Filed pursuant to
Rule 424(b)(3)
Registration Statement Nos.
333-92258 and 333-98743
ERRATA
The heading of the third column of the first table on page S-6 of CIT's
Prospectus Supplement dated September 13, 2002, which read 'Nine Months Ended
September 30, 2002' has been corrected to read 'Nine Months Ended September 30,
2001.' Set forth below is page S-6, as so corrected.
---------------
NINE MONTHS NINE MONTHS NINE MONTHS
ENDED ENDED ENDED YEARS ENDED DECEMBER 31,
JUNE 30, JUNE 30, SEPTEMBER 30, ---------------------------------------------
($ IN MILLIONS, EXCEPT PER SHARE 2002 2001 2001(1)(2)(3) 2000 1999(4) 1998 1997
DATA) ----------- ----------- ---------------- --------- --------- --------- ---------
(SUCCESSOR) (COMBINED) (COMBINED) (PREDECESSOR)
RESULTS OF OPERATIONS
Net finance margin............ $ 1,291.7 $ 1,224.7 $ 1,318.8 $ 1,469.4 $ 917.4 $ 804.8 $ 740.7
Provision for credit losses... 665.6 298.8 332.5 255.2 110.3 99.4 113.7
Other revenue................. 723.3 550.7 572.6 912.0 350.8 255.4 247.8
Operating margin.............. 1,349.4 1,476.6 1,558.9 2,126.2 1,157.9 960.8 932.8(5)
Salaries and general operating
expenses..................... 687.8 788.3 784.9 1,035.2 516.0 407.7 420.0
Goodwill amortization......... -- 74.7 97.6 86.3 25.7 10.1 8.4
Goodwill impairment........... 6,511.7(6) -- -- -- -- -- --
Net (loss) income............. (6,109.9) 312.6 333.8 611.6 389.4 338.8 310.1
AT DECEMBER 31,
AT JUNE 30, AT SEPTEMBER 30, ---------------------------------------------
2002 2001(1)(2)(3) 2000 1999(4) 1998 1997(8)
($ IN MILLIONS) ------------ ---------------- --------- --------- --------- ---------
(SUCCESSOR) (PREDECESSOR)
BALANCE SHEET DATA
Total finance receivables............... $27,925.4 $31,879.4 $33,497.5 $31,007.1 $19,856.0 $17,719.7
Reserve for credit losses............... 808.9 492.9 468.5 446.9 263.7 235.6
Operating lease equipment, net.......... 6,689.7 6,402.8 7,190.6 6,125.9 2,774.1 1,905.6
Goodwill, net........................... 384.4 6,547.5 1,964.6 1,850.5 216.5 134.6
Total assets............................ 41,336.7 51,090.1 48,689.8 45,081.1 24,303.1 20,464.1
Commercial paper........................ 34.0 8,869.2 9,063.5 8,974.0 6,144.1 5,559.6
Variable-rate bank credit facilities.... 8,534.2 -- -- -- -- --
Variable-rate senior notes.............. 7,172.7 9,614.6 11,130.5 7,147.2 4,275.0 2,861.5
Fixed-rate senior notes................. 16,882.2 17,113.9 17,571.1 19,052.3 8,032.3 6,593.8
Subordinated fixed-rate notes........... -- 100.0 200.0 200.0 200.0 300.0
Company-obligated mandatorily redeemable
preferred securities of subsidiary
trust holding solely debentures of the
Company................................ 258.1 260.0 250.0 250.0 250.0 250.0
Shareholder's equity.................... 4,514.3 10,598.0 6,007.2 5,554.4 2,701.6 2,432.9
Tangible shareholder's equity........... 4,129.9 4,028.5 4,042.6 3,703.9 2,485.1 2,298.3
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(1) In September 2001, CIT changed its fiscal year end from December 31 to
September 30 to conform to Tyco's fiscal year end.
(2) On September 30, 2001, we sold certain international subsidiaries, which had
assets of $1.8 billion and liabilities of $1.5 billion, to a non-U.S.
subsidiary of Tyco for a note in the amount of the net book value of
approximately $295 million. This sale did not affect earnings for the period
ended September 30, 2001. On February 11, 2002, we repurchased the
international subsidiaries that we had previously sold to an affiliate of
Tyco for a purchase price equal to the net book value. The selected
financial data includes these international operations for all periods
presented; as a result, the Balance Sheet Data at September 30, 2001 varies
slightly from comparable data reported in CIT's Form 10-K for the period
ended September 30, 2001.
(3) Results of operations for the nine months ended September 30, 2001
(combined) include special charges incurred by the predecessor of $221.6
million ($158.0 million after tax). See Note 3 to the Consolidated Financial
Statements of CIT incorporated by reference in this prospectus supplement.
(4) Includes results of operations of Newcourt Credit Group Inc. from the
November 15, 1999 acquisition date.
(5) Includes a 1997 gain of $58.0 million on the sale of an equity interest
acquired in connection with a loan workout.
(6) During the quarter ended March 31, 2002, we recorded an initial estimate of
goodwill impairment of $4.51 billion in accordance with SFAS No. 142,
'Goodwill and Other Intangible Assets.' The Company restated its
Consolidated Financial Statements to reflect this impairment. During the
quarter ended June 30, 2002, we recorded an additional $1,999.0 million
goodwill impairment charge in accordance with SFAS No. 142 to reflect
further impairment. These impairment charges are discussed further under
'Management's Discussion and Analysis of Financial Condition and Results of
Operations' contained in CIT's Quarterly Report on Form 10-Q for the
quarterly period ended June 30, 2002, which is incorporated by reference in
this prospectus supplement.
S-6