American Exp.Co
American Express Company (NYSE: AXP) today reported fourth-quarter income from
continuing operations(1) of $839 million, down 6 percent from $895 million a
year ago.
(Millions, except per share amounts)
Quarters Ended Percentage Years Ended Percentage
December 31, Inc/(Dec) December 31, Inc/(Dec)
--------------- --------- ----------------- ----------
2007 2006 2007 2006
------- ------- -------- --------
Revenues net of
interest
expense $7,364 $6,675 10% $27,731 $25,154 10%
Income From
Continuing
Operations $ 839 $ 895 (6%) $ 4,048 $ 3,611 12%
(Loss) Income
From
Discontinued
Operations $ (8) $ 27 # $ (36) $ 96 #
Net Income $ 831 $ 922 (10%) $ 4,012 $ 3,707 8%
Earnings Per
Common Share -
Basic:
Income From
Continuing
Operations $ 0.72 $ 0.75 (4%) $ 3.45 $ 2.98 16%
(Loss)
Income
From
Discontinued
Operations $ - $ 0.02 # $ (0.03) $ 0.08 #
Net Income $ 0.72 $ 0.77 (6%) $ 3.42 $ 3.06 12%
Earnings Per
Common Share -
Diluted:
Income From
Continuing
Operations $ 0.71 $ 0.73 (3%) $ 3.39 $ 2.92 16%
(Loss) Income
From
Discontinued
Operations $ - $ 0.02 # $ (0.03) $ 0.07 #
Net Income $ 0.71 $ 0.75 (5%) $ 3.36 $ 2.99 12%
Average Common
Shares
Outstanding
Basic 1,157 1,196 (3%) 1,173 1,212 (3%)
Diluted 1,178 1,224 (4%) 1,196 1,238 (3%)
Return on
Average Equity* 37.3% 34.7% 37.3% 34.7%
----------------------------------------------------------------------
* Computed on a trailing 12-month basis using net income over average total
shareholders' equity (including discontinued operations) as included in the
Consolidated Financial Statements prepared in accordance with U.S. generally
accepted accounting principles (GAAP).
# Denotes a variance of more than 100%.
Diluted earnings per share from continuing operations were $0.71, down 3 percent
from $0.73 a year ago.
Net income totaled $831 million for the quarter, down 10 percent from $922
million a year ago. On a per-share basis, net income was $0.71, down 5 percent
from $0.75 a year ago.
Consolidated revenues net of interest expense rose 10 percent to $7.4 billion,
up from $6.7 billion a year ago.
Consolidated expenses totaled $4.7 billion, up 3 percent from $4.6 billion a
year ago.
The Company's return on equity (ROE) was 37.3 percent, up from 34.7 percent a
year ago.
For the full year, the Company reported income from continuing operations of
$4.0 billion, up 12 percent from $3.6 billion a year ago. Diluted earnings per
share from continuing operations rose to $3.39, up 16 percent from $2.92 a year
ago.
Net income for the full year was $4.0 billion, an increase of 8 percent from the
previous year. Earnings per share on a diluted basis increased to $3.36, up 12
percent from $2.99.
"Results for the year met or exceeded all of our long-term financial targets,
even though we saw clear signs of a weakening economy and business environment
in December," said Kenneth I. Chenault, chairman and chief executive. "Strong
Cardmember spending and the nearly 8.5 million new cards we added in 2007
represented a continuing return on multi-year business-building investments.
"Despite the December weakness that we discussed a few weeks ago, fourth-quarter
business volumes and credit indicators continued to be in the top tier of the
industry. Marketing and related investments remained focused on premium segments
of the market. Each of our customer groups and geographic regions contributed to
the 16 percent increase in Cardmember spending.
"The fourth-quarter additions to reserves were appropriate for an environment
that is more difficult than we have seen in recent years. While our outlook for
2008 remains cautious, and we continue to expect slower earnings growth in the
year ahead, we are not changing our fundamental approach to managing the
business. We expect to take advantage of growth opportunities in those parts of
the market with strong underlying economics.
1. As previously announced, the Company entered into an agreement to sell its
international banking subsidiary, American Express Bank Ltd.(AEB), which is now
included in discontinued operations.
"We are not immune from further deterioration in the economic and credit
environment, but we believe our focus on the premium sector should help us to
weather the current conditions better than many competitors.
"We also remain confident in our ability, on average and over time, to meet our
long-standing financial targets of 12 to 15 percent EPS growth, at least 8
percent revenue growth and a return on equity of 33 to 36 percent."
The fourth-quarter results included a previously announced $438 million ($274
million after-tax) credit-related charge in the U.S. Card Services Segment.
Also, the fourth quarter included several previously announced items, including
a gain of $1.13 billion ($700 million after-tax) from the Company's settlement
with Visa, and:
-- $143 million ($89 million after-tax) of incremental investments in
business-building initiatives,
-- $74 million ($46 million after-tax) in litigation-related costs
pertaining to the lawsuit against Visa, and
-- $50 million ($31 million after-tax) in contributions to the American
Express Charitable Fund.
The fourth-quarter results also included a previously announced $685 million
($430 million after-tax) charge related to the Company's enhancements to its
method of estimating the liability for Membership Rewards.
Significant items in the year-ago fourth quarter included:
-- tax benefits totaling $45 million that related principally to certain
foreign losses and to the finalization of state tax returns, and
-- a $68 million ($42 million after-tax) gain related to the rebalancing of
an investment portfolio in the Travelers Cheques and Gift Card business.
Also included in the fourth quarter's results were $16 million ($10 million
after-tax) of reengineering costs. Year-ago reengineering costs totaled $64
million ($42 million after-tax).
Discontinued operations
Discontinued operations for the fourth quarter included a loss of $8 million
compared with income of $27 million during the year-ago period, both primarily
reflecting the results of AEB's banking operations.
Segment results
In the third quarter of 2007, the Company reorganized its businesses into two
customer-focused groups: the Global Consumer Group and the Global
Business-to-Business Group. The Company's segments were realigned accordingly.
In connection with the sale of AEB and beginning with the third quarter of 2007,
and for all prior periods, AEB (except for certain components of AEB that are
not being sold) results have been removed from the Corporate & Other segment and
reported within the discontinued operations line on the Company's Consolidated
Statements of Income. In addition to the agreement to sell AEB to Standard
Chartered PLC, American Express International Deposit Company (AEIDC) was also
contracted to be sold to Standard Chartered 18 months after the close of the AEB
sale through a put/call agreement. AEIDC will continue to be reflected in
continuing operations, within the Corporate & Other segment, until one year
before the anticipated close of this portion of the transaction. Based on the
assumed completion of the AEB sale in the first quarter of 2008, we expect to
begin reporting AEIDC's results in the discontinued operations line in the third
quarter of 2008.
The following segment discussions, as well as the selected financial data for
all periods presented, reflect the changes noted above.
U.S. Card Services reported fourth-quarter net income of $7 million, down from
$473 million a year ago. While revenues net of interest expense increased
substantially from year-ago amounts, the lower net income for 2007 is
principally attributed to rising credit costs and the increased expense related
to Membership Rewards.
Revenues net of interest expense for the fourth quarter increased 11 percent to
$3.7 billion, reflecting higher spending and borrowing by consumers and small
businesses, which were partially offset by higher interest expense and lower
securitization income, net.
Total expenses increased 25 percent. Marketing, promotion, rewards and
Cardmember services expenses increased 43 percent from the year-ago period. This
was primarily due to charges of $408 million ($253 million after-tax) related to
the previously mentioned Membership Rewards liability estimation enhancements
and $84 million ($52 million after-tax) related to incremental investments in
business-building initiatives above the planned level for the quarter. Human
resources and other operating expenses decreased slightly.
Provisions for losses increased significantly, reflecting higher write-off and
delinquency rates as well as growth in loans outstanding. The provision reflects
$384 million ($241 million after-tax) of the $438 million ($274 million
after-tax) credit-related charge previously mentioned. That charge included $288
million ($180 million after-tax) that was added to lending reserves and $96
million ($61 million after-tax) added to charge card reserves. The remaining $54
million ($33 million after-tax) of the credit-related charge related to a
reduction in the fair market value of the Company's retained subordinated
interest in securitized Cardmember loans that decreased securitization income,
net.
International Card Services reported a fourth-quarter net loss of $68 million,
compared with net income of $99 million a year ago. While revenues net of
interest expense increased substantially from year-ago amounts, the lower net
income for 2007 is principally attributed to the increased expense related to
Membership Rewards and increased investments in business-building initiatives.
Revenues net of interest expense increased 16 percent to $1.2 billion,
reflecting higher Cardmember spending, as well as higher loan balances, which
were partially offset by higher interest expense.
Total expenses increased 55 percent. Marketing, promotion, rewards and
Cardmember services expenses increased significantly, reflecting $216 million
($138 million after-tax) related to the previously mentioned Membership Rewards
liability estimation enhancements. The increase also reflected $20 million ($12
million after-tax) related to the previously mentioned incremental investments
in business-building initiatives above the planned level for the quarter. Human
resources and other operating expenses increased 11 percent from a year ago.
Provisions for losses increased 5 percent from a year ago as growth in the loan
portfolio was offset by a lower level of write-off and delinquency rates.
Global Commercial Services reported fourth-quarter net income of $110 million,
down from $117 million a year ago. While revenues net of interest expense
increased substantially from year-ago amounts, the lower net income for 2007 is
principally attributed to the increased expense related to Membership Rewards.
Revenues net of interest expense increased 15 percent to $1.1 billion,
reflecting higher spending by corporate Cardmembers and increased travel
commissions.
Total expenses increased 18 percent. Human resources and other operating
expenses increased 10 percent reflecting continued growth in the business.
Marketing, promotion, rewards and Cardmember services expenses increased
significantly, reflecting $61 million ($39 million after-tax) of the previously
mentioned charges related to the Membership Rewards liability estimation
enhancements.
Provisions for losses increased $24 million from year-ago levels, primarily
reflecting higher volumes and write-offs.
Global Network & Merchant Services reported fourth-quarter net income of $254
million, up 26 percent from $201 million a year ago. Revenues net of interest
expense for the fourth quarter increased 14 percent to $1.0 billion. The
increase reflected continued strong growth in merchant-related revenue,
primarily from higher company-wide billed business.
Spending on Global Network Services cards increased 39 percent from year-ago
levels, reflecting continued growth in spending on cards issued by bank
partners. Cards-in-force issued by bank partners increased 35 percent.
Total expenses increased 10 percent, reflecting higher human resources costs and
expanded marketing and promotion activities, including portions of the
previously mentioned incremental business-building investments above the planned
level for the quarter.
Corporate and Other reported fourth-quarter net income of $536 million, compared
with net income of $5 million a year ago. The increase was primarily due to the
previously mentioned $700 million after-tax gain from the Company's settlement
agreement with Visa, offset in part by the $46 million after-tax
litigation-related costs associated with the lawsuit against Visa and the $31
million after-tax contribution to the American Express Charitable Fund.
The year-ago quarter also included $42 million after-tax gain related to the
rebalancing of an investment portfolio that lengthened average maturities to
more accurately anticipate future redemptions of outstanding Travelers Cheques
and Gift Card products.
American Express Company is a leading global payments, network and travel
company founded in 1850. For more information, visit www.americanexpress.com
Note: The 2007 Fourth Quarter Earnings Supplement will be available today on the
American Express web site at http://ir.americanexpress.com. An investor
conference call will be held with Chief Financial Officer, Daniel T. Henry, at
5:00 p.m. (EDT) today to discuss fourth-quarter earnings results, operating
performance and other topics that may be raised during the discussion. Live
audio of the investor conference call will be accessible to the general public
on the American Express web site at http://ir.americanexpress.com. A replay of
the conference call will be available later today at the same web site address.
This release includes forward-looking statements, which are subject to risks and
uncertainties. The forward-looking statements, which address the Company's
expected business and financial performance, among other matters, contain words
such as "believe," "expect," "anticipate," "optimistic," "intend," "plan,"
"aim," "will," "may," "should," "could," "would," "likely," and similar
expressions. Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date on which they are
made. The Company undertakes no obligation to update or revise any
forward-looking statements. Factors that could cause actual results to differ
materially from these forward-looking statements include, but are not limited
to, the following: consumer and business spending on the Company's credit and
charge card products and Travelers Cheques and other prepaid products and growth
in card lending balances, which depend in part on the economic environment, and
the ability to issue new and enhanced card and prepaid products, services and
rewards programs, and increase revenues from such products, attract new
Cardmembers, reduce Cardmember attrition, capture a greater share of existing
Cardmembers' spending, and sustain premium discount rates on its card products
in light of regulatory and market pressures, increase merchant coverage, retain
Cardmembers after low introductory lending rates have expired, and expand the
Global Network Services business; the Company's ability to manage credit risk
related to consumer debt, business loans, merchants and other credit trends,
which will depend in part on the economic environment, the rates of bankruptcies
and unemployment, which can affect spending on card products, debt payments by
individual and corporate customers and businesses that accept the Company's card
products, and on the effectiveness of the Company's credit models; fluctuations
in interest rates (including fluctuations in benchmarks, such as LIBOR and other
benchmark rates, used to price loans and other indebtedness, as well as credit
spreads in the pricing of loans and other indebtedness), which impact the
Company's borrowing costs, return on lending products and the value of the
Company's investments; the Company's ability to meet its ROE target range of 33
to 36 percent on average and over time, which will depend in part on factors
such as the Company's ability to generate sufficient revenue growth and achieve
sufficient margins, fluctuations in the capital required to support its
businesses, the mix of the Company's financings, and fluctuations in the level
of the Company's shareholders' equity due to share repurchases, dividends,
changes in accumulated other comprehensive income and accounting changes, among
other things; the actual amount to be spent by the Company on marketing,
promotion, rewards and Cardmember services based on management's assessment of
competitive opportunities and other factors affecting its judgment; the ability
to control and manage operating, infrastructure, advertising and promotion
expenses as business expands or changes, including the ability to accurately
estimate the provision for the cost of the Membership Rewards program;
fluctuations in foreign currency exchange rates; the Company's ability to grow
its business and meet or exceed its return on shareholders' equity target by
reinvesting approximately 35 percent of annually-generated capital, and
returning approximately 65 percent of such capital to shareholders, over time,
which will depend on the Company's ability to manage its capital needs and the
effect of business mix, acquisitions and rating agency requirements; the success
of the Global Network Services business in partnering with banks in the United
States, which will depend in part on the extent to which such business further
enhances the Company's brand, allows the Company to leverage its significant
processing scale, expands merchant coverage of the network, provides Global
Network Services' bank partners in the United States the benefits of greater
Cardmember loyalty and higher spend per customer, and merchant benefits such as
greater transaction volume and additional higher spending customers; trends in
travel and entertainment spending and the overall level of consumer confidence;
the costs and integration of acquisitions; the underlying assumptions and
expectations related to the sale of the American Express Bank Ltd. businesses
proving to be inaccurate or unrealized, including, among other things, the
likelihood of and expected timing for completion of the transaction, the
proceeds to be received by the Company in the transaction and the transaction's
impact on the Company's earnings; the success, timeliness and financial impact
(including costs, cost savings and other benefits including increased revenues),
and beneficial effect on the Company's operating expense to revenue ratio, both
in the short-term and over time, of reengineering initiatives being implemented
or considered by the Company, including cost management, structural and
strategic measures such as vendor, process, facilities and operations
consolidation, outsourcing (including, among others, technologies operations),
relocating certain functions to lower-cost overseas locations, moving internal
and external functions to the internet to save costs, and planned staff
reductions relating to certain of such reengineering actions; the Company's
ability to reinvest the benefits arising from such reengineering actions in its
businesses; bankruptcies, restructurings, consolidations or similar events
affecting the airline or any other industry representing a significant portion
of the Company's billed business, including any potential negative effect on
particular card products and services and billed business generally that could
result from the actual or perceived weakness of key business partners in such
industries; the triggering of obligations to make payments to certain co-brand
partners, merchants, vendors and customers under contractual arrangements with
such parties under certain circumstances; a downturn in the Company's businesses
and/or negative changes in the Company's and its subsidiaries' credit ratings,
which could result in contingent payments under contracts, decreased liquidity
and higher borrowing costs; accuracy of estimates for the fair value of the
assets in the Company's investment portfolio and, in particular, those
investments that are not readily marketable, including the valuation of the
interest-only strip relating to the Company's lending securitizations; the
Company's ability to invest in technology advances across all areas of its
business to stay on the leading edge of technologies applicable to the payments
industry; the Company's ability to protect its intellectual property rights (IP)
and avoid infringing the IP of other parties; the potential negative effect on
the Company's businesses and infrastructure, including information technology,
of terrorist attacks, natural disasters or other catastrophic events in the
future; political or economic instability in certain regions or countries, which
could affect lending and other commercial activities, among other businesses, or
restrictions on convertibility of certain currencies; changes in laws or
government regulations; accounting changes; outcomes and costs associated with
litigation and compliance and regulatory matters; and competitive pressures in
all of the Company's major businesses. A further description of these and other
risks and uncertainties can be found in the Company's Annual Report on Form 10-K
for the year ended December 31, 2006, and its other reports filed with the SEC.
All information in the following tables is presented on a basis prepared in
accordance with U.S. generally accepted accounting principles (GAAP), unless
otherwise indicated. For additional information related to the impact of changes
to the Company's financial reporting, including the Company's organizational
changes that became effective July 1, 2007, refer to the Company's Form 8-Ks
filed with the Securities and Exchange Commission, dated November 1, 2007 and
March 30, 2007.
(Preliminary)
American Express Company
----------------------------------------------------------------------
Consolidated Statements of Income
----------------------------------------------------------------------
(Millions)
Quarters Ended Years Ended
December 31, Percentage December 31, Percentage
-------------- ----------------
2007 2006 Inc/(Dec) 2007 2006 Inc/(Dec)
------- ------ ---------- -------- ------- ----------
Revenues
Discount
revenue $3,912 $3,458 13 % $14,596 $12,978 12 %
Net card fees 544 479 14 2,050 1,994 3
Travel
commissions
and fees 514 450 14 1,926 1,778 8
Other
commissions
and fees 650 573 13 2,417 2,233 8
Securitization
income, net 326 347 (6) 1,507 1,489 1
Other 470 528 (11) 1,645 1,689 (3)
------- ------ -------- -------
Total 6,416 5,835 10 24,141 22,161 9
------- ------ -------- -------
Interest income
Cardmember
lending
finance
revenue 1,682 1,326 27 6,145 4,586 34
Other 302 287 5 1,271 1,147 11
------- ------ -------- -------
Total 1,984 1,613 23 7,416 5,733 29
------- ------ -------- -------
Total
revenues 8,400 7,448 13 31,557 27,894 13
------- ------ -------- -------
Interest
expense
Cardmember
lending 474 351 35 1,734 1,192 45
Charge card
and other 562 422 33 2,092 1,548 35
------- ------ -------- -------
Total 1,036 773 34 3,826 2,740 40
------- ------ -------- -------
Revenues net of
interest expense 7,364 6,675 10 27,731 25,154 10
------- ------ -------- -------
Expenses
Marketing,
promotion,
rewards and
cardmember
services 2,719 1,732 57 7,817 6,504 20
Human resources 1,437 1,361 6 5,438 5,040 8
Professional
services 646 648 - 2,283 2,269 1
Occupancy and
equipment 382 372 3 1,436 1,384 4
Communications 119 112 6 461 434 6
Other, net (591) 365 # 389 1,358 (71)
------- ------ -------- -------
Total 4,712 4,590 3 17,824 16,989 5
------- ------ -------- -------
Provisions for
losses and
benefits
Charge card 419 277 51 1,140 935 22
Cardmember
lending 970 484 # 2,761 1,623 70
Other
(including
investment
certificates) 134 137 (2) 440 468 (6)
------- ------ -------- -------
Total 1,523 898 70 4,341 3,026 43
------- ------ -------- -------
Pretax income
from continuing
operations 1,129 1,187 (5) 5,566 5,139 8
Income tax
provision 290 292 (1) 1,518 1,528 (1)
------- ------ -------- -------
Income from
continuing
operations 839 895 (6) 4,048 3,611 12
(Loss) Income
from
discontinued
operations, net
of tax (8) 27 # (36) 96 #
------- ------ -------- -------
Net income $ 831 $ 922 (10) $ 4,012 $ 3,707 8
======= ====== ======== =======
# - Denotes a variance of more than 100%.
(Preliminary)
American Express Company
----------------------------------------------------------------------
Condensed Consolidated Balance Sheets
----------------------------------------------------------------------
(Billions)
December 31, December 31,
2007 2006
------------ ------------
Assets
Cash and cash equivalents $ 12 $ 5
Accounts receivable 42 39
Investments 16 18
Loans 53 43
Other assets 10 9
Assets of discontinued operations 17 14
------------ ------------
Total assets $ 150 $ 128
============ ============
Liabilities and Shareholders' Equity
Short-term debt $ 18 $ 15
Long-term debt 55 43
Other liabilities 50 45
Liabilities of discontinued operations 16 14
------------ ------------
Total liabilities 139 117
------------ ------------
Shareholders' equity 11 11
------------ ------------
Total liabilities and shareholders'
equity $ 150 $ 128
============ ============
(Preliminary)
American Express Company
----------------------------------------------------------------------
Financial Summary
----------------------------------------------------------------------
(Millions)
Quarters Ended Years Ended
December 31, Percentage December 31, Percentage
--------------- -----------------
2007 2006 Inc/(Dec) 2007 2006 Inc/(Dec)
------- ------- ---------- -------- -------- ----------
Revenues net of
interest
expense
---------------
U.S. Card
Services $3,709 $3,349 11 % $14,222 $12,620 13 %
International
Card
Services 1,189 1,026 16 4,331 3,965 9
Global
Commercial
Services 1,128 982 15 4,269 3,900 9
Global
Network &
Merchant
Services 1,041 916 14 3,864 3,344 16
------- ------- -------- --------
7,067 6,273 13 26,686 23,829 12
Corporate &
Other,
including
adjustments
and
eliminations 297 402 (26) 1,045 1,325 (21)
------- ------- -------- --------
CONSOLIDATED
REVENUES NET
OF INTEREST
EXPENSE $7,364 $6,675 10 $27,731 $25,154 10
======= ======= ======== ========
Pretax income
(loss) from
continuing
operations
---------------
U.S. Card
Services $ (40) $ 723 # $ 2,730 $ 3,323 (18)
International
Card
Services (181) 76 # 117 312 (63)
Global
Commercial
Services 144 167 (14) 744 716 4
Global
Network &
Merchant
Services 379 297 28 1,560 1,188 31
------- ------- -------- --------
302 1,263 (76) 5,151 5,539 (7)
Corporate &
Other 827 (76) # 415 (400) #
------- ------- -------- --------
PRETAX INCOME
FROM
CONTINUING
OPERATIONS $1,129 $1,187 (5) $ 5,566 $ 5,139 8
======= ======= ======== ========
Net income
(loss)
---------------
U.S. Card
Services $ 7 $ 473 (99) $ 1,823 $ 2,152 (15)
International
Card
Services (68) 99 # 291 343 (15)
Global
Commercial
Services 110 117 (6) 536 477 12
Global
Network &
Merchant
Services 254 201 26 1,022 779 31
------- ------- -------- --------
303 890 (66) 3,672 3,751 (2)
Corporate &
Other 536 5 # 376 (140) #
------- ------- -------- --------
Income from
continuing
operations 839 895 (6) 4,048 3,611 12
(Loss) Income
from
discontinued
operations,
net of tax (8) 27 # (36) 96 #
------- ------- -------- --------
NET INCOME $ 831 $ 922 (10) $ 4,012 $ 3,707 8
======= ======= ======== ========
# - Denotes a variance of more than 100%.
(Preliminary)
American Express Company
----------------------------------------------------------------------
Financial Summary (continued)
----------------------------------------------------------------------
Quarters Ended Years Ended
December 31, Percentage December 31, Percentage
--------------- ---------------
2007 2006 Inc/(Dec) 2007 2006 Inc/(Dec)
------- ------- ---------- ------- ------- ----------
EARNINGS PER
COMMON SHARE
BASIC
Income from
continuing
operations $ 0.72 $ 0.75 (4) % $ 3.45 $ 2.98 16 %
(Loss) Income
from
discontinued
operations - 0.02 # (0.03) 0.08 #
------- ------- ------- -------
Net income $ 0.72 $ 0.77 (6) % $ 3.42 $ 3.06 12 %
======= ======= ======= =======
Average common
shares
outstanding
(millions) 1,157 1,196 (3) % 1,173 1,212 (3) %
======= ======= ======= =======
DILUTED
Income from
continuing
operations $ 0.71 $ 0.73 (3) % $ 3.39 $ 2.92 16 %
(Loss) Income
from
discontinued
operations - 0.02 # (0.03) 0.07 #
------- ------- ------- -------
Net income $ 0.71 $ 0.75 (5) % $ 3.36 $ 2.99 12 %
======= ======= ======= =======
Average common
shares
outstanding
(millions) 1,178 1,224 (4) % 1,196 1,238 (3) %
======= ======= ======= =======
Cash dividends
declared per
common share $ 0.18 $ 0.15 20 % $ 0.63 $ 0.57 11 %
======= ======= ======= =======
Selected Statistical Information
----------------------------------------------------------------------
Quarters Ended Years Ended
December 31, Percentage December 31, Percentage
--------------- ---------------
2007 2006 Inc/(Dec) 2007 2006 Inc/(Dec)
------- ------- ---------- ------- ------- ----------
Return on average
equity (A) 37.3% 34.7% 37.3% 34.7%
Common shares
outstanding
(millions) 1,158 1,199 (3) % 1,158 1,199 (3) %
Book value per
common share $ 9.53 $ 8.76 9 % $ 9.53 $ 8.76 9 %
Shareholders'
equity
(billions) $ 11.0 $ 10.5 5 % $ 11.0 $ 10.5 5 %
# - Denotes a variance of more than 100%.
(A) Computed on a trailing 12-month basis using net income over
average total shareholders' equity (including discontinued
operations) as included in the Consolidated Financial Statements
prepared in accordance with GAAP.
To view additional business segment financials go to:
http://ir.americanexpress.com
Contact: Media:
Joanna Lambert, 212-640-9668
joanna.g.lambert@aexp.com
Michael O'Neill, 212-640-5951
mike.o'neill@aexp.com
or
Investors/Analysts:
Alex Hopwood, 212-640-5495
alex.w.hopwood@aexp.com
Ron Stovall, 212-640-5574
ronald.stovall@aexp.com
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