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) July 17, 2002
SALOMON SMITH BARNEY HOLDINGS INC.
(Exact name of registrant as specified in its charter)
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New York 1-4346 11-2418067
(State or other (Commission (IRS Employer
jurisdiction File Number) Identification No.)
of incorporation)
388 Greenwich Street, New York, NY 10013
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(Address of principal executive offices) (Zip Code)
(212) 816-6000
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(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, 2002 and 2001
and provides certain additional financial information.
SALOMON SMITH BARNEY HOLDINGS INC.
SELECTED FINANCIAL DATA
(Unaudited, dollars in millions)
June 30,
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2002 2001
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Total stockholder's equity $ 12,381 $ 12,141
Total assets under fee-based management $457,100 $474,200
Three Six
Months Ended Months Ended
June 30, June 30,
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2002 2001 2002 2001
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Revenues:
Commissions $1,003 $ 921 $1,958 $1,934
Investment banking 958 1,010 1,874 2,118
Asset management and administration fees 853 816 1,684 1,657
Principal transactions 56 581 663 1,733
Other 181 86 268 303
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Total noninterest revenues 3,051 3,414 6,447 7,745
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Interest and dividends 2,483 3,956 4,714 8,058
Interest expense 1,702 3,426 3,255 7,127
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Net interest and dividends 781 530 1,459 931
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Revenues, net of interest expense 3,832 3,944 7,906 8,676
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Noninterest expenses:
Compensation and benefits 2,100 2,075 4,357 4,565
Floor brokerage and other production 182 163 326 366
Communications 162 167 314 337
Occupancy and equipment 139 157 266 320
Advertising and market development 77 86 146 204
Professional services 69 65 122 167
Other operating and administrative expenses 114 53 184 280
Restructuring charge - 42 - 112
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Total noninterest expenses 2,843 2,808 5,715 6,351
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Income before income taxes and cumulative
effect of changes in accounting principles 989 1,136 2,191 2,325
Provision for income taxes 370 402 819 824
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Income before cumulative effect of
changes in accounting principles 619 734 1,372 1,501
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Cumulative effect of changes in accounting
principles (net of tax benefit of $16
and $1, respectively) - - (24) (1)
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Net income $ 619 $ 734 $1,348 $1,500
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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: July 18, 2002 SALOMON SMITH BARNEY HOLDINGS INC.
By: /s/Michael J. Day
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Michael J. Day
Controller