8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

October 29, 2003

Date of Report (Date of earliest event reported)

CAPITAL ONE FINANCIAL CORPORATION

(Exact name of registrant as specified in its chapter)

Delaware	1-13300	54-1719854
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	Identification No.)

 

1680 Capital One Drive, McLean, Virginia	22102
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (703) 720-1000

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

Item 5. Other Events.

     (a)  See attached press release, at Exhibit 99.1.

     (b)  Cautionary Factors.

     The attached press release and information provided pursuant to Item 7 contains forward-looking statements, which involve a number of risks and uncertainties. The Company cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information as a result of various factors including, but not limited to, the following:

• continued intense competition from numerous providers of products and services which compete with the Company’s businesses;

• an increase in credit losses (including increases due to a worsening of general economic conditions);

• the ability of the Company to continue to securitize its credit cards and consumer loans and to otherwise access the capital markets at attractive rates and terms to capitalize and fund its operations and future growth;

• financial, legal, regulatory, accounting or other changes that may affect investment in, or the overall performance of, a product or business, including changes in existing law and regulation affecting the credit card and consumer loan industry, in particular (including federal bank examiner guidance affecting credit card and/or subprime lending) and the financial services industry, in general (including the ability of financial services companies to obtain, use and share consumer data);

• general economic conditions affecting consumer income and spending, which may affect consumer bankruptcies, defaults and charge-offs;

• with respect to financial and other products, changes in the Company’s aggregate accounts or consumer loan balances and the growth rate and composition thereof, including changes resulting from factors such as shifting product mix, amount of actual marketing expenses made by the Company and attrition of accounts and loan balances;

• the amount of, and rate of growth in, the Company’s expenses (including salaries and associate benefits and marketing expenses) as the Company’s business develops or changes or as it expands into new market areas;

• the ability of the Company to build the operational and organizational infrastructure necessary to engage in new businesses or to expand internationally, and the level of its investments in such new businesses or regions;

• the ability of the Company to recruit experienced personnel to assist in the management and operations of new products and services; and

• other risk factors listed from time to time in the Company’s SEC reports, including, but not limited to, the Quarterly Report on Form 10-Q for the quarter ended June 30, 2003.

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Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.

     (c)  Exhibits.

Exhibit No.	Description of Exhibit
99.1	Press release, dated October 29, 2003.

3

SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned, hereunto duly authorized.

	CAPITAL ONE FINANCIAL CORPORATION
Dated: October 29, 2003	By:	/s/ GARY L. PERLIN
		Gary L. Perlin Executive Vice President and Chief Financial Officer

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EXHIBIT INDEX

     99.1      Press Release of the Company dated October 29, 2003.

5 EX-99.1 3 w91074aexv99w1.htm EXHIBIT 99.1

1680 Capital One Drive McLean, VA 22102-3491

FOR IMMEDIATE RELEASE: October 29, 2003

Contacts:	Paul Paquin	Tatiana Stead
	VP, Investor Relations	Dir, Corporate Media
	703-720-2456	703-720-2352

Capital One Releases 2004 Earnings Guidance

Expects between $5.20 and $5.40 EPS

MCLEAN, VA. (October 29, 2003) – Capital One Financial Corporation (NYSE: COF) today announced it expects earnings for the year ending December 31, 2004, to be between $5.20 per share and $5.40 per share (fully diluted). In the future, the company expects to continue to provide earnings guidance, but only for each subsequent year.

     The company also announced that it expects the growth rate of its managed loan portfolio to be in the mid-teens in 2004, while gradually shifting its managed loan portfolio upmarket and continuing to diversify beyond U.S. credit cards. As a result of this continued diversification and shift upmarket in its portfolio, the company expects its revenue margin (i.e., managed loan revenue as a percent of average managed loans) to trend lower, and its managed net charge-offs, marketing expenses and operating expenses (each also as a percent of average managed loans) to also continue to trend lower.

     The company cautioned that its current expectations for 2004 in this release for earnings, managed loan growth and managed portfolio mix, revenue margins, managed net charge-offs, operating expenses and marketing expenses are forward-looking statements and actual results could differ materially from current expectations due to a number of factors, including: competition in the credit card industry; the actual managed account and balance growth achieved by the company; the pace and extent to which the company shifts the mix of its managed loan portfolio upmarket; the level of investment in new business opportunities; the company’s ability to access the capital markets at attractive rates and terms to fund its operations and future growth; and general economic conditions affecting consumer income and spending, which may affect consumer bankruptcies, defaults and charge-offs. A discussion of these and other factors can be found in Capital One’s annual and other reports filed with the Securities and Exchange Commission, including, but not limited to, Capital One’s report on Form 10-Q for the quarter ended June 30, 2003.

-more-

Capital One Releases 2004 Earnings Guidance
Page 2

About Capital One

Headquartered in McLean, Virginia, Capital One Financial Corporation (www.capitalone.com) is a holding company whose principal subsidiaries, Capital One Bank and Capital One, F.S.B., offer consumer lending products and Capital One Auto Finance, Inc., which offers auto loan products. Capital One’s subsidiaries collectively had 46.4 million managed accounts and $67.3 billion in managed loans outstanding as of September 30, 2003. Capital One, a Fortune 500 company, is one of the largest providers of MasterCard and Visa credit cards in the world. Capital One trades on the New York Stock Exchange under the symbol “COF” and is included in the S&P 500 index.

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EX-99.1

exv99w1