<Page>
EXHIBIT 99.1
For Information: Valerie L. Gerard - Director of Investor Relations
(973) 422-3284
OR
Yvette K. Rudich - Director of Corporate Communications
(973) 597-2095
CIT ANNOUNCES QUARTERLY RESULTS
o NON-CASH GOODWILL IMPAIRMENT CHARGE OF $1.999 BILLION
o RESERVES STRENGTHENED BY $260 MILLION, INCLUDING $240 MILLION RELATED TO
TELECOMMUNICATIONS AND ARGENTINE PORTFOLIOS
o EARNINGS OF $167 MILLION, EXCLUDING GOODWILL IMPAIRMENT AND RESERVING
ACTIONS
o IPO COMPLETED, CREDIT RATINGS UPGRADED
o GREEN SHOE EXERCISED; PROCEEDS OF $255 MILLION TO FURTHER STRENGTHEN
CAPITAL BASE
NEW YORK, JULY 23, 2002 - CIT Group Inc. (NYSE: CIT) today reported its results
for the quarter ended June 30, 2002. Net loss for the quarter was $1,993.5
million including the following charges:
(1) a $1,999.0 million goodwill impairment charge in accordance with SFAS
142, taking into account the initial public offering valuation of the
company relative to the book value of goodwill recorded in conjunction
with Tyco's acquisition of CIT. This charge does not impact CIT's
total tangible capitalization, cash flow or revenues. Goodwill as of
June 30, 2002 following the impairment charge was $384.4 million.
(2) a $200.0 million pretax provision related to CIT's telecommunications
portfolio, principally reflecting further weakness in the competitive
local exchange carrier (CLEC) industry.
(3) a $40.0 million pretax provision related to our Argentine portfolio.
This provision is attributable to continued deterioration of the
valuation of Argentine pesos relative to the U.S. dollar following the
Argentine government's economic reforms adopted earlier this year,
which forced conversion of dollar-denominated loans into pesos.
(4) a $20 million pre-tax provision to bolster general reserves despite
asset run-off during the quarter.
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Net income for the June 30, 2002 quarter, excluding the charges described
above, was $166.7 million, as compared to $216.2 million in the March 2002
quarter prior to goodwill impairment and Argentine charges. This comparison
reflects higher chargeoffs and increased borrowing costs associated with the
disruption to our funding that began in the March 2002 quarter.
The table below summarizes the reported financial results, reserving
actions and resulting earnings:
<Table>
<Caption>
(Dollars in millions) Quarters Ended Nine Months Ended
June 30, June 30,
---------------------------------------------
2002 2001 2002 2001
---- ---- ---- ----
GAAP net (loss)/ net income as
reported $(1,993.5) $ (7.6) $(6,109.9) $ 312.6
Add:
Goodwill impairment 1,999.0 -- 6,511.7 --
Goodwill amortization -- 27.2 -- 67.0
Reserving actions and other
charges(1) 161.2 158.0 220.1 158.0
--------- ------ --------- -------
Net income - before charges $ 166.7 $177.6 $ 621.9 $ 537.6
========= ====== ========= =======
</Table>
(1) Reported results from the quarter ended June 30, 2001 included special
charges totaling $158.0 million after-tax, including costs relating to the Tyco
acquisition.
"This past quarter was a time of critical transition for CIT as we prepared
to re-emerge as the largest publicly-traded independent commercial finance
company. We devoted significant effort preparing for our recent IPO and
maintaining liquidity for the business and at the same time focused on serving
our customers and expense control. We're pleased the market endorsed our
offering with demand for our shares that allowed a substantial portion of the
underwriter's over-allotment option to be exercised, giving us $255 million of
new capital," said Albert R. Gamper, Jr., CIT President and CEO. "Our current
important initiatives are to return to the unsecured debt markets and to grow
assets prudently."
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FINANCIAL HIGHLIGHTS:
FUNDING AND LIQUIDITY PLAN.
CIT's results for the June quarter were impacted by the first full quarter
of higher financing costs resulting in large part from the company's exit from
the commercial paper market in February 2002, its use of unsecured bank credit
facilities and excess liquidity, and the issuance of $2.5 billion in 5 and 10
year term debt on April 1, 2002.
Following the initial public offering on July 2, 2002, CIT's long-term debt
and commercial paper credit ratings were upgraded by Standard & Poor's to A/A-1
and by Fitch Ratings to A/F1, facilitating the company's return to the
commercial paper markets. Moody's rates CIT long-term debt and commercial paper
at A-2/P-1. On July 15, 2002 CIT announced its selection of five commercial
paper dealers as a first step to re-initiate a commercial paper program, with a
maximum program size targeted at $5 billion.
MANAGED ASSETS.
Managed assets declined to $47.7 billion at the end of this year's quarter
from $48.1 billion at March 31, 2002 and $51.1 billion on June 30, 2001. Managed
assets continued to decline due to liquidity constraints, soft origination
volume reflecting current economic conditions and the continued runoff of the
liquidating portfolios.
On balance sheet finance receivables and leases declined to $27.9 billion
at June 30, 2002 from $29.7 billion at March 31, 2002 (including the $3.4
billion of securitized short-term trade accounts receivable on balance sheet),
due to continued high securitization volumes in the current quarter, which were
executed for liquidity purposes. The liquidating portfolio, which includes
trucking, franchise, manufactured housing, recreational vehicle and inventory
finance loans, declined to $1.9 billion at June 30, 2002 from $2.2 billion at
March 31, 2002.
NET FINANCE AND RISK ADJUSTED MARGINS.
Net finance margin contracted during the current quarter to 4.11% from
4.98% in the prior quarter, reflecting the full impact of higher funding costs
and maintaining excess balance
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sheet liquidity. This includes higher costs of replacing the commercial paper
portfolio with higher cost bank loans and the issuance of $2.5 billion of 5 and
10 year term debt during the quarter.
Excluding the $260 million of reserving actions, risk adjusted margin was
2.98% for the current quarter compared to 3.87% in the quarter ended March 31,
2002 (also excluding the $95.0 million pre-tax Argentine provision recorded in
that period).
CREDIT QUALITY.
Total 60+ day delinquencies as a percentage of finance receivables declined
to $1.030 billion, 3.69% of finance receivables from $1.158 billion, 3.90%, at
March 31, 2002. The decrease as measured in dollars from the prior quarter was
due to improvements in most portfolios most notably the Equipment Financing and
Leasing, Specialty Finance and Commercial Services portfolios. Managed 60+ day
delinquencies similarly declined to $1.520 billion (3.74%) at June 30, 2002 from
$1.680 billion (4.09%) at March 31, 2002.
Chargeoffs during the June quarter were $126.0 million, or 1.79% of average
finance receivables, compared to $112.4 million, 1.58%, in March, and $156.7
million, 1.91%, in the comparable prior year period. Core chargeoffs, excluding
the liquidating portfolios (trucking, franchise, manufactured housing,
recreational vehicle and inventory finance loans), were $105.9 million, 1.59% in
the June quarter, up from $75.2 million, 1.13%, in the quarter ended March 31,
2002. The increase in core chargeoffs is due to higher losses in the Equipment
Financing portfolio, as equipment collateral values remain soft in the current
economic environment, and higher losses in the commercial finance portfolio.
Core chargeoffs in the prior year quarter, excluding special charges, were $77.2
million (0.94%).
Non-performing assets ended the quarter at $1.052 billion, 3.77% of finance
receivables, up from $988 million, 3.32%, at March 31, 2002, reflecting a $60
million increase in CLEC/telecommunication assets on non-accrual status. The
CLEC portfolio totals approximately $291 million at June 30, 2002, of which $100
million was on non-accrual status.
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Total reserves for credit losses increased to $808.9 million, or 2.90% of
finance receivables, from $554.9 million (2.11%) at March 31, 2002. Excluding
the telecommunication and Argentine reserves, the reserve for credit losses was
approximately 1.70% of finance receivables at both June and March 2002, up from
1.50% at June 30, 2001. Reserves relating to Argentina totaled $135 million at
June 30, 2002, or approximately 75% of the total corresponding exposure. The
$200 million telecommunication reserve relates primarily to the CLEC exposures
in the portfolio.
OTHER REVENUE.
Other revenue totaled $246.1 million for the quarter ended June 30, 2002,
compared to $232.1 million for the quarter ended March 31, 2002 and $199.9
million (excluding special charges) in the corresponding prior year quarter.
Securitization gains during the current quarter totaled $57.1 million, up $22.4
million from both the March 2002 and June 2001 quarters. These trends reflect
the significant increase in securitization volume in both 2002 quarters to meet
liquidity needs. Gains were higher in the current quarter due to strong market
demand and deal execution. Factoring commissions improved seasonally and
equipment sales gains were modest.
SALARIES AND GENERAL OPERATING EXPENSES.
Salaries and general operating expenses were $230.4 million for the
quarter, compared to $226.9 million reported for the March 2002 quarter and down
from $265.5 million in the June quarter last year. The increase from last
quarter included higher collection costs and certain liquidation expenses, while
the reduction from the prior year reflects restructuring initiatives following
the Tyco acquisition. The efficiency ratio (salaries and general operating
expenses divided by operating margin excluding provision for credit losses)
improved to 38.3% as compared to 42.6% in the prior year's quarter, due
primarily to higher fee income and lower employee costs. The current quarter
efficiency ratio increased over the 33.4% reported for the March quarter,
primarily due to the lower margin reflecting constrained growth and higher
borrowing costs.
Headcount declined to approximately 5,935 employees from 6,235 as of March
31, 2002 and 7,255 the prior year. Operating expenses were 2.02% of average
managed assets during the
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quarter, versus 2.09% core expenses reported for the comparable quarter of last
year and 1.93% for the March 2002 quarter.
CAPITALIZATION AND LEVERAGE.
CIT continued to maintain strong capitalization and leverage ratios. The
company's ratio of tangible equity to managed assets improved to 9.25% as of
June 30, 2002, compared to 8.62% in the prior year quarter and 9.14% as of March
31, 2002. On July 12, 2002, as part of the company's IPO, the underwriters
exercised their over-allotment option to purchase an additional 11.6 million
shares of CIT stock for approximately $255 million. These proceeds will further
strengthen our capitalization ratios.
CONFERENCE CALL AND WEBCAST:
The Company will discuss this quarter's results, as well as on-going strategy,
on a conference call today at 11:00 am (EDT). The interested parties may access
the conference call live today by dialing (888) 868-9083 for U.S. and Canadian
callers; (973) 582-2720 international callers with the passcode 3386650 or at
the following website: http://ir.cit.com. A replay of the call will be available
beginning three hours after the conclusion of the call through 12:00am (EDT)
July 30, 2002, by dialing (888) 203-1122 for U.S. and Canadian callers or (719)
457-0820 for international callers with the passcode 468062 or at the following
website: http://ir.cit.com.
FORWARD LOOKING STATEMENTS:
This release contains "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. All forward-looking statements
(including statements regarding future financial and operating results) involve
risks, uncertainties and contingencies, many of which are beyond CIT's control,
which may cause actual results, performance, or achievements to differ
materially from anticipated results, performance, or achievements. All
statements contained in this release that are not clearly historical in nature
are forward-looking, and the words "anticipate," "believe," "expect,"
"estimate," "plan," and similar expressions are generally intended to identify
forward-looking statements. Economic, business, funding market, competitive
and/or regulatory factors, among others, affecting CIT's businesses are examples
of factors that could cause actual results to differ materially from those
described in the forward-
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looking statements. More detailed information about these factors are described
in CIT's filings with the Securities and Exchange Commission, including its
Periodic Report on Form 8-K dated July 2, 2002 and Annual Report on Form 10-K
for the year ended September 30, 2001. CIT is under no obligation to (and
expressly disclaims any such obligation to) update or alter its forward-looking
statements, whether as a result of new information, future events or otherwise.
ABOUT CIT:
CIT Group Inc. (NYSE: CIT), a leading commercial and consumer finance company,
provides clients with financing and leasing products and advisory services.
Founded in 1908, CIT has nearly $50 billion in assets under management and
possesses the financial resources, industry expertise and product knowledge to
serve the needs of clients across 30 industries. CIT holds leading positions in
vendor financing, U.S. factoring, equipment and transportation financing, Small
Business Administration loans, and asset-based and credit-secured lending. CIT,
with its principal offices in New York City and Livingston, New Jersey, and has
approximately 6,000 employees in locations throughout North America, Europe,
Latin and South America, and the Pacific Rim. For more information, visit
www.cit.com.
###
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CIT GROUP INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED INCOME STATEMENTS
(DOLLARS IN MILLIONS)
<Table>
<Caption>
FOR THE FOR THE
COMBINED COMBINED
THREE NINE
MONTHS FOR THE NINE MONTHS
FOR THE QUARTERS ENDED ENDED MONTHS ENDED ENDED
---------------------- ----- ------------ -----
JUNE 30, MARCH 31, JUNE 30, JUNE 30, JUNE 30,
---------- ---------- ---------- ---------- ----------
2002 2002 2001 2002 2001
---------- ---------- ---------- ---------- ----------
(SUCCESSOR) (SUCCESSOR) (SUCCESSOR)(PREDECESSOR)
FINANCE INCOME ................... $ 1,021.9 $ 1,106.7 $ 1,339.9 $ 3,327.6 $ 4,107.9
Interest expense ................. 370.2 348.3 558.8 1,091.5 1,836.7
---------- ---------- ---------- ---------- ----------
Net finance income ............... 651.7 758.4 781.1 2,236.1 2,271.2
Depreciation on operating lease
equipment ...................... 295.7 310.2 351.7 944.4 1,046.5
---------- ---------- ---------- ---------- ----------
Net finance margin ............... 356.0 448.2 429.4 1,291.7 1,224.7
Provision for credit losses ...... 357.7 195.0 166.7 665.6 298.8
---------- ---------- ---------- ---------- ----------
Net finance margin after provision
for credit losses .............. (1.7) 253.2 262.7 626.1 925.9
Other revenue .................... 246.1 232.1 121.8 723.3 550.7
---------- ---------- ---------- ---------- ----------
OPERATING MARGIN ................. 244.4 485.3 384.5 1,349.4 1,476.6
---------- ---------- ---------- ---------- ----------
Salaries and general operating
expenses ....................... 230.4 226.9 265.5 687.8 788.3
Goodwill impairment .............. 1,999.0 4,512.7 -- 6,511.7 --
Goodwill amortization ............ -- -- 29.7 -- 74.7
Acquisition related costs ........ -- -- 54.0 -- 54.0
---------- ---------- ---------- ---------- ----------
OPERATING EXPENSES ............... 2,229.4 4,739.6 349.2 7,199.5 917.0
---------- ---------- ---------- ---------- ----------
(Loss) income before provision for
income taxes ................... (1,985.0) (4,254.3) 35.3 (5,850.1) 559.6
Provision for income taxes ....... (5.8) (98.4) (40.1) (252.1) (238.4)
Minority interest in subsidiary
trust holding solely
debentures of the Company, after
tax ............................ (2.7) (2.7) (2.8) (7.7) (8.6)
---------- ---------- ---------- ---------- ----------
NET (LOSS) INCOME ................ $ (1,993.5) $ (4,355.4) $ (7.6) $ (6,109.9) $ 312.6
========== ========== ========== ========== ==========
</Table>
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CIT GROUP INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED BALANCE SHEETS
(DOLLARS IN MILLIONS)
<Table>
<Caption>
JUNE 30, SEPTEMBER 30,
2002 2001
------------ ------------
ASSETS
Financing and leasing assets:
Finance receivables .................................... $ 27,925.4 $ 31,879.4
Reserve for credit losses .............................. (808.9) (492.9)
------------ ------------
Net finance receivables ................................ 27,116.5 31,386.5
Operating lease equipment, net ......................... 6,689.7 6,402.8
Finance receivables held for sale ...................... 730.8 2,014.9
Cash and cash equivalents ................................ 2,080.6 808.0
Goodwill, net ............................................ 384.4 6,547.5
Other assets ............................................. 4,334.7 3,930.4
------------ ------------
TOTAL ASSETS .......................................... $ 41,336.7 $ 51,090.1
============ ============
<Caption>
LIABILITIES AND SHAREHOLDER'S EQUITY
Debt:
Commercial paper ....................................... $ 34.0 $ 8,869.2
Variable-rate bank credit facilities ................... 8,534.2 --
Variable-rate senior notes ............................. 7,172.7 9,614.6
Fixed-rate senior notes ................................ 16,882.2 17,113.9
Subordinated fixed-rate notes .......................... -- 100.0
------------ ------------
Total debt ............................................... 32,623.1 35,697.7
Credit balances of factoring clients ..................... 1,980.0 2,392.9
Accrued liabilities and payables ......................... 1,961.2 2,141.5
------------ ------------
TOTAL LIABILITIES ...................................... 36,564.3 40,232.1
Company-obligated mandatorily redeemable preferred
securities of subsidiary trust holding solely debentures
of the Company ......................................... 258.1 260.0
Shareholder's Equity:
Contributed capital .................................... 10,422.4 10,422.4
Accumulated (deficit) earnings ......................... (5,857.5) 252.4
Accumulated other comprehensive loss ................... (50.6) (76.8)
------------ ------------
TOTAL SHAREHOLDER'S EQUITY ............................. 4,514.3 10,598.0
------------ ------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY ............. $ 41,336.7 $ 51,090.1
============ ============
</Table>
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CIT GROUP INC. AND SUBSIDIARIES
(DOLLARS IN MILLIONS)
<Table>
<Caption>
AT JUNE 30, AT MARCH 31, AT SEPTEMBER 30, AT JUNE 30,
2002 2002 2001 2001
----------- ----------- ---------------- -----------
FINANCING AND LEASING ASSETS BY
- -------------------------------
STRATEGIC BUSINESS UNIT
- -----------------------
Specialty Finance ........................... $ 10,009.7 $ 10,937.4 $ 12,791.1 $ 12,410.4
Equipment Financing ......................... 8,706.8 10,004.3 11,063.7 11,643.1
Capital Finance ............................. 5,792.6 5,484.9 5,045.4 5,675.7
Commercial Services ......................... 4,536.4 756.1 5,112.2 4,182.3
Business Credit ............................. 3,644.1 3,680.6 3,544.9 3,593.7
Structured Finance .......................... 3,018.8 3,035.7 3,171.9 3,007.6
----------- ----------- ----------- -----------
TOTAL FINANCING AND LEASING PORTFOLIO ASSETS 35,708.4 33,899.0 40,729.2 40,512.8
FINANCE RECEIVABLES SECURITIZED AND
MANAGED BY CIT (BY TYPE)
Commercial ................................. 8,804.1 7,920.0 8,488.0 8,800.5
Consumer ................................... 3,163.8 2,836.4 1,659.9 1,774.6
Commercial Services trade receivables ...... -- 3,432.4 -- --
----------- ----------- ----------- -----------
TOTAL MANAGED ASSETS ...................... $ 47,676.3 $ 48,087.8 $ 50,877.1 $ 51,087.9
=========== =========== =========== ===========
<Caption>
FOR THE FOR THE FOR THE
COMBINED NINE MONTHS COMBINED
THREE MONTHS ENDED NINE
FOR THE QUARTERS ENDED ENDED MONTHS ENDED MONTHS ENDED
JUNE 30, MARCH 31, JUNE 30, JUNE 30, JUNE 30,
2002 2002 2001 2002 2001
-------- -------- -------- -------- --------
OTHER REVENUE
- -------------
Fees and other income $ 144.4 $ 160.9 $ 117.3 $ 478.8 $ 335.5
Factoring commissions 42.0 37.5 35.3 117.8 110.8
Gains on securitizations 57.1 34.7 34.7 119.8 112.7
Gains on sales of leasing equipment 4.0 4.3 10.8 11.0 69.2
(Losses)/gains on venture capital investments (1.4) (5.3) 1.8 (4.1) 0.6
Special charges(1) -- -- (78.1) -- (78.1)
-------- -------- -------- -------- --------
TOTAL OTHER REVENUE $ 246.1 $ 232.1 $ 121.8 $ 723.3 $ 550.7
======== ======== ======== ======== ========
</Table>
1 Related to write-downs of certain equity investments in the telecommunications
industry and e-commerce markets.
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CIT GROUP INC. AND SUBSIDIARIES
SELECTED FINANCIAL DATA
<Table>
<Caption>
FOR THE
COMBINED For the FOR THE
THREE MONTHS Nine NINE
For the Quarters ENDED Months Ended MONTHS ENDED
SELECTED DATA AND RATIOS June 30, March 31, June 30, June 30, June 30,
2002 2002 2001(1) 2002 2001(1)
----------- ----------- ----------- ----------- -----------
PROFITABILITY
Net finance margin as a percentage of AEA 4.11% 4.98% 4.19% 4.75% 3.96%
Net finance margin after provision as a percentage of AEA (0.02)% 2.81% 2.56% 2.30% 2.99%
Efficiency ratio(5) 38.3% 33.4% 42.6% 34.1% 44.4%
Salaries and general operating expenses
as a percentage of AMA(4)(5) 2.02% 1.93% 2.09% 1.94% 2.03%
Net credit losses as a percentage of average:
Total finance receivables 1.79% 1.58% 1.91% 1.57% 1.14%
Commercial finance receivables 1.78% 1.59% 1.97% 1.56% 1.10%
Consumer finance receivables 1.86% 1.51% 1.47% 1.70% 1.47%
Volume securitized (6) (dollars in millions) $ 2,738.7 $ 2,725.9 $ 1,304.5 $ 6,688.4 $ 3,605.1
<Caption>
AT JUNE 30, AT MARCH 31, AT SEPT 30, AT JUNE 30,
CREDIT QUALITY 2002 2002 2001 2001
---------- ---------- ---------- ----------
60+ days contractual delinquency as a percentage of
finance receivables
Commercial(7) 3.42% 3.71% 3.18% 3.29%
Consumer 7.81% 5.96% 6.12% 5.97%
Total(7) 3.69% 3.90% 3.46% 3.53%
60+ days managed contractual delinquency as
a percentage of managed financial assets(8)
Commercial(7) 3.65% 4.02% 3.63% 3.64%
Consumer 4.39% 4.51% 4.32% 4.14%
Total(7) 3.74% 4.09% 3.72% 3.71%
Total non-performing assets as a percentage
of finance receivables(9) 3.77% 3.32% 3.04% 2.75%
Reserve for credit losses as a percentage of
finance receivables 2.90% 2.11% 1.55% 1.50%
CAPITAL AND LEVERAGE
Tangible shareholder's equity to managed
assets (2) (3) (10) 9.25% 9.14% 8.48% 8.62%
Debt (net of overnight deposits) to tangible
shareholder's equity (2)(3)(11) 7.07x 7.30x 8.20x 8.22x
</Table>
(1) The data for the combined nine months ended June 30, 2001 is derived from
the quarters ended December 31, 2000 and March 31, 2001 plus the combined
three months ended June 30, 2001, which reflects CIT data subsequent to the
purchase by Tyco on June 1, 2001.
(2) Shareholder's equity excludes the impact of accounting changes for
derivative financial instruments and unrealized gains on retained
interests.
(3) Tangible shareholder's equity excludes goodwill.
(4) "AMA" or "Average Managed Assets", represents the sum of average earning
assets, which are net of credit balances of factoring clients, and the
average of commercial and consumer finance receivables previously
securitized and still managed by the Company.
(5) Excludes amortization of goodwill.
(6) Excludes trade receivable securitization activity.
(7) March 2002 balances include the past due accounts and securitized
receivable balance of the factoring transaction.
(8) Managed financial assets exclude operating leases and certain equity
investments.
(9) Total non-performing assets reflect both commercial and consumer finance
receivables on non-accrual status and assets received in satisfaction of
loans.
(10) Tangible shareholder's equity (excludes the impact of accounting changes
for derivative financial instruments and unrealized gains on retained
interests) includes Company-obligated mandatorily redeemable preferred
securities of subsidiary trust holding solely debentures of the Company
("Preferred Capital Securities").
(11) Total debt excludes, and shareholder's equity includes Preferred Capital
Securities.