8-K 1 oct17eefile.txt 3RD QUARTER 8K 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 17, 2001 SALOMON SMITH BARNEY HOLDINGS INC. (Exact name of registrant as specified in its charter) --------------------------------------------------------------------------- Delaware 1-4346 11-2418067 State or other (Commission (IRS Employer jurisdiction File Number) Identification No.) of incorporation) 388 Greenwich Street, New York, NY 10013 --------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) (212) 816-6000 --------------------------------------------------------------------------- (Registrant's telephone number, including area code) SALOMON SMITH BARNEY HOLDINGS INC. Current Report on Form 8-K Item 5. Other Events Results of Operations (Unaudited) This report summarizes the results of operations of Salomon Smith Barney Holdings Inc. for the three and nine month periods ended September 30, 2001 and 2000 and provides certain additional financial information. SALOMON SMITH BARNEY HOLDINGS INC. SELECTED FINANCIAL DATA (Unaudited, dollars in millions) September 30, ----------------- 2001 2000 ---- ---- Total stockholder's equity $ 11,441 $ 10,687 Total assets under fee-based management $442,240 $444,200 Three Nine Months Ended Months Ended September 30, September 30, ----------------- ----------------- 2001 2000 2001 2000 ---- ---- ---- ---- Revenues: Investment Banking $ 815 $1,003 $2,933 $2,750 Commissions 826 994 2,760 3,327 Asset management and administration fees 842 848 2,499 2,446 Principal transactions 8 760 1,741 2,263 Other 143 108 446 347 ------ ------ ------ ------ Total noninterest revenues 2,634 3,713 10,379 11,133 ------ ------ ------ ------ Interest and dividends 3,410 4,375 11,468 11,637 Interest expense 2,814 3,938 9,941 10,348 ------ ------ ------ ------ Net interest and dividends 596 437 1,527 1,289 ------ ------ ------ ------ Revenues, net of interest expense 3,230 4,150 11,906 12,422 ------ ------ ------ ------ Noninterest expenses: Compensation and benefits 1,564 2,181 6,129 6,319 Floor brokerage and other production 162 171 528 472 Communications 161 170 498 465 Occupancy and equipment 152 147 472 406 Advertising and market development 72 121 276 331 Professional services 74 81 241 235 Other operating and administrative expenses 76 172 356 530 Restructuring charge - - 112 - ------ ------ ------ ------ Total noninterest expenses 2,261 3,043 8,612 8,758 ------ ------ ------ ------ Income before income taxes and cumulative effect of change in accounting principle 969 1,107 3,294 3,664 Provision for income taxes 363 411 1,187 1,322 ------ ------ ------ ------ Income before cumulative effect of change in accounting principle 606 696 2,107 2,342 ------ ------ ------ ------ Cumulative effect of change in accounting principle (net of tax benefit of $1) - - (1) - ------ ------ ------ ------ Net income $ 606 $ 696 $2,106 $2,342 ====== ====== ====== ====== 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: October 18, 2001 SALOMON SMITH BARNEY HOLDINGS INC. By: /s/Micahel J. Day ------------------------ Michael J. Day Controller