CIT GROUP INC. (NYSE:CIT) Files An 8-K Regulation FD Disclosure
Item 7.01. Regulation FD Disclosure.
This Current Report on Form 8-K includes as an exhibit an updated
presentation (the March Updated Earnings Presentation) of CIT
Group Inc. (the Company) of its fourth quarter 2016 financial
results. The Updated Earnings Presentation is attached as Exhibit
99.1. The Company previously filed its earnings release for the
fourth quarter of 2016 (the Earnings Release) and its
presentation to analysts and investors on its financial results
(the Initial Earnings Presentation) on its Form 8-K dated January
31, 2017. In the Earnings Release and the Initial Earnings
Presentation, the Company reported that it would be making
certain revisions to its financial statements in its Form 10-K
for the year ended December 31, 2016 to correct for immaterial
errors for the years ended December 31, 2015 and 2014, and for
each of the quarters for the years ended December 31, 2016 and
2015. The Updated Earnings Presentation updates the Initial
Earnings Presentation to reflect these revisions, as well as an
increase of approximately $20 million to a goodwill impairment
charge that was reported in the Earnings Release and the Initial
Earnings Presentation. The revisions and the increase in the
goodwill impairment charge, which were subsequently recorded in
the Companys Form 10-K for the year ended December 31, 2016,
resulted in a net decrease in the Companys net loss for the
quarter ended December 31, 2016 of approximately $12 million
($0.06 per diluted share). Further information regarding these
changes can be found in the summary of 2016 financial results and
footnotes 29 and 30 to our financial statements in our Form 10K
filed on March 15, 2017.
The March Presentation includes certain non-GAAP financial
measures. A reconciliation of those measures to the most directly
comparable GAAP measures is included as a table to the Updated
Earnings Presentation. The information included in Exhibit 99.2
shall not be considered filed for purposes of the Exchange Act.
The Company also provides supplementary financial information on
its website, which is not incorporated by reference in this Form
8-K.
Section 9 Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits.
| (d) | Exhibits. |
| 99.1 |
Presentation by CIT Group Inc. on March 15, 2017 regarding its Fourth Quarter 2016 Financial Results. |
Forward-Looking Statements
This Form 8-K contains forward-looking statements within the
meaning of applicable federal securities laws that are based upon
our current expectations and assumptions concerning future
events, which are subject to a number of risks and uncertainties
that could cause actual results to differ materially from those
anticipated. The words expect, anticipate, estimate, forecast,
initiative, objective, plan, goal, project, outlook, priorities,
target, intend, evaluate, pursue, commence, seek, may, would,
could, should, believe, potential, continue, or the negative of
any of those words or similar expressions is intended to identify
forward-looking statements. All statements contained in this Form
8-K, other than statements of historical fact, including without
limitation, statements about our plans, strategies, prospects and
expectations regarding future events and our financial
performance, are forward-looking statements that involve certain
risks and uncertainties. While these statements represent our
current judgment on what the future may hold, and we believe
these judgments are reasonable, these statements are not
guarantees of any events or financial results, and our actual
results may differ materially. Important factors that could cause
our actual results to be materially different from our
expectations include, among others, (i) the risk that Bohai
shareholders do not approve the transaction or the parties do not
receive or satisfy regulatory or other approvals and conditions
on a timely basis or approvals are subject to conditions that are
not anticipated, (ii) the risk that modifications to the terms of
the transaction may be required in order to obtain or satisfy
such approvals or conditions, (iii) the risk that the transaction
does not close or that there are changes in the anticipated
timing for closing the transaction, (iv) the risk that there are
difficulties, delays or unexpected costs in separating Commercial
Air from CIT or in implementing the transaction, (v) the risk of
business disruption during the pendency of or following the
transaction, including diversion of management time, (vi) the
risk that CIT is unsuccessful in implementing its Amended Capital
Plan on the timing and terms contemplated, (vii) the risk that
CIT is unsuccessful in implementing its strategy and business
plan, (viii) the risk that CIT is unable to react to and address
key business and regulatory issues, (ix) the risk that CIT is
unable to achieve the projected revenue
growth from its new business initiatives or the projected expense
reductions from efficiency improvements, and (x) the risk that
CIT becomes subject to liquidity constraints and higher funding
costs. We describe these and other risks that could affect our
results in Item 1A, Risk Factors, of our latest Annual Report on
Form 10-K for the year ended December 31, 2016, which was filed
with the Securities and Exchange Commission. Accordingly, you
should not place undue reliance on the forward-looking statements
contained in this Form 8-K. These forward-looking statements
speak only as of the date on which the statements were made. CIT
undertakes no obligation to update publicly or otherwise revise
any forward-looking statements, except where expressly required
by law.
About CIT GROUP INC. (NYSE:CIT)
CIT Group Inc. (CIT) is a bank holding company. The Company, together with its subsidiaries, provides financing, leasing and advisory services to middle market companies in a range of industries in North America, and equipment financing and leasing solutions to the transportation industry around the world. The Company’s segments include North America Banking (NAB), including Commercial Real Estate, Commercial Banking and Consumer Banking divisions; Transportation & International Finance (TIF), including Aerospace, Rail, Maritime Finance and International Finance divisions, and Legacy Consumer Mortgages (LCM), which includes single-family residential mortgage (SFR) loans and reverse mortgage loans. CIT products and services include account receivables collection; equipment leases; acquisition and expansion financing; factoring services; financial risk management; asset management and servicing; asset-based loans; insurance services; credit protection; debt restructuring, and deposits. CIT GROUP INC. (NYSE:CIT) Recent Trading Information
CIT GROUP INC. (NYSE:CIT) closed its last trading session up +0.11 at 41.59 with 2,093,238 shares trading hands.