American Express 2001 Annual Report Download - page 4

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axp_2
Contents
2Consolidated Highlights
4Letter to Shareholders
28 Financial Review
48 Consolidated Statements
of Income
49 Consolidated Balance
Sheets
50 Consolidated Statements
of Cash Flows
51 Consolidated Statements
of Shareholders’ Equity
52 Notes to Consolidated
Financial Statements
76 Report of Management
77 Report of Ernst & Young
LLP Independent Auditors
78 Consolidated Five-Year
Summary of Selected
Financial Data
Consolidated Highlights
AMERICAN EXPRESS COMPANY
Percent (Decrease)
(Dollars in millions, except per share amounts) 2001 2000 Increase
Net revenues (managed basis)(a) $ 21,359 $ 22,085 (3)%
Revenues (GAAP basis) $ 22,582 $ 23,675 (5)
Net income(b) $ 1,311 $ 2,810 (53)
Diluted earnings per common share(b) $ 0.98 $ 2.07 (53)
Cash dividends declared per common share $ 0.32 $ 0.32
—
Book value per common share(c) $ 9.02 $ 8.92 1
Average common shares outstanding
for diluted earnings per common
share (millions) 1,336 1,360 (2)
Total assets $ 151,100 $ 154,423 (2)
Shareholders’ equity $ 12,037 $ 11,684 3
Common share cash dividends declared $ 424 $ 426 (1)
Common share repurchases $ 626 $ 1,327 (53)
Return on average shareholders’ equity(b)(c) 10.9% 25.3%
—
Number of employees 84,417 88,850 (5)
(a) Net revenues (managed basis) are total revenues as reported under U.S. Generally Accepted Accounting Princi-
ples (GAAP), net of American Express Financial Advisors’ provision for losses and benefits, and exclude the
effects of Travel Related Services’ asset securitization activities.
(b) Results for 2001 include three significant items: (1) a charge of $1.01 billion pretax ($669 million after-tax)
reflecting losses associated with high-yield securities recorded during the first half of 2001; (2) restructuring
charges of $631 million pretax ($411 million after-tax); and (3) the one-time adverse impact from the September
11th terrorist attacks of $98 million pretax ($65 million after-tax).
(c) Excludes the effect of SFAS No. 115 and, in 2001, SFAS No. 133.