American Express 2009 Annual Report Download - page 130

CONSOLIDATED FIVE-YEAR SUMMARY OF SELECTED FINANCIAL DATA
AMERICAN EXPRESS COMPANY
(Millions, except per share amounts, percentages, and where indicated) 2009 2008 2007 2006 2005
Operating Results(a)
Total revenues net of interest expense $ 24,523 $ 28,365 27,559 $ 24,826 $ 22,145
Expenses 16,369 18,986 17,762 17,008 15,605
Provisions for losses 5,313 5,798 4,103 2,666 2,561
Income from continuing operations 2,137 2,871 4,126 3,625 3,014
(Loss) Income from discontinued operations (7) (172) (114) 82 720
Net income 2,130 2,699 4,012 3,707 3,734
Return on average equity(b) 14.6% 22.3% 37.3% 34.7% 25.4%
Balance Sheet(a)
Cash and cash equivalents $ 15,542 $ 20,547 8,878 $ 3,801 $ 4,272
Accounts receivable, net 38,204 36,571 41,994 38,642 35,293
Loans, net 30,010 40,659 53,339 43,034 33,824
Investment securities 24,337 12,526 13,214 13,207 13,102
Assets of discontinued operations —216 22,278 20,699 19,866
Total assets 124,088 126,074 149,743 128,262 114,571
Customer deposits 26,289 15,486 15,397 12,011 13,827
Travelers Cheques outstanding 5,975 6,433 7,197 7,215 7,175
Short-term borrowings 2,344 8,993 17,761 15,236 15,711
Long-term debt 52,338 60,041 55,285 42,747 30,781
Liabilities of discontinued operations —260 21,527 20,003 19,077
Shareholders’ equity 14,406 11,841 11,029 10,511 10,549
Common Share Statistics
Earnings per share(c):
Income from continuing operations:
Basic $ 1.55 $ 2.47 $ 3.49 $ 2.97 $ 2.42
Diluted $ 1.54 $ 2.47 $ 3.44 $ 2.91 $ 2.38
(Loss) Income from discontinued operations:
Basic $ (0.01) $ (0.14) $ (0.09) $ 0.07 $ 0.58
Diluted $—$ (0.15) $ (0.10) $ 0.07 $ 0.57
Net income:
Basic $ 1.54 $ 2.33 $ 3.40 $ 3.04 $ 3.00
Diluted $ 1.54 $ 2.32 $ 3.34 $ 2.98 $ 2.95
Cash dividends declared per share $ 0.72 $ 0.72 $ 0.63 $ 0.57 $ 0.48
Book value per share $ 12.08 $ 10.21 $ 9.53 $ 8.76 $ 8.50
Market price per share(d):
High $ 42.25 $ 52.63 $ 65.89 $ 62.50 $ 59.50
Low $ 9.71 $ 16.55 $ 50.37 $ 49.73 $ 47.01
Close $ 40.52 $ 18.55 $ 52.02 $ 60.67 $ 51.46
Average common shares outstanding for earnings per share:
Basic 1,168 1,154 1,173 1,212 1,233
Diluted 1,171 1,156 1,193 1,235 1,253
Shares outstanding at period end 1,192 1,160 1,158 1,199 1,241
Other Statistics
Number of employees at period end (thousands):
United States 28 31 32 32 29
Outside United States 30 35 36 33 37
Total(e) 58 66 68 65 66
Number of shareholders of record 41,273 43,257 50,216 51,644 55,409
(a) In 2007, the Company entered into an agreement to sell its international banking subsidiary, AEB, and its subsidiary that issues investment
certificates to AEB’s customers, AEIDC, to Standard Chartered subject to certain regulatory approvals. The results, assets, and liabilities of
AEB (except for certain components of the business which were not sold) are presented as discontinued operations. Additionally, the spin-off
of Ameriprise and certain dispositions were completed in 2006 and 2005, and the results of these operations are presented as discontinued
operations. Refer to Note 2 for additional information on discontinued operations.
(b) Return on average equity is calculated by dividing one year period of net income by one year average of total shareholders’ equity.
(c) Effective January 1, 2009, guidance for determining whether instruments granted in share-based payment transactions are participating
securities requires that restricted stock awards be included in the computation of basic and diluted earnings per share pursuant to the
two-class method. Accordingly, the Company has retrospectively adjusted EPS for all prior periods presented. Refer to Note 18 to the
Company’s Consolidated Financial Statements.
(d) The market price per share beginning with the fourth quarter of 2005 reflects the spin-off of Ameriprise as of September 30, 2005. The
opening share price on the first trading day after the spin-off was $50.75.
(e) Amounts include employees from discontinued operations.
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