American Express 1998 Annual Report Download - page 4

Download and view the complete annual report

Please find page 4 of the 1998 American Express annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 63

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63

CONSOLIDATED HIGHLIGHTS
AMERICAN EXPRESS COMPANY
Percent
Increase
(Dollars in millions, except per share amounts) 1998 1997 (Decrease)
Revenues $ 19,132 $ 17,760 7.7%
Net income:
As reported $ 2,141 $ 1,991 7.5
Adjusted (a) $ 2,201 $ 1,991 10.5
Diluted earnings per common share:
As reported $ 4.63 $ 4.15 11.6
Adjusted (a) $ 4.76 $ 4.15 14.7
Cash dividends declared per share $ .90 $ .90 —
Book value per share (b) $ 20.24 $ 19.29 4.9
Average common shares outstanding for diluted
earnings per common share (millions) 463 479 (3.4)
Total assets $ 126,933 $ 120,003 5.8
Shareholders’ equity $ 9,698 $ 9,574 1.3
Common share cash dividends declared $ 410 $ 421 (2.7)
Common share repurchases $ 1,890 $ 1,259 —
Return on average shareholders’ equity (b) 24.0% 23.5% —
Number of employees 84,732 73,620 15.1
(a) Adjusted to exclude the following 1998 first quarter items: a $138 million (after-tax) credit loss provision at American Express Bank relating to its Asia/Pacific
portfolio, as well as income of $78 million (after-tax) representing gains on the sale of First Data Corporation shares and a preferred dividend based on Lehman
Brothers’ earnings.
(b) Excludes the effect of SFAS No. 115.