American Express 2004 Annual Report Download - page 125

Consolidated Five-Year Summary of Selected Financial Data
(Millions, except per share amounts, employees, shareholders and percentages) 2004
(a)
2003
(b)
2002 2001
(c)
2000
Operating Results
Revenues $ 29,115 $ 25,836 $ 23,807 $ 22,582 $ 23,675
Percent increase (decrease) 13% 9% 5% (5)% 11%
Expenses 24,164 21,589 20,080 20,986 19,767
Income before accounting change 3,516 3,000 2,671 1,311 2,810
Net income 3,445 2,987 2,671 1,311 2,810
Return on average shareholders’ equity
(d)
22.0% 20.6% 20.2% 10.8% 26.3%
Balance Sheet
Cash and cash equivalents $ 9,907 $ 6,156 $ 10,288 $ 7,222 $ 8,487
Accounts receivable and accrued interest, net 34,650 31,269 29,087 29,498 30,543
Investments 60,809 56,637 53,638 46,488 43,747
Loans, net 34,858 32,300 27,822 26,440 26,088
Total assets 192,638 174,547 157,253 151,100 154,423
Customers’ deposits 21,091 21,250 18,317 14,557 13,870
Travelers Cheques outstanding 7,287 6,819 6,623 6,190 6,127
Insurance and annuity reserves 32,966 31,969 28,683 24,536 24,098
Short-term debt 14,182 19,046 21,103 31,569 36,030
Long-term debt 33,061 20,654 16,308 7,788 4,711
Shareholders’ equity 16,020 15,323 13,861 12,037 11,684
Common Share Statistics
Earnings per share:
Income before accounting change:
Basic $ 2.79 $ 2.34 $ 2.02 $ 0.99 $ 2.12
Diluted $ 2.74 $ 2.31 $ 2.01 $ 0.98 $ 2.07
Percent increase (decrease):
Basic 19% 16% ‡ (53)% 15%
Diluted 19% 15% ‡ (53)% 14%
Net income:
Basic $ 2.74 $ 2.33 $ 2.02 $ 0.99 $ 2.12
Diluted $ 2.68 $ 2.30 $ 2.01 $ 0.98 $ 2.07
Cash dividends declared per share $ 0.44 $ 0.38 $ 0.32 $ 0.32 $ 0.32
Book value per share:
Actual $ 12.83 $ 11.93 $ 10.63 $ 9.05 $ 8.81
Market price per share:
High $ 57.05 $ 49.11 $ 44.91 $ 57.06 $ 63.00
Low $ 47.32 $ 30.90 $ 26.55 $ 24.20 $ 39.83
Close $ 56.37 $ 48.23 $ 35.35 $ 35.69 $ 54.94
Average common shares outstanding for
earnings per share:
Basic 1,259 1,284 1,320 1,324 1,327
Diluted 1,285 1,298 1,330 1,336 1,360
Shares outstanding at period end 1,249 1,284 1,305 1,331 1,326
Other Statistics
Number of employees at period end:
United States 40,500 41,800 41,100 48,700 53,400
Outside United States 37,000 36,400 34,400 35,700 35,500
Total 77,500 78,200 75,500 84,400 88,900
Number of shareholders of record 50,394 47,967 51,061 52,041 53,884
(a) Results for 2004 include five significant items: (1) a $109 million non-cash pretax charge ($71 million after-tax) related to the January 1, 2004 adoption of SOP 03-1;
(2) a charge of $115 million (net of $32 million of reserves previously provided) related to a reconciliation of securitization-related cardmember loans; (3) a $117
million ($76 million after-tax) net gain on the sale of the equipment leasing product line of the Company’s small business financing unit, American Express Business
Finance Corporation; (4) aggregate restructuring charges of $102 million ($66 million after-tax) for initiatives executed during 2004; and (5) a reduction in merchant-
related reserves of approximately $60 million that reflect changes made to mitigate loss exposure and ongoing favorable credit experience with merchants.
(b) Results for 2003 reflect a $20 million non-cash pretax charge ($13 million after-tax) related to the December 31, 2003 adoption of FIN 46, as revised.
(c) 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).
(d) Computed on a trailing 12-month basis using total shareholders’ equity as included in the Consolidated Financial Statements prepared in accordance with GAAP.
‡ —Denotes a variance of more than 100%.
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