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) January 21, 1997
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SMITH BARNEY HOLDINGS INC.
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(Exact name of registrant as specified in its charter)
Delaware 1-12484 06-1274088
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
388 Greenwich Street, New York, NY 10013
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(Address of principal executive offices) (Zip Code)
(212) 816-6000
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(Registrant's telephone number, including area code)
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SMITH BARNEY HOLDINGS INC.
Current Report on Form 8-K
Item 5. Other Events
Results of Operations
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(Preliminary and Unaudited)
This report summarizes the results of operations of Smith Barney Holdings Inc.
(the "Company") for the three and twelve-month periods ended December 31, 1996
and 1995 and provides certain additional financial information.
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SMITH BARNEY HOLDINGS INC.
SELECTED FINANCIAL DATA
(Preliminary and Unaudited)
(In millions)
December 31,
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1996 1995
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Total assets $ 51,260 $ 40,959
Total debt obligations $ 5,826 $ 5,064
Total stockholder's equity $ 2,759 $ 2,474
Assets managed $ 111,822 $ 96,205
Three Twelve
months ended months ended
December 31, December 31,
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1996 1995 1996 1995
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Revenues:
Commissions $ 570 $ 533 $2,250 $2,008
Principal trading 204 254 990 1,016
Investment banking 284 262 1,148 847
Asset management fees 358 301 1,349 1,052
Other 32 24 111 108
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Total non-interest revenues 1,448 1,374 5,848 5,031
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Interest and dividends 530 441 1,926 1,752
Interest expense 412 346 1,507 1,375
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Net interest and dividends 118 95 419 377
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Net revenues 1,566 1,469 6,267 5,408
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Expenses excluding interest:
Employee compensation and benefits 867 834 3,522 3,193
Communications, occupancy and equipment 145 136 565 572
Other expenses 181 183 726 622
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Total expenses, excluding interest 1,193 1,153 4,813 4,387
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Income before provision for
income taxes 373 316 1,454 1,021
Provision for income taxes 149 130 571 426
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Net income $ 224 $ 186 $ 883 $ 595
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Note: Certain prior year amounts have been reclassified to conform to the
current year's presentation.
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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 thereunto duly authorized.
Date: January 21, 1997 SMITH BARNEY HOLDINGS INC.
By: /s/Michael J. Day
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Michael J. Day
Vice President and Controller
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