American Express 2004 Annual Report Download - page 2

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Consolidated Highlights
AMERICAN EXPRESS COMPANY
Percent Increase
(Millions, except per share amounts and employees) 2004 2003 (Decrease)
Revenues $ 29,115 $ 25,836 13%
Income before accounting change $ 3,516 $ 3,000 17%
Net income $ 3,445 $ 2,987 15%
Diluted earnings per common share
before accounting change $ 2.74 $ 2.31 19%
Diluted earnings per common share $ 2.68 $ 2.30 17%
Cash dividends declared per common share $ 0.44 $ 0.38 16%
Book value per common share $ 12.83 $ 11.93 8%
Average common shares outstanding for
diluted earnings per common share 1,285 1,298 (1)%
Total assets $ 192,638 $ 174,547 10%
Shareholders’ equity $ 16,020 $ 15,323 5%
Common share cash dividends declared $ 556 $ 495 12%
Common share repurchases $ 3,578 $ 1,391 #
Return on average shareholders’ equity 22.0% 20.6% —
Number of employees 77,500 78,200 (1)%
# - Denotes a variance of more than 100%.
Various forward-looking statements are made in this Annual Report, which generally include the words "believe,"
"expect," "anticipate," "optimistic," "intend," "plan," "aim," "will," "may," "should," "could," "would," "likely,"
and similar expressions. Certain factors that may affect these forward-looking statements, including American
Express Company's ability to achieve its goals referred to herein, are discussed on page 71.