American Express 1998 Annual Report Download - page 59

CONSOLIDATED FIVE-YEAR SUMMARY OF SELECTED FINANCIAL DATA
(millions, except per share amounts and where italicized) 1998 1997 1996 1995 1994
Operating Results
Revenues $ 19,132 $ 17,760 $ 16,380 $ 15,921 $ 14,342
Percent increase 8% 8% 3% 11% 8%
Expenses 16,207 15,010 13,716 13,738 12,451
Income from continuing operations:
As reported 2,141 1,991 1,901 1,564 1,380
Adjusted(a) 2,201 1,991 1,739 1,564 1,380
Net income 2,141 1,991 1,901 1,564 1,413
Return on average shareholders’ equity
(b)
24.0% 23.5% 22.8% 22.0% 20.3%
Balance Sheet
Cash and cash equivalents $ 4,092 $ 4,179 $ 2,677 $ 3,200 $ 3,433
Accounts receivable and accrued interest, net 22,224 21,774 20,491 19,914 17,147
Investments 41,299 39,648 38,339 42,561 40,108
Loans, net 21,054 20,109 18,518 16,091 14,722
Total assets 126,933 120,003 108,512 107,405 97,006
Customers’ deposits 10,398 9,444 9,555 9,889 10,013
Travelers Cheques outstanding 5,823 5,634 5,838 5,697 5,271
Insurance and annuity reserves 25,433 26,165 25,674 25,157 24,849
Short-term debt 22,605 20,570 18,402 17,654 14,810
Long-term debt 7,019 7,873 6,552 7,570 7,162
Shareholders’ equity 9,698 9,574 8,528 8,220 6,433
Common Share Statistics
Earnings per share from continuing operations:
Basic $ 4.71 $ 4.29 $ 4.02 $ 3.19 $ 2.74
Basic adjusted(a) $ 4.84 $ 4.29 $ 3.67 $ 3.19 $ 2.74
Diluted $ 4.63 $ 4.15 $ 3.89 $ 3.10 $ 2.69
Diluted adjusted(a) $ 4.76 $ 4.15 $ 3.56 $ 3.10 $ 2.69
Percent increase (decrease):
Basic
10% 7% 26% 16% (16%)
Basic adjusted(a
)
13% 17% 15% 16% 17%
Diluted 12% 7% 25% 15% (15%)
Diluted adjusted(a
)
15% 17% 15% 15% 16%
Earnings per share:
Basic $ 4.71 $ 4.29 $ 4.02 $ 3.19 $ 2.81
Diluted $ 4.63 $ 4.15 $ 3.89 $ 3.10 $ 2.75
Cash dividends declared per share:
Actual $ .90 $ .90 $ .90 $ .90 $ .925
Pro forma $ .90 $ .90 $ .90 $ .90 $ .90
Book value per share:
Actual $ 21.53 $ 20.53 $ 18.04 $ 16.60 $ 12.57
Pro forma(b) $ 20.24 $ 19.29 $ 17.22 $ 14.79 $ 13.35
Market price per share:
High $ 118.63 $ 91.50 $ 60.38 $ 45.13 $ 32.00
Low $ 67.00 $ 53.63 $ 38.63 $ 29.00 $ 23.17
Close $ 102.50 $ 89.25 $ 56.50 $ 41.38 $ 29.50
Average common shares outstanding
for earnings per share:
Basic 454 464 472 485 492
Diluted 463 479 488 499 512
Shares outstanding at year end 450 466 473 483 496
Number of shareholders of record 51,597 53,576 55,803 57,010 60,520
Other Statistics
Number of employees at year end:
United States 50,266 44,691 43,688 41,700 43,421
Outside United States 34,466 28,929 28,611 28,647 28,991
Total 84,732 73,620 72,299 70,347 72,412
Note: Historical common share prices for 1994 have been adjusted to reflect the Lehman spin-off at a ratio based on the trading prices of the Company’s common
shares and shares of Lehman common stock on May 31, 1994. Pro forma cash dividends declared have also been adjusted to reflect the Lehman spin-off.
(a) 1998 is adjusted to exclude the following first quarter items: $138 million credit loss provision at American Express Bank relating to its Asia/Pacific portfolio, as
well as income of $78 million representing gains on the sale of First Data Corporation shares and a preferred dividend based on Lehman Brothers’ earnings.1996
is adjusted to exclude a $300 million gain on the exchange of the Company’s DECS and a $138 million restructuring charge.
(b) Return on average shareholders’ equity is based on adjusted income from continuing operations in 1996 and excludes the effect of SFAS No. 115. In addition,
book value per share excludes the effect of SFAS No. 115.
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