8-KEarnings & ResultsExhibits & Filings

CITIGROUP INC 8-K Report, Financial Results (Jun 28, 2013)

Filed June 28, 2013For Securities:CC-PNC-PR

Summary

Citigroup Inc. filed this Form 8-K on June 28, 2013, to announce a revision of its historical quarterly financial data for the period ending March 31, 2013. The primary driver for this revision is the definitive agreement to sell Credicard, Citigroup's non-banking credit card and consumer finance business in Brazil. This sale will result in Credicard being classified as discontinued operations for all periods presented in the revised supplement. While the reclassification impacts the presentation of financial data, Citigroup emphasizes that its consolidated net income and earnings per share remain unchanged for all periods affected by this revision. The company is providing this updated data to allow investors a clearer comparison for its upcoming second quarter 2013 financial results, which are scheduled for release on July 15, 2013. This filing is considered "furnished" rather than "filed," meaning it does not carry the same legal implications as a standard filing under Section 18 of the Securities Exchange Act.

Key Highlights

  • 1Citigroup is revising its historical financial data for the quarter ended March 31, 2013.
  • 2The revision is primarily due to the definitive agreement to sell Credicard, its Brazilian credit card and consumer finance business.
  • 3Credicard will be reported as discontinued operations for all periods presented in the revised financial data.
  • 4Consolidated net income and earnings per share are confirmed to remain unchanged for all presented periods.
  • 5The updated data aims to facilitate investor comparison with the upcoming Q2 2013 financial results.
  • 6Citigroup plans to release its Q2 2013 financial results on July 15, 2013.
  • 7This 8-K filing, including Exhibit 99.1, is furnished, not filed, under the Securities Exchange Act of 1934.

Frequently Asked Questions

The main purpose of this 8-K filing is to provide investors with revised historical quarterly financial data for the period ending March 31, 2013. This revision is driven by Citigroup's agreement to sell its Brazilian credit card business, Credicard, and reclassify it as discontinued operations.

No, Citigroup explicitly states that its consolidated net income and earnings per share remain unchanged for all periods presented, despite the reclassification of Credicard as discontinued operations.

Citigroup is providing this revised historical data to ensure investors have a consistent and comparable basis for evaluating its upcoming second quarter 2013 financial results, which are scheduled to be released on July 15, 2013.

When an 8-K is 'furnished' under the Securities Exchange Act of 1934, it means the information is being provided to the SEC but is not subject to the same liability provisions as information that is 'filed.' Specifically, it is not incorporated by reference into any registration statements under the Securities Act of 1933, nor is it deemed filed for the purposes of Section 18 of the Exchange Act, which governs liability for false or misleading statements in filed documents.