Goldman Sachs 2001 Annual Report Download - page 75

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page 73 GOLDMAN SACHS ANNUAL REPORT 2001
SUPPLEMENTAL FINANCIAL INFORMATION
Quarterly Results (unaudited)
The following represents the firm’s unaudited quarterly results for 2001 and 2000. These quarterly results were prepared in
accordance with U.S. generally accepted accounting principles and reflect all adjustments, consisting only of normal recurring adjust-
ments, that are, in the opinion of the management, necessary for a fair presentation of the results.
2001 FISCAL QUARTER
(IN MILLIONS, EXCEPT PER SHARE DATA) FIRST SECOND THIRD FOURTH
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 common share 0.12 0.12 0.12 0.12
2000 FISCAL QUARTER
(IN MILLIONS, EXCEPT PER SHARE DATA) 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 declared 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.