8-K 1 apr17.txt 1ST QTR - 3/31/02 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) April 15, 2002 SALOMON SMITH BARNEY HOLDINGS INC. (Exact name of registrant as specified in its charter) ------------------------------------------------------------------ New York 1-4346 11-2418067 (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 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-month periods ended March 31, 2002 and 2001 and provides certain additional financial information. SALOMON SMITH BARNEY HOLDINGS INC. SELECTED FINANCIAL DATA (Unaudited, dollars in millions) March 31, --------------------- 2002 2001 Total stockholder's equity $ 12,065 $ 11,750 Total assets under fee-based management (1) $492,800 $421,100 Three Months Ended March 31, --------------------- 2002 2001 Revenues: Commissions $ 955 $ 1,013 Investment banking 916 1,108 Asset management and administration fees 831 841 Principal transactions 607 1,152 Other 87 217 ----- ----- Total noninterest revenues 3,396 4,331 ----- ----- Interest and dividends 2,231 4,102 Interest expense 1,553 3,701 ----- ----- Net interest and dividends 678 401 ----- ----- Revenues, net of interest expense 4,074 4,732 ----- ----- Noninterest expenses: Compensation and benefits 2,257 2,490 Communications 152 170 Floor brokerage and other production 144 203 Occupancy and equipment 127 163 Advertising and market development 69 118 Professional services 53 102 Other operating and administrative expenses 70 227 Restructuring credit - 70 ----- ----- Total noninterest expenses 2,872 3,543 Income before income taxes and cummulative effect of change in accounting principle 1,202 1,189 Provision for income taxes 449 422 ----- ----- Net income before cumulative effect of change in accounting principle 753 767 ----- ----- Cumulative effect of change in accounting principle (net of tax benefit of $16 and $1, respectively) (24) (1) ----- ----- Net income $ 729 $ 766 ======= ======= 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: April 16, 2002 SALOMON SMITH BARNEY HOLDINGS INC. By: /s/Michael J.Day Michael J. Day Controller