAN WITTER & CO.
Financial Summary
(unaudited, dollars in millions)
<TABLE>
<CAPTION>
Quarter Ended Percentage Change From:
----------------------------------------- -------------------------
Feb 28, 1999 Feb 28, 1998 Nov 30, 1998 Feb 28, 1998 Nov 30, 1998
------------- ------------- ------------ ------------- -----------
<S> <C> <C> <C> <C> <C>
Net revenues
Securities $ 3,832 $ 2,764 $ 2,558 39% 50%
Asset Management 712 577 583 23% 22%
Credit and Transaction Services 807 694 828 16% (3%)
------------ ------------ -----------
Consolidated net revenues $ 5,351 $ 4,035 $ 3,969 33% 35%
============ ============ ===========
Net income
Securities $ 755 $ 487 $ 620 55% 22%
Asset Management 147 105 357 40% (59%)
Credit and Transaction Services 135 99 247 36% (45%)
------------ ------------ ------------
Income before cumulative effect
of a change in accounting 1,037 691 1,224 50% (15%)
Cumulative eff of a change in acct(1) 0 (117) 0 * --
------------ ------------ ------------
Consolidated net income $ 1,037 $ 574 $ 1,224 81% (15%)
============ ============ ============
Preferred stock dividend requirements $ 11 $ 15 $ 12 (27%) (8%)
============ ============ ============
Earnings applicable to common shares $ 1,026 $ 559 $ 1,212 84% (15%)
============ ============ ============
Operating results (2)
Securities $ 755 $ 487 $ 620 55% 22%
Asset Management 147 105 175 40% (16%)
Credit and Transaction Services 135 99 84 36% 61%
------------ ------------ ------------
Operating results $ 1,037 $ 691 $ 879 50% 18%
============ ============ ============
</TABLE>
(1) Represents the effects of an accounting change adopted in the fourth quarter
of fiscal 1998 (effective December 1, 1997) with respect to the accounting
for offering costs paid by investment advisors of closed end funds where
such costs are not specifically reimbursed through separate advisory
contracts.
(2) Excludes the effects of the net gain on sales of businesses in the quarter
ended November 30, 1998 and the cumulative effect of a change in accounting
in the quarter ended February 28, 1998.
F - 1
<PAGE>
MORGAN STANLEY DEAN WITTER & CO.
Financial Summary
(unaudited)
<TABLE>
<CAPTION>
Quarter Ended Percentage Change From:
----------------------------------------- -------------------------
Feb 28, 1999 Feb 28, 1998 Nov 30, 1998 Feb 28, 1998 Nov 30, 1998
------------- ------------ ------------ ------------- ------------
<S> <C> <C> <C> <C> <C>
Basic earnings per common share
Income before cumulative effect
of a change in accounting $ 1.85 $ 1.15 $ 2.16 61% (14%)
Cumulative effect of a change in acct $ 0.00 $ (0.20) $ 0.00 * --
Net income $ 1.85 $ 0.95 $ 2.16 95% (14%)
Diluted earnings per common share
Income before cumulative effect
of a change in accounting $ 1.76 $ 1.10 $ 2.07 60% (15%)
Cumulative effect of a change in acct $ 0.00 $ (0.19) $ 0.00 * --
Net income $ 1.76 $ 0.91 $ 2.07 93% (15%)
Excl. gain on sales of businesses (1) $ 1.76 $ 1.10 $ 1.49 60% (18%)
Average common shares outstanding
Basic 553,935,578 586,751,340 560,108,890
Diluted 584,593,156 616,377,562 585,533,337
Period end common shares outstanding 570,589,670 605,005,581 565,670,808
Return on common equity 29.5% 16.8% 37.5%
Return on common equity (1) 29.5% 20.1% 27.0%
</TABLE>
____________________________
(1) Excludes the effects of the net gain on sales of businesses in the quarter
ended November 30, 1998 and the cumulative effect of a change in accounting
in the quarter ended February 28, 1998.
F-2
<PAGE>
MORGAN STANLEY DEAN WITTER & CO.
Consolidated Income Statement Information
(unaudited, dollars in millions)
<TABLE>
<CAPTION>
Quarter Ended Percentage Change From:
---------------------------------------- --------------------------
Feb 28, 1999 Feb 28, 1998 Nov 30, 1998 Feb 28, 1998 Nov 30, 1998
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Investment banking $ 957 $ 800 $ 733 20% 31%
Principal transactions:
Trading 1,691 903 798 87% 112%
Investments 265 72 90 268% 194%
Commissions 665 547 587 22% 13%
Fees:
Asset mgmt, distribution & admin 714 676 714 6% --
Merchant and cardmember 341 428 377 (20%) (10%)
Servicing 253 171 270 48% (6%)
Interest and dividends 3,480 3,933 4,007 (12%) (13%)
Other 39 55 44 (29%) (11%)
------------- ----------- ----------
Total revenues 8,405 7,585 7,620 11% 10%
Interest expense 2,877 3,145 3,438 (9%) (16%)
Provision for consumer loan losses 177 405 213 (56%) (17%)
------------- ----------- ----------
Net revenues 5,351 4,035 3,969 33% 35%
------------- ----------- ----------
Compensation and benefits 2,363 1,788 1,222 32% 93%
Occupancy and equipment 146 140 152 4% (4%)
Brokerage, clearing and exchange fees 114 121 136 (6%) (16%)
Info processing and communications 309 267 307 16% 1%
Marketing and business development 395 294 477 34% (17%)
Professional services 162 128 217 27% (25%)
Other 190 165 197 15% (4%)
------------- ----------- ----------
Total non-interest expenses 3,679 2,903 2,708 27% 36%
------------- ----------- ----------
Gain on sales of businesses 0 0 685 -- *
------------- ----------- ----------
Income before income taxes and cumulat
effect of a change in accounting 1,672 1,132 1,946 48% (14%)
Income tax expense 635 441 722 44% (12%)
------------- ----------- ----------
Income before cumulative effect of a
change in accounting 1,037 691 1,224 50% (15%)
Cum effect of a change in acct (1) 0 (117) 0 * --
------------- ----------- ----------
Net income $ 1,037 $ 574 $ 1,224 81% (15%)
============= =========== ==========
Preferred stock dividend requirements $ 11 $ 15 $ 12 (27%) (8%)
============= =========== ==========
Earnings applicable to common shares $ 1,026 $ 559 $ 1,212 84% (15%)
============= =========== ==========
</TABLE>
_____________________________
(1) Represents the effects of an accounting change adopted in the fourth quarter
of fiscal 1998 (effective December 1, 1997) with respect to the accounting
for offering costs paid by investment advisors of closed end funds where
such costs are not specifically reimbursed through separate advisory
contracts.
F - 3
<PAGE>
MORGAN STANLEY DEAN WITTER & CO.
Securities and Asset Management Income Statement Information
(unaudited, dollars in millions)
<TABLE>
<CAPTION>
Quarter Ended Percentage Change From:
---------------------------------------------- ---------------------------
Feb 28, 1999 Feb 28, 1998 Nov 30, 1998 Feb 28, 1998 Nov 30, 1998
-------------- ------------- -------------- ------------ ------------
<S> <C> <C> <C> <C>
Investment banking $ 957 $ 800 $ 733 20% 31%
Principal transactions:
Trading 1,691 903 798 87% 112%
Investments 229 72 90 218% 154%
Commissions 652 539 577 21% 13%
Asset mgmt, distribution & admin fees 712 676 713 5% --
Interest and dividends 2,919 3,150 3,405 (7%) (14%)
Other 39 53 44 (26%) (11%)
-------------- ------------- -------------
Total revenues 7,199 6,193 6,360 16% 13%
Interest expense 2,655 2,852 3,219 (7%) (18%)
-------------- ------------- -------------
Net revenues 4,544 3,341 3,141 36% 45%
-------------- ------------- -------------
Compensation and benefits 2,238 1,646 1,091 36% 105%
Occupancy and equipment 133 122 135 9% (1%)
Brokerage, clearing and exchange fees 112 118 134 (5%) (16%)
Info processing and communications 190 147 187 29% 2%
Marketing and business development 129 111 137 16% (6%)
Professional services 140 105 192 33% (27%)
Other 144 120 139 20% 4%
-------------- ------------- -------------
Total non-interest expenses 3,086 2,369 2,015 30% 53%
-------------- ------------- -------------
Gain on sales of businesses 0 0 323 -- *
-------------- ------------- -------------
Income before income taxes and cumulat
effect of a change in accounting 1,458 972 1,449 50% 1%
Income tax expense 556 380 472 46% 18%
-------------- ------------- -------------
Income before cumulative effect of a
change in accounting 902 592 977 52% (8%)
Cum effect of a change in acctg (1) 0 (117) 0 * --
-------------- ------------- -------------
Net income $ 902 $ 475 $ 977 90% (8%)
============== ============= =============
Comp & benefits as a % of net revenues 49% 49% 35%
Non-comp exps as a % of net revenues 19% 22% 29%
Profit margin (2) 20% 14% 31%
</TABLE>
_______________________________
(1) Represents the effects of an accounting change adopted in the fourth quarter
of fiscal 1998 (effective December 1, 1997) with respect to the accounting
for offering costs paid by investment advisors of closed end funds where
such costs are not specifically reimbursed through separate advisory
contracts.
(2) Net income as a % of net revenues.
F - 4
<PAGE>
MORGAN STANLEY DEAN WITTER & CO.
Credit and Transaction Services Income Statement Information
(unaudited, dollars in millions)
<TABLE>
<CAPTION>
Quarter Ended Percentage Change From:
----------------------------------------------- ---------------------------
Feb 28, 1999 Feb 28, 1998 Nov 30, 1998 Feb 28, 1998 Nov 30, 1998
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Fees:
Merchant and cardmember $ 341 $ 428 $ 377 (20%) (10%)
Servicing 253 171 270 48% (6%)
Principal transactions:
Investments 36 0 0 * *
Commissions 13 8 10 63% 30%
Asset management, distribution and adm 2 0 1 * 100%
Other 0 2 0 * --
------------ ------------ ------------
Total non-interest revenues 645 609 658 6% (2%)
Interest revenue 561 783 602 (28%) (7%)
Interest expense 222 293 219 (24%) 1%
------------ ------------ ------------
Net interest income 339 490 383 (31%) (11%)
Provision for consumer loan losses 177 405 213 (56%) (17%)
------------ ------------ ------------
Net credit income 162 85 170 91% (5%)
------------ ------------ ------------
Net revenues 807 694 828 16% (3%)
------------ ------------ ------------
Compensation and benefits 125 142 131 (12%) (5%)
Occupancy and equipment 13 18 17 (28%) (24%)
Brokerage, clearing and exchange fees 2 3 2 (33%) --
Info processing and communications 119 120 120 (1%) (1%)
Marketing and business development 266 183 340 45% (22%)
Professional services 22 23 25 (4%) (12%)
Other 46 45 58 2% (21%)
------------ ------------ ------------
Total non-interest expenses 593 534 693 11% (14%)
------------ ------------ ------------
Gain on sales of businesses 0 0 362 -- *
------------ ------------ ------------
Income before income taxes 214 160 497 34% (57%)
Income tax expense 79 61 250 30% (68%)
------------ ------------ ------------
Net income $ 135 $ 99 $ 247 36% (45%)
============ ============ ============
Comp & benefits as a % of net revenues 15% 20% 16%
Non-comp exps as a % of net revenues 58% 56% 68%
Profit margin (1) 17% 14% 30%
</TABLE>
_____________________
(1) Net income as a % of net revenues.
F - 5
<PAGE>
MORGAN STANLEY DEAN WITTER & CO.
Credit and Transaction Services Income Statement Information
(unaudited, dollars in millions)
(Managed loan basis)
<TABLE>
<CAPTION>
Quarter Ended Percentage Change From:
------------------------------------------------ --------------------------
Feb 28, 1999 Feb 28, 1998 Nov 30, 1998 Feb 28, 1998 Nov 30, 1998
---------------- ---------------- ------------- ------------ ------------
<S> <C> <C> <C> <C> <C>
Fees:
Merchant and cardmember $ 472 $ 533 $ 522 (11%) (10%)
Servicing 0 0 0 -- --
Principal transactions:
Investments 36 0 0 * *
Commissions 13 8 10 63% 30%
Asset management, distribution and adm 2 0 1 * 100%
Other 2 2 3 -- (33%)
------------ ------------ ------------
Total non-interest revenues 525 543 536 (3%) (2%)
Interest revenue 1,186 1,362 1,289 (13%) (8%)
Interest expense 453 527 475 (14%) (5%)
------------ ------------ ------------
Net interest income 733 835 814 (12%) (10%)
Provision for consumer loan losses 451 684 522 (34%) (14%)
------------ ------------ ------------
Net credit income 282 151 292 87% (3%)
------------ ------------ ------------
Net revenues 807 694 828 16% (3%)
------------ ------------ ------------
Compensation and benefits 125 142 131 (12%) (5%)
Occupancy and equipment 13 18 17 (28%) (24%)
Brokerage, clearing and exchange fees 2 3 2 (33%) --
Info processing and communications 119 120 120 (1%) (1%)
Marketing and business development 266 183 340 45% (22%)
Professional services 22 23 25 (4%) (12%)
Other 46 45 58 2% (21%)
------------ ------------ ------------
Total non-interest expenses 593 534 693 11% (14%)
------------ ------------ ------------
Gain on sales of businesses 0 0 362 -- *
------------ ------------ ------------
Income before income taxes 214 160 497 34% (57%)
Income tax expense 79 61 250 30% (68%)
------------ ------------ ------------
Net income $ 135 $ 99 $ 247 36% (45%)
============ ============ ============
Comp & benefits as a % of net revenues 15% 20% 16%
Non-comp exps as a % of net revenues 58% 56% 68%
Profit margin (1) 17% 14% 30%
</TABLE>
___________________________
(1) Net income as a % of net revenues.
F - 6
<PAGE>
MORGAN STANLEY DEAN WITTER & CO.
Financial Information and Statistical Data
(unaudited)
<TABLE>
<CAPTION>
Quarter Ended Percentage Change From:
---------------------------------------------------------- --------------------------
Feb 28, 1999 Feb 28, 1998 Nov 30, 1998 Feb 28, 1998 Nov 30, 1998
------------------- -------------------- -------------- ------------ ------------
MSDW
<S> <C> <C> <C> <C> <C>
Period end common shares outstanding 570,589,670 605,005,581 565,670,808 (6%) 1%
Book value per common share $ 24.93 $ 22.48 $ 23.88 11% 4%
Shareholder's equity (millions) (1) $ 15,237 $ 14,407 $ 14,519 6% 5%
Total capital (millions) (2) $ 39,388 $ 33,535 $ 37,922 17% 4%
SECURITIES ($ billions)
Individual Securities
Financial advisors 11,453 10,397 11,238 10% 2%
Client assets $ 470 $ 408 $ 438 15% 7%
Institutional Securities (3)
Mergers and acquisitions announced
transactions (4)
MSDW global market volume $ 109.7 $ 43.4 $ 622.3
Rank 2 3 3
Worldwide equity & related issues (4)
MSDW global market volume $ 10.5 $ 3.3 $ 32.6
Rank 1 3 3
ASSET MANAGEMENT ($ billions)
Assets under mgmt and administration
Products offered primarily to indivs
Mutual funds
Equity $ 77 $ 71 $ 75 8% 3%
Fixed income 56 52 57 8% (2%)
Money markets 41 31 37 32% 11%
------------ ------------ ------------
Total mutual funds 174 154 169 13% 3%
ICS Assets 20 16 19 25% 5%
Other 33 31 31 6% 6%
Products offered primarily to
institutional clients
Mutual funds 34 34 33 -- 3%
Separate accts, pooled vehicle and
other arrangements 124 121 124 2% --
Total assets under management $ 385 $ 356 $ 376 8% 2%
</TABLE>
- -------------------------
(1) Includes pref. and common equity and pref. securities issued by
subsidiaries.
(2) Includes pref. equity, capital units and non-current portion of
long-term debt.
(3) Source: Securities Data Corp.
(4) Information is year to date and stated on a calendar year basis.
F - 7
<PAGE>
MORGAN STANLEY DEAN WITTER & CO.
Financial Information and Statistical Data
(unaudited, dollars in millions)
<TABLE>
<CAPTION>
Quarter Ended Percentage Change From:
-------------------------------------------- ----------------------------
Feb 28, 1999 Feb 28, 1998 Nov 30, 1998 Feb 28, 1998 Nov 30, 1998
------------ ------------ ------------ ------------ ------------
CREDIT AND TRANSACTION SERVICES
<S> <C> <C> <C> <C> <C>
Owned consumer loans
Period end $ 15,529 $ 20,839 $ 15,996 (25%) (3%)
Average $ 16,420 $ 21,752 $ 16,822 (25%) (2%)
Managed consumer loans (1)
Period end $ 32,134 $ 35,804 $ 32,502 (10%) (1%)
Average $ 32,900 $ 36,828 $ 33,126 (11%) (1%)
Interest yield 14.06% 14.72% 14.72% (0.66 pp) (0.66 pp)
Interest spread 8.23% 8.46% 8.71% (0.23 pp) (0.48 pp)
Net charge-off rate 6.28% 7.50% 6.94% (1.22 pp) (0.66 pp)
Delinquency rate (over 30 days) 7.08% 7.40% 6.53% (0.32 pp) 0.55 pp
General purpose credit card
accounts (in millions) 37 40 38
Discover/NOVUS Network increase in
merchant locations (in thousands) 100 90 97
</TABLE>
- -------------------------
(1) Includes owned and securitized consumer loans.
F - 8
<PAGE>
Exhibit 99.1
Contact: Media Relations Investor Relations
Jeanmarie McFadden Prakash Mavinkurve
212-762-7842 212-762-6803
MORGAN STANLEY DEAN WITTER ANNOUNCES
RECORD QUARTERLY OPERATING RESULTS OF $1.04 BILLION;
EARNINGS PER SHARE UP 60%
NEW YORK, March 25, 1999 -- Morgan Stanley Dean Witter & Co. (NYSE:MWD) today
reported record operating results of $1,037 million for the quarter ended
February 28, 1999 -- a 50 percent increase from $691 million in last year's
first quarter./1/ Diluted earnings per share were $1.76 -- up 60 percent from
$1.10 a year ago.
First quarter net revenues (total revenues less interest expense and the
provision for loan losses) increased to $5.4 billion -- 33 percent higher than
a year ago. The annualized return on average common equity for the first
quarter was 29.5 percent.
Philip J. Purcell, Chairman, and John J. Mack, President, said in a joint
statement, "This was a great quarter, right on the heels of an excellent
performance in 1998 when the environment was much tougher. This past quarter we
were able to capitalize on the improved environment by achieving a substantial
increase in earnings per share and an ROE of 29.5 percent -- well above our
target rate of 18-20 percent. These results, and our post merger gains in market
share, confirm our belief that few financial firms can match the strength and
diversity of our revenue streams."
_____________________
/1/ All amounts for the three month period ended February 28, 1998 exclude a
$117 million charge resulting from an accounting change. See Page F-1 of
Financial Summary, Note 1.
1
<PAGE>
On February 9, the Company announced that it had agreed to acquire AB Asesores,
Spain's largest independent financial services firm. AB Asesores has strategic
positions in personal investment, asset management, institutional research and
brokerage, and investment banking. Its 548 employees include 250 financial
advisors who serve individual investors through sales of proprietary mutual
funds and other financial products. At the end of 1998, it had $4.35 billion in
mutual fund assets under management.
SECURITIES
Securities net income surged to a record $755 million, up 55 percent from the
first quarter of 1998. These results reflect outstanding performances across
all of the Company's Securities businesses.
. A record quarter for investment banking was driven by record revenues from
mergers and acquisitions, combined with excellent results in equity and
investment grade debt underwriting. For the first two months of calendar
1999, the Company ranked first in the underwriting of worldwide equity and
equity related issues and maintained strong competitive positions in
announced global M&A transactions, and high yield and U. S. investment grade
debt underwritings./2/
. Institutional sales and trading also reported exceptionally strong results,
achieving record quarters in equities, fixed income, foreign exchange and
commodities. Internationally, the Company achieved excellent results in
Europe and Japan.
. Individual securities achieved record quarterly revenues, primarily on the
strength of increased sales of listed and over-the-counter equities, and
higher revenues from the distribution of asset management products.
. The number of financial advisors in the Company's individual securities
business, including Private Wealth Management (formerly Private Client
Services), rose to 11,453, an increase of 215 during the quarter and more
than 1,000 over the last twelve months. Client assets rose to $470 billion --
$62 billion higher than a year ago --and the number of client accounts passed
the 4 million mark.
__________________
/2/ Source: Securities Data Corp. -- January 1 to February 28, 1999.
2
<PAGE>
ASSET MANAGEMENT
Asset Management posted first quarter net income of $147 million -- up 40
percent from a year ago. These results include a record quarter for the
Company's Private Equity Group.
. The Company had $385 billion of assets under management and administration at
the end of the first quarter -- an increase of $29 billion, or 8 percent,
over a year ago.
. Retail assets increased $8 billion for the quarter and $26 billion from a
year ago -- to stand at $227 billion. Institutional assets increased $1
billion for the quarter and $3 billion from a year ago -- to stand at $158
billion.
. Private Equity recognized first quarter investment gains of $194 million
compared with $59 million a year ago. The gains were largely the result of a
successful secondary offering of part of the Company's investment in Equant,
a global data communications company, and a mark-to-market gain on its
remaining Equant holdings.
CREDIT AND TRANSACTION SERVICES
Credit and Transaction Services net income increased by 36 percent to $135
million, versus $99 million a year ago. Last year's first quarter net income
included the results for SPS, Prime Option and BRAVO -- all of which were sold
later in 1998.
. Credit quality, on a managed loan basis, improved from last year's first
quarter, with the consumer loan charge-off rate declining to 6.28 percent
from 7.50 percent. The over 30 days delinquency rate was 7.08 percent
compared to 7.40 percent a year ago.
. Marketing and business development expenses increased 45 percent to $266
million from last year's first quarter, due principally to the launch of the
Discover Platinum card.
. Managed consumer loans of $32.1 billion increased $600 million from last
year's first quarter after adjusting for the sales of receivables associated
with Prime Option, SPS and BRAVO.
This quarter's earnings also included a $36 million pretax gain associated with
Discover Brokerage Direct's sale of part of its holdings in Knight/Trimark Group
Inc.
3
<PAGE>
. Discover Brokerage Direct had another quarter of record trading volume and
has expanded its strategic Internet alliances to include Quicken and Excite.
DBD is also currently exploring offering after-hours trading.
The Company repurchased approximately 4.6 million shares of its common stock
since fiscal year end November 30, 1998. The Company also announced that its
Board of Directors declared a $.24 quarterly dividend per common share. The
dividend is payable on April 30, 1999 to common shareholders of record on April
16, 1999.
Total capital (shareholders' equity and long-term debt) at February 28, 1999 was
$39.4 billion, including $15.2 billion of common and preferred shareholders'
equity and preferred securities issued by subsidiaries. Book value per common
share was $24.93, based on period end shares outstanding of 570,589,670.
Morgan Stanley Dean Witter & Co. is a global financial services firm and a
market leader in securities, asset management, and credit and transaction
services. The Company has offices in New York, London, Tokyo, Hong Kong, and
other principal financial centers around the world and has 450 securities branch
offices throughout the United States.
# # #
(See Attached Schedules)
This release may contain forward-looking statements. These statements, which
reflect management's beliefs and expectations, are subject to risks and
uncertainties that may cause actual results to differ materially. 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" in the Company's 1998 Annual Report to Shareholders.
4
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