-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, BT6zW0zdTQluauIgdPMIbidlDTcLQjBp8tpCqlYcShB1Fx859O+Xs3oYSjgUOzPa bRPpmXM1Lh8Fz3h1HdLPvg== 0000353524-02-000022.txt : 20021024 0000353524-02-000022.hdr.sgml : 20021024 20021024105308 ACCESSION NUMBER: 0000353524-02-000022 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20020930 ITEM INFORMATION: Other events FILED AS OF DATE: 20021024 FILER: COMPANY DATA: COMPANY CONFORMED NAME: IBM CREDIT CORP CENTRAL INDEX KEY: 0000353524 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS BUSINESS CREDIT INSTITUTION [6159] IRS NUMBER: 222351962 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08175 FILM NUMBER: 02796819 BUSINESS ADDRESS: STREET 1: NORTH CASTLE DR MS NCA-306 STREET 2: ROOM 3C2108 CITY: ARMONK STATE: NY ZIP: 10504-1785 BUSINESS PHONE: 9147651900 MAIL ADDRESS: STREET 1: NORTH CASTLE DR MS NCA-306 STREET 2: PO BOX 10399 CITY: ARMONK STATE: NY ZIP: 10504-1785 8-K 1 q3028k.txt FORM 8-K UNITED STATES 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) October 16, 2002 IBM CREDIT CORPORATION __________________________________________________ (Exact Name of Registrant as Specified in Charter) Delaware 1-8175 22-2351962 ____________________________ _____________ ___________________ (State or Other Jurisdiction Commission (IRS Employer of Incorporation) File Number) Identification No.) North Castle Drive, MS NCA-306 Armonk, New York 10504-1785 __________________________________________ ___________ (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code (914)765-1900 Not Applicable _____________________________________________________________ (Former Name or Former Address, if changed Since Last Report) Item 5. Other Events The Registrant's press release dated October 16, 2002, regarding its financial results and selected balance sheet information as of and for the period ended September 30, 2002, is attached. SIGNATURES 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 duty authorized. IBM CREDIT CORPORATION (Registrant) By: __________________________ Name: James Boyken Date: October 16, 2002 Title: Vice President, Finance, and Chief Financial Officer and Director Contact: J. Timothy Ohsann IBM Global Financing (914) 765-6647 ohsann@us.ibm.com IBM Credit Reports 2002 Third-Quarter Financial Results ARMONK, N.Y., October 16, 2002 . . . IBM Credit Corporation today reported third-quarter 2002 net earnings of $63.3 million, a 44 percent decrease over $112.7 million in the third quarter of 2001. Net earnings for the first nine months of 2002 were $229.4 million, a decrease of 28 percent, compared with $320.2 million for the same period of 2001. The annualized return on average equity was 20.3 percent, compared with 23.6 percent in 2001. New customer financing originations* for acquisition of information technology products and services decreased 14 percent to $1.2 billion in the third quarter of 2002, compared with $1.4 billion for the same period in 2001. New commercial financing originations -- providing working capital financing -- decreased 4 percent to $2.6 billion, compared with $2.7 billion for the same 2001 period. For the nine months ended September 30, 2002, customer financing originations* decreased by 11 percent to $4.1 billion, compared with $4.6 billion for the same period of 2001, and commercial financing originations decreased by 11 percent to $7.5 billion, compared to $8.4 billion for the same 2001 period. - more - At September 30, 2002, total assets were $13.2 billion, compared with $15.3 billion at December 31, 2001, a decrease of 14 percent. Retained earnings were $1.0 billion, compared with $1.1 billion at December 31, 2001, a decrease of 9 percent. IBM Credit Corporation in the United States is part of the worldwide IBM Global Financing organization. For more information, visit the IBM Global Financing home page at www.ibm.com/financing. Forward-Looking and Cautionary Statements Except for historical information and discussions contained herein, statements contained in this release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially, as discussed in the company's filings with the Securities and Exchange Commission. *New customer financing originations reflect assets either owned or managed by IBM Credit Corporation. # # # UNITED STATES 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) October 16, 2002 IBM CREDIT CORPORATION __________________________________________________ (Exact Name of Registrant as Specified in Charter) Delaware 1-8175 22-2351962 ____________________________ _____________ ___________________ (State or Other Jurisdiction Commission (IRS Employer of Incorporation) File Number) Identification No.) North Castle Drive, MS NCA-306 Armonk, New York 10504-1785 __________________________________________ ___________ (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code (914)765-1900 Not Applicable _____________________________________________________________ (Former Name or Former Address, if changed Since Last Report) Item 5. Other Events The Registrant's press release dated October 16, 2002, regarding its financial results and selected balance sheet information as of and for the period ended September 30, 2002, is attached. SIGNATURES 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 duty authorized. IBM CREDIT CORPORATION (Registrant) By: __________________________ Name: James Boyken Date: October 16, 2002 Title: Vice President, Finance, and Chief Financial Officer and Director Contact: J. Timothy Ohsann IBM Global Financing (914) 765-6647 ohsann@us.ibm.com IBM Credit Reports 2002 Third-Quarter Financial Results ARMONK, N.Y., October 16, 2002 . . . IBM Credit Corporation today reported third-quarter 2002 net earnings of $63.3 million, a 44 percent decrease over $112.7 million in the third quarter of 2001. Net earnings for the first nine months of 2002 were $229.4 million, a decrease of 28 percent, compared with $320.2 million for the same period of 2001. The annualized return on average equity was 20.3 percent, compared with 23.6 percent in 2001. New customer financing originations* for acquisition of information technology products and services decreased 14 percent to $1.2 billion in the third quarter of 2002, compared with $1.4 billion for the same period in 2001. New commercial financing originations -- providing working capital financing -- decreased 4 percent to $2.6 billion, compared with $2.7 billion for the same 2001 period. For the nine months ended September 30, 2002, customer financing originations* decreased by 11 percent to $4.1 billion, compared with $4.6 billion for the same period of 2001, and commercial financing originations decreased by 11 percent to $7.5 billion, compared to $8.4 billion for the same 2001 period. - more - At September 30, 2002, total assets were $13.2 billion, compared with $15.3 billion at December 31, 2001, a decrease of 14 percent. Retained earnings were $1.0 billion, compared with $1.1 billion at December 31, 2001, a decrease of 9 percent. IBM Credit Corporation in the United States is part of the worldwide IBM Global Financing organization. For more information, visit the IBM Global Financing home page at www.ibm.com/financing. Forward-Looking and Cautionary Statements Except for historical information and discussions contained herein, statements contained in this release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially, as discussed in the company's filings with the Securities and Exchange Commission. *New customer financing originations reflect assets either owned or managed by IBM Credit Corporation. # # # -----END PRIVACY-ENHANCED MESSAGE-----