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CATERPILLAR FINANCIAL SERVICES CORPORATION ANNOUNCES SECOND QUARTER 1992 FINANCIAL RESULTS

 CATERPILLAR FINANCIAL SERVICES CORPORATION ANNOUNCES
 SECOND QUARTER 1992 FINANCIAL RESULTS
 PEORIA, Ill., July 16 /PRNewswire/ -- Caterpillar Financial Services Corporation today reported record quarterly profit and revenues.
 For the second quarter, profit after tax was $8.8 million, a $2.2 million or 33 percent increase compared with the second quarter of 1991. The increase in profit primarily resulted from a larger portfolio, higher gains on sale of equipment returned from lease, and lower cost of funds.
 Revenues were $84.7 million, a $7.7 million or 10 percent increase over the second quarter of 1991. The increase in revenues, which were limited by a low interest rate environment, resulted primarily from a larger portfolio of earning assets and higher gains on sale of equipment returned from lease.
 New business financed reached $318.9 million, a $1.3 million increase compared with the same period one year ago. Past dues over 30 days were 2.8 percent compared with 4.3 percent at the end of the second quarter of 1991. Bad debt write-offs during the quarter were $3.7 million compared with $2.6 million during the same period one year ago.
 "We are pleased with our performance in the second quarter, attaining record profit and revenues in an uncertain economic environment," said James S. Beard, vice president of Caterpillar Inc. and president of Caterpillar Financial Services Corporation. "Profit exceeded expectations, and past due accounts declined significantly. Our improved financial performance reflects employees' dedication to quality customer service."
 Caterpillar Financial Services Corporation provides a wide range of financing alternatives for Caterpillar earthmoving and construction equipment, materials handling machinery, diesel engines, turbines, and non-competitive related products sold in the United States, Australia, Canada, Germany, and the United Kingdom. The company also extends loans to Caterpillar customers and dealers. Cat Financial, a wholly owned subsidiary of Caterpillar Inc. (NYSE: CAT), is headquartered in Nashville, Tenn.
 STATISTICAL HIGHLIGHTS:
 SECOND QUARTER 1992 VS. SECOND QUARTER 1991
 (QUARTERS ENDING JUNE 30)
 (Dollar amounts in millions)
 Percentage
 SECOND QUARTER 1992 1991 Change
 Revenues $ 84.7 $ 77.0 +10 pct.
 Profit $ 8.8 $ 6.6 +33 pct.
 FIRST SIX MONTHS 1992 VS. FIRST SIX MONTHS 1991 (AS OF JUNE 30)
 Percentage
 FIRST SIX MONTHS 1992 1991 Change
 Revenues $ 167.2 $ 153.6 +9 pct.
 Profit $ 16.1 $ 14.9 +8 pct.
 New business financed $ 683.2 $ 624.3 +9 pct.
 Assets $2,616.3 $2,329.7 +12 pct.
 Portfolio value $2,578.7 $2,297.5 +12 pct.
 -0- 7/16/92
 /CONTACT: Richard Stober of Caterpillar, 309-675-5548/
 (CAT) CO: Caterpillar Financial Services Corporation ST: Illinois IN: FIN SU: ERN


KD -- NY061 -- 9721 07/16/92 12:04 EDT
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Publication:PR Newswire
Date:Jul 16, 1992
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