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)
July 19, 2000
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SALOMON SMITH BARNEY HOLDINGS INC.
(Exact name of registrant as specified in its charter)
New York 1-4346 11-2418067
(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 and six month periods ended June 30, 2000 and 1999
and provides certain additional financial information. Certain prior period
amounts have been reclassified or restated to conform to current period
presentation.
SALOMON SMITH BARNEY HOLDINGS INC.
SELECTED FINANCIAL DATA
(Unaudited, dollars in millions)
June 30,
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2000 1999
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Total stockholder's equity $ 10,276 $ 9,585
Total assets under fee-based management (1) $ 427,700 $ 357,900
Three Six
Months Ended Months Ended
June 30, June 30,
2000 1999 2000 1999
Revenues:
Commissions $1,020 $ 905 $2,333 $1,808
Investment banking 834 771 1,747 1,435
Asset management and administration fees 820 652 1,598 1,265
Principal transactions 640 704 1,503 1,682
Other 107 52 239 118
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Total noninterest revenues 3,421 3,084 7,420 6,308
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Interest and dividends 3,933 2,866 7,262 5,479
Interest expense 3,468 2,414 6,410 4,663
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Net interest and dividends 465 452 852 816
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Revenues, net of interest expense 3,886 3,536 8,272 7,124
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Noninterest expenses:
Compensation and benefits 2,072 1,753 4,138 3,598
Floor brokerage and other production 153 125 301 224
Communications 159 114 295 236
Occupancy and equipment 137 108 259 219
Advertising and market development 113 83 210 155
Professional services 86 56 154 110
Other operating and administrative expenses 190 195 358 359
Restructuring credit - - - (211)
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Total noninterest expenses 2,910 2,434 5,715 4,690
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Income before income taxes and cumulative
effect of change in accounting principle 976 1,102 2,557 2,434
Provision for income taxes 318 406 911 894
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Income before cumulative effect
of change in accounting principle 658 696 1,646 1,540
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Cumulative effect of change in accounting
principle (net of tax benefit of $12) - - - (15)
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Net income $ 658 $ 696 $1,646 $1,525
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(1) Includes jointly managed assets of $57,000 and $41,000 as of June 30, 2000 and 1999, respectively.
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: July 19, 2000 SALOMON SMITH BARNEY HOLDINGS INC.
By: /s/Michael J. Day
Michael J. Day
Controller