American Express 2011 Annual Report Download - page 108

AMERICAN EXPRESS COMPANY
CONSOLIDATED FIVE-YEAR SUMMARY OF SELECTED FINANCIAL DATA
(Millions, except per share amounts, share data, percentages and where indicated) 2011 2010 2009(e) 2008(e) 2007(e)
Operating Results(a)
Total revenues net of interest expense(b) $ 29,962 $ 27,582 $ 24,336 $ 28,227 $ 27,462
Expenses(b) 21,894 19,411 16,182 18,848 17,665
Provisions for losses 1,112 2,207 5,313 5,798 4,103
Income from continuing operations 4,899 4,057 2,137 2,871 4,126
Income (Loss) from discontinued operations 36 – (7) (172) (114)
Net income 4,935 4,057 2,130 2,699 4,012
Return on average equity(c) 27.7% 27.5% 14.6 % 22.3 % 37.3 %
Balance Sheet(a)
Cash and cash equivalents(d) $ 24,893 $ 16,356 $ 16,599 $ 21,651 $ 10,350
Accounts receivable, net 44,109 40,434 38,204 36,571 41,994
Loans, net 61,166 57,616 30,010 40,659 53,339
Investment securities 7,147 14,010 24,337 12,526 13,214
Assets of discontinued operations –– – 216 22,278
Total assets(d) 153,337 146,689 125,145 127,178 151,215
Customer deposits 37,898 29,727 26,289 15,486 15,397
Travelers Cheques outstanding 5,123 5,618 5,975 6,433 7,197
Short-term borrowings 3,424 3,414 2,344 8,993 17,761
Long-term debt 59,570 66,416 52,338 60,041 55,285
Liabilities of discontinued operations –– – 260 21,527
Shareholders’ equity 18,794 16,230 14,406 11,841 11,029
Common Share Statistics
Earnings per share:
Income from continuing operations:
Basic $4.11$ 3.37 $ 1.55 $ 2.47 $ 3.49
Diluted $4.09$ 3.35 $ 1.54 $ 2.47 $ 3.44
Income (Loss) from discontinued operations:
Basic $0.03$ – $ (0.01) $ (0.14) $ (0.09)
Diluted $0.03$ – $ – $ (0.15) $ (0.10)
Net income:
Basic $4.14$ 3.37 $ 1.54 $ 2.33 $ 3.40
Diluted $4.12$ 3.35 $ 1.54 $ 2.32 $ 3.34
Cash dividends declared per share $0.72$ 0.72 $ 0.72 $ 0.72 $ 0.63
Book value per share $ 16.15 $ 13.56 $ 12.08 $ 10.21 $ 9.53
Market price per share:
High $ 53.80 $ 49.19 $ 42.25 $ 52.63 $ 65.89
Low $ 41.30 $ 36.60 $ 9.71 $ 16.55 $ 50.37
Close $ 47.17 $ 42.92 $ 40.52 $ 18.55 $ 52.02
Average common shares outstanding for earnings per share:
Basic 1,178 1,188 1,168 1,154 1,173
Diluted 1,184 1,195 1,171 1,156 1,193
Shares outstanding at period end 1,164 1,197 1,192 1,160 1,158
Other Statistics
Number of employees at period end (thousands):
United States 29 29 28 31 32
Outside the United States 33 32 31 35 36
Total(f) 62 61 59 66 68
Number of shareholders of record 35,541 38,384 41,273 43,257 50,216
(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.
(b) Beginning the first quarter of 2011, certain payments to business partners previously expensed in other, net expense were reclassified as contra-revenue within total
non-interest revenues or as marketing and promotion expense. Amounts in prior periods for this item have been reclassified.
(c) Return on average equity is calculated by dividing one-year period of net income by one-year average of total shareholders’ equity.
(d) In the first quarter of 2011, the Company reclassified $353 million, reducing both cash and cash due from banks, and other liabilities, on the December 31, 2010
Consolidated Balance Sheet from amounts previously reported to correct for the effect of a misclassification.
(e) Refer to Notes 1 and 7 in the Consolidated Financial Statements for a discussion of the impact of new GAAP governing consolidations and VIEs.
(f) Amounts include employees from discontinued operations.
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