8-K 1 d8k.htm FORM 8-K Form 8-K



Washington, D.C. 20549





Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) July 25, 2007


Boeing Capital Corporation

(Exact name of registrant as specified in its charter)




Delaware   0-10795   95-2564584

(State or other jurisdiction

of incorporation)

  (Commission File Number)  

(IRS Employer

Identification No.)

500 Naches Ave. SW, 3rd Floor

Renton, Washington

(Address of principal executive offices)     (Zip Code)

(425) 965-4000

Registrant’s telephone number, including area code


(Former name or former address, if changed since last report.)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Item 2.02 Results of Operations and Financial Condition.

This Current Report on Form 8-K is for the purpose of disclosing information relating to Boeing Capital Corporation (“BCC”) that was contained in the press release and Webcast of the second quarter 2007 financial results of The Boeing Company (“Boeing”), dated July 25, 2007. The full text of Boeing’s press release is being furnished pursuant to Item 2.02 of Form 8-K.

Item 8.01 Other Events.

On July 25, 2007, Boeing publicly announced by means of a press release its second quarter 2007 financial results, some of which relate to BCC. The information relevant to BCC is as follows:

Boeing Capital Corporation

BCC increased pre-tax earnings 13 percent to $70 million on lower asset impairments and lower provisions for losses on receivables. Revenues declined consistent with portfolio reductions and the absence of gains on asset sales (Table 6).

Table 6. Boeing Capital Corporation Operating Results


     2nd Quarter   



   Six Months   




   2007    2006       2007    2006   


   $ 209    $ 243    (14)%    $ 422    $ 480    (12)%

Pre-Tax Income

   $ 70    $ 62    13%    $ 143    $ 132    8%

BCC’s portfolio balance at the end of the second quarter was $7.0 billion, down $0.9 billion from the end of the first quarter of 2007 and down 18 percent from $8.5 billion a year ago on normal run-off, prepayments, asset sales and depreciation. BCC’s second quarter 2007 debt balance remained steady at approximately $4.8 billion as compared with the first quarter 2007 debt balance (excluding intercompany borrowings). BCC’s debt-to-equity ratio remained steady at 5.0-to-1.

BCC’s outlook is set forth in the table below (Table 7):

Table 7. Financial Outlook



   2007    2008

Boeing Capital Corporation


Portfolio Size

   Lower    Lower


   ~$0.8    <$0.8

Return on Assets

   ~1.5%    >1.0%

Item 9.01 Financial Statements and Exhibits.

The following exhibit is furnished as a part of this report:


Exhibit No. 99.1    Press Release

Forward-Looking Information is Subject to Risk and Uncertainty

Certain statements contained in this Current Report on Form 8-K regarding BCC’s financial outlook may constitute “forward-looking” statements within the meaning of the Private Litigation Reform Act of 1995. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Forward-looking statements are based upon assumptions as to future events that may not prove to be accurate. Actual outcomes and results may differ materially from what is expressed or forecasted in these forward-looking statements. As a result, these statements speak only as of the date they were made and BCC undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.


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.


    Boeing Capital Corporation
    By:   /s/ Russell A. Evans
      Russell A. Evans
July 25, 2007       Vice President and Chief Financial Officer