Goldman Sachs 2000 Annual Report Download - page 75

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73
SUPPLEMENTAL FINANCIAL INFORMATION
Quarterly Results (unaudited)
The following represents the firm’s unaudited quarterly results for 2000 and 1999. These quarterly results conform with
generally accepted accounting principles and reflect all adjustments, consisting only of normal recurring adjustments, that
are, in the opinion of the management, necessary for a fair presentation of the results.
2000 Fiscal Quarter
(in millions, except per share amounts) First Second Third Fourth
Total revenues $7,964 $ 8,196 $8,851 $7,989
Interest expense 3,471 4,041 4,324 4,574
Revenues, net of interest expense 4,493 4,155 4,527 3,415
Operating expenses 3,014 2,897 3,154 2,505
Pre-tax earnings 1,479 1,258 1,373 910)
(1)
Provision for taxes 592 503 549 309
Net earnings $ 887 $ 755 $ 824 $ 601)
(1)
Earnings per share
Basic $ 1.83 $ 1.56 $ 1.71 $ 1.23
Diluted 1.76 1.48 1.62 1.16)
(2)
Dividends paid per share 0.12 0.12 0.12 0.12
(1) The fourth quarter pre-tax earnings and net earnings included a charge of $290 million and $180 million, respectively, related to the firm’s
combination with SLK.
(2) Excluding the charges related to the combination with SLK, the firm’s diluted earnings per share were $1.50.
1999 Fiscal Quarter
(in millions, except per share amounts) First Second Third Fourth
Total revenues $5,856 $ 6,355 $6,440 $6,712
Interest expense 2,861 2,886 3,032 3,239
Revenues, net of interest expense 2,995 3,469 3,408 3,473
Operating expenses 1,807 4,956 2,326 2,264
Pre-tax earnings/(loss) 1,188 (1,487)(1) 1,082 1,209
Provision/(benefit) for taxes 181 (1,827)(2) 444 486
Net earnings $1,007 $ 340 $ 638 $ 723
Earnings per share
Basic — $ 0.72 $ 1.34 $ 1.51
Diluted — 0.71 1.32 1.48
Dividends paid per share — — 0.12 0.12
(1) Includes nonrecurring expenses of $2.26 billion associated with the firm’s conversion to corporate form and the firm’s charitable contribution
to The Goldman Sachs Foundation of $200 million made at the time of the firm’s initial public offering.
(2) Includes a net tax benefit of $825 million related to the firm’s conversion to corporate form, a benefit of $880 million related to the granting of
employee initial public offering awards and a benefit of $80 million related to the charitable contribution to The Goldman Sachs Foundation.