American Express 2007 Annual Report Download - page 70

Download and view the complete annual report

Please find page 70 of the 2007 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 118

  • 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
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118

CONSOLIDATED STATEMENTS OF INCOME
AMERICAN EXPRESS COMPANY
Years Ended December 31, (Millions, except per share amounts) 2007 2006 2005
Revenues
Discount revenue $14,596 $12,978 $11,489
Net card fees 2,050 1,994 2,033
Travel commissions and fees 1,926 1,778 1,780
Other commissions and fees 2,417 2,233 2,106
Securitization income, net 1,507 1,489 1,260
Other 1,645 1,689 1,317
Total 24,141 22,161 19,985
Interest income
Cardmember lending finance revenue 6,145 4,586 3,379
Other 1,271 1,147 1,040
Total 7,416 5,733 4,419
Total revenues 31,557 27,894 24,404
Interest expense
Cardmember lending 1,734 1,192 847
Charge card and other 2,092 1,548 1,132
Total 3,826 2,740 1,979
Revenues net of interest expense 27,731 25,154 22,425
Expenses
Marketing, promotion, rewards and cardmember services 7,817 6,504 5,823
Human resources 5,438 5,040 4,745
Professional services 2,283 2,269 1,986
Occupancy and equipment 1,436 1,384 1,318
Communications 461 434 439
Other, net 389 1,358 1,303
Total 17,824 16,989 15,614
Provisions for losses and benefits
Charge card 1,140 935 1,038
Cardmember lending 2,761 1,623 1,349
Other (including investment certificates) 440 468 371
Total 4,341 3,026 2,758
Pretax income from continuing operations 5,566 5,139 4,053
Income tax provision 1,518 1,528 991
Income from continuing operations 4,048 3,611 3,062
(Loss) Income from discontinued operations, net of tax (36) 96 672
Net income $ 4,012 $ 3,707 $ 3,734
Earnings per Common Share — Basic:
Income from continuing operations $ 3.45 $ 2.98 $ 2.48
(Loss) Income from discontinued operations (0.03) 0.08 0.55
Net income $ 3.42 $ 3.06 $ 3.03
Earnings per Common Share — Diluted:
Income from continuing operations $ 3.39 $ 2.92 $ 2.43
(Loss) Income from discontinued operations (0.03) 0.07 0.54
Net income $ 3.36 $ 2.99 $ 2.97
Average common shares outstanding for earnings per common share:
Basic 1,173 1,212 1,233
Diluted 1,196 1,238 1,258
See Notes to Consolidated Financial Statements.
68