American Express 2010 Annual Report Download - page 122

AMERICAN EXPRESS COMPANY
CONSOLIDATED FIVE-YEAR SUMMARY OF SELECTED FINANCIAL DATA
(Millions, except per share amounts, percentages, and where indicated) 2010 2009 2008 2007 2006
Operating Results
(a)
Total revenues net of interest expense $ 27,819 $ 24,523 $ 28,365 $ 27,559 $ 24,826
Expenses 19,648 16,369 18,986 17,762 17,008
Provisions for losses 2,207 5,313 5,798 4,103 2,666
Income from continuing operations 4,057 2,137 2,871 4,126 3,625
(Loss) Income from discontinued operations —(7) (172) (114) 82
Net income 4,057 2,130 2,699 4,012 3,707
Return on average equity
(b)
27.5% 14.6% 22.3% 37.3% 34.7%
Balance Sheet
(a)
Cash and cash equivalents
(c)
$ 16,709 $ 16,599 $ 21,651 $ 10,350 $ 3,801
Accounts receivable, net 40,434 38,204 36,571 41,994 38,642
Loans, net
(d)
57,616 30,010 40,659 53,339 43,034
Investment securities
(d)
14,010 24,337 12,526 13,214 13,207
Assets of discontinued operations —— 216 22,278 20,699
Total assets
(c)(d)
147,042 125,145 127,178 151,215 128,262
Customer deposits 29,727 26,289 15,486 15,397 12,011
Travelers Cheques outstanding 5,618 5,975 6,433 7,197 7,215
Short-term borrowings 3,414 2,344 8,993 17,761 15,236
Long-term debt
(d)
66,416 52,338 60,041 55,285 42,747
Liabilities of discontinued operations —— 260 21,527 20,003
Shareholders’ equity
(d)
16,230 14,406 11,841 11,029 10,511
Common Share Statistics
Earnings per share:
Income from continuing operations:
Basic $ 3.37 $ 1.55 $ 2.47 $ 3.49 $ 2.97
Diluted $ 3.35 $ 1.54 $ 2.47 $ 3.44 $ 2.91
(Loss) Income from discontinued operations:
Basic $—$ (0.01) $ (0.14) $ (0.09) $ 0.07
Diluted $—$ — $ (0.15) $ (0.10) $ 0.07
Net income:
Basic $ 3.37 $ 1.54 $ 2.33 $ 3.40 $ 3.04
Diluted $ 3.35 $ 1.54 $ 2.32 $ 3.34 $ 2.98
Cash dividends declared per share $ 0.72 $ 0.72 $ 0.72 $ 0.63 $ 0.57
Book value per share $ 13.56 $ 12.08 $ 10.21 $ 9.53 $ 8.76
Market price per share:
High $ 49.19 $ 42.25 $ 52.63 $ 65.89 $ 62.50
Low $ 36.60 $ 9.71 $ 16.55 $ 50.37 $ 49.73
Close $ 42.92 $ 40.52 $ 18.55 $ 52.02 $ 60.67
Average common shares outstanding for earnings per share:
Basic 1,188 1,168 1,154 1,173 1,212
Diluted 1,195 1,171 1,156 1,193 1,235
Shares outstanding at period end 1,197 1,192 1,160 1,158 1,199
Other Statistics
Number of employees at period end (thousands):
United States 29 28 31 32 32
Outside the United States 32 31 35 36 33
Total
(e)
61 59 66 68 65
Number of shareholders of record 38,384 41,273 43,257 50,216 51,644
(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) Prior to June 30, 2010, the Company misclassified certain book overdraft balances against cash balances on its Consolidated Balance Sheets. Such overdraft balances
have been reclassified to either accounts payable or other liabilities as of December 31, 2009, 2008 and 2007.
(d) Refer to Note 7 for discussion of the impact of new GAAP effective January 1, 2010.
(e) Amounts include employees from discontinued operations.
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