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)
January 25, 1999
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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
(Preliminary and Unaudited)
This report summarizes the results of operations of Salomon Smith Barney
Holdings Inc. (the "Company") for the three and twelve month periods ended
December 31, 1998 and 1997.
SALOMON SMITH BARNEY HOLDINGS INC.
SELECTED FINANCIAL DATA
(Preliminary and Unaudited)
(In millions)
December 31,
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1998 1997
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Total stockholder's equity $ 8,768 $ 8,518
Total assets under fee-based management $274,400 $ 223,847
Three Twelve
Months Ended Months Ended
December 31, December 31,
1998 1997 1998 1997
Revenues:
Commissions $ 838 $ 782 $3,214 $2,967
Investment banking 521 562 2,320 2,118
Principal transactions 123 243 (113) 2,504
Asset management and administration fees 551 479 2,165 1,715
Other 83 36 185 130
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Total noninterest revenues 2,116 2,102 7,771 9,434
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Interest and dividends 2,778 3,337 12,902 12,043
Interest expense 2,463 2,942 11,466 10,530
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Net interest and dividends 315 395 1,436 1,513
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Revenues, net of interest expense 2,431 2,497 9,207 10,947
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Noninterest expenses:
Compensation and benefits 1,667 1,489 5,848 6,037
Communications 126 123 477 495
Floor brokerage and other production 120 118 446 389
Occupancy and equipment 114 108 429 432
Advertising and market development 94 74 312 276
Professional services 79 69 245 210
Other operating and administrative expenses 120 103 408 450
Restructuring charge, net 50 838 (274) 838
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Total noninterest expenses 2,370 2,922 7,891 9,127
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Income (loss) before income taxes 61 (425) 1,316 1,820
Provision (benefit) for income taxes 21 (201) 498 675
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Net income (loss) $ 40 $ (224) $ 818 $1,145
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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: January 25, 1999 SALOMON SMITH BARNEY HOLDINGS INC.
By: /s/Michael J. Day
Michael J. Day
Controller