UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 29, 2005
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CIT GROUP INC.
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(Exact name of registrant as specified in its charter)
Delaware 001-31369 65-1051192
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
1211 Avenue of the Americas
New York, NY 10036
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(Address of registrant's principal executive office)
Registrant's telephone number, including area code: (212) 536-1211
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Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
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Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
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Item 2.05. Costs Associated with Exit or Disposal Activities
On June 29, 2005, the Board of Directors of CIT Group Inc. (the "Company"
or "CIT") committed CIT to a plan to consolidate certain of its business
operations and technology systems. As a part of CIT's ongoing cost management
and related to the foregoing consolidation, the Company determined that it would
reduce its workforce by approximately 200 employees in North America across
multiple businesses in the second and third quarter of 2005. The Company expects
that expenses for these workforce reductions, which will be reflected as a
charge against earnings in CIT's second quarter financial statements, will total
approximately $25 million (before taxes), consisting primarily of costs related
to severance payments.
Item 8.01. Other Items.
Attached as Exhibit 99.1 is the news release issued by CIT on July 6,
2005, announcing the sale of approximately $900 million of its corporate
aircraft lease and loan portfolio on June 30, 2005. The pre-tax gain resulting
from the sale, which will be recognized in CIT's second quarter financial
statements, is expected to total approximately $22 million.
Item 9.01. Financial Statements and Exhibits.
(c) Exhibits
99.1 News Release dated July 5, 2005
This document 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 document that are not clearly
historical in nature are forward-looking, and the words "anticipate", "believe",
"expect", "estimate", "plan", "target" 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-looking statements. More detailed
information about these factors are described in CIT's filings with the
Securities and Exchange Commission, including its Annual Report on Form 10-K for
the year ended December 31, 2004 and its Quarterly Report on Form 10-Q for the
quarter ended March 31, 2005. 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.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf b the
undersigned hereunto duly authorized.
CIT GROUP INC.
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(Registrant)
By: /s/ William J. Taylor
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William J. Taylor
Executive Vice President & Controller
(Chief Accounting Officer)
Dated: July 6, 2005