EX-13.3 11 y83718exv13w3.htm EX-13.3 "SUPPLEMENTAL FINANCIAL INFORMATION" EX-13.3 "SUPPLEMENTAL FINANCIAL INFORMATION"
 

EXHIBIT 13.3

SUPPLEMENTAL FINANCIAL INFORMATION

Quarterly Results (unaudited)

The following represents the firm’s unaudited quarterly results for 2002 and 2001. These quarterly results were prepared in accordance with U.S. generally accepted accounting principles and reflect all adjustments that are, in the opinion of the management, necessary for a fair presentation of the results. These adjustments are of a normal recurring nature.

                                   
      2002 Fiscal Quarter
     
      First   Second   Third   Fourth
     
 
 
 
      (in millions, except per share data)
Total revenues
   $ 5,700     $ 6,234     $ 5,872     $ 5,048  
Interest expense
     2,102       2,383       2,223       2,160  
       
     
     
     
Revenues, net of interest expense
     3,598       3,851       3,649       2,888  
Operating expenses
     2,759       2,950       2,855       2,169  
       
     
     
     
Pre-tax earnings
     839       901       794       719  
Provision for taxes
     315       338       272       214  
       
     
     
     
Net earnings
   $ 524     $ 563     $ 522     $ 505  
       
     
     
     
Earnings per share
                                
 
Basic
   $ 1.05     $ 1.13     $ 1.05     $ 1.03  
 
Diluted
     0.98       1.06       1.00       0.98  
Dividends declared per common share
     0.12       0.12       0.12       0.12  
                                   
      2001 Fiscal Quarter
     
      First   Second   Third   Fourth
     
 
 
 
      (in millions, except per share data)
Total revenues
   $ 9,502     $ 8,158     $ 7,360     $ 6,118  
Interest expense
     4,769       4,168       3,699       2,691  
       
     
     
     
Revenues, net of interest expense
     4,733       3,990       3,661       3,427  
Operating expenses
     3,474       3,044       2,894       2,703  
       
     
     
     
Pre-tax earnings
     1,259       946       767       724  
Provision for taxes
     491       369       299       227  
       
     
     
     
Net earnings
   $ 768     $ 577     $ 468     $ 497  
       
     
     
     
Earnings per share
                                
 
Basic
   $ 1.49     $ 1.12     $ 0.92     $ 0.99  
 
Diluted
     1.40       1.06       0.87       0.93  
Dividends declared per share
     0.12       0.12       0.12       0.12  

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Common Stock Price Range

The following table sets forth, for the fiscal quarters indicated, the high and low sales prices per share of the firm’s common stock as reported by the Consolidated Tape Association.

                                                 
    Sales Price
   
    2002   2001   2000
   
 
 
    High   Low   High   Low   High   Low
   
 
 
 
 
 
First Quarter
   $ 97.25     $ 77.52     $ 120.00     $ 77.00     $ 94.81     $ 74.38  
Second Quarter
     92.25       74.00       105.15       77.00       128.00       69.38  
Third Quarter
     81.97       65.55       98.14       75.05       121.75       70.63  
Fourth Quarter
     81.00       58.57       92.75       63.27       133.63       79.25  

As of January 31, 2003, there were approximately 5,530 holders of record of the firm’s common stock.

On January 31, 2003, the last reported sales price for the firm’s common stock on the New York Stock Exchange was $68.10 per share.

 

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