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 17, 2000
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SALOMON SMITH BARNEY HOLDINGS INC.
(Exact name of registrant as specified in its charter)
Delaware 1-4346 22-1660266
(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification No.)
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 month period ended March 31, 2000 and 1999.
Certain prior period amounts have been reclassified to conform to current
period presentation.
SALOMON SMITH BARNEY HOLDINGS INC.
SELECTED FINANCIAL DATA
(Unaudited, dollars in millions)
March 31,
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2000 1999
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Total stockholder's equity $ 9,876 $ 9,596
Total assets under fee-based management $ 345,300 $ 289,700
Three
Months Ended
March 31,
2000 1999
Revenues:
Commissions $1,313 $ 903
Investment banking 913 664
Principal transactions 863 978
Asset management and administration fees 778 613
Other 132 66
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Total noninterest revenues 3,999 3,224
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Interest and dividends 3,329 2,613
Interest expense 2,942 2,249
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Net interest and dividends 387 364
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Revenues, net of interest expense 4,386 3,588
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Noninterest expenses:
Compensation and benefits 2,066 1,845
Floor brokerage and other production 148 99
Communications 136 122
Occupancy and equipment 122 111
Advertising and market development 97 72
Professional services 68 54
Other operating and administrative expenses 168 164
Restructuring credit - (211)
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Total noninterest expenses 2,805 2,256
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Income before income taxes and cumulative
effect of change in accounting principle 1,581 1,332
Provision for income taxes 593 488
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Income before cumulative effect
of change in accounting principle 988 844
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Cumulative effect of change in accounting
principle (net of tax benefit of $12) - (15)
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Net income $ 988 $ 829
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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 17, 2000 SALOMON SMITH BARNEY HOLDINGS INC.
By: /s/Michael J. Day
Michael J. Day
Controller