Goldman Sachs 2003 Annual Report Download - page 103

Download and view the complete annual report

Please find page 103 of the 2003 Goldman Sachs annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 116

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116

GOLDMAN SACHS 2003 ANNUAL REPORT 101
Supplemental Financial Information
QUARTERLY RESULTS (UNAUDITED)
The following represents the firm’s unaudited quarterly results for fiscal 2003 and fiscal 2002. These quarterly results
were prepared in accordance with U.S. generally accepted accounting principles and reflect all adjustments that are,
in the opinion of management, necessary for a fair statement of the results. These adjustments are of a normal recur-
ring nature.
2003 FISCAL QUARTER
(IN MILLIONS, EXCEPT PER SHARE DATA) FIRST SECOND THIRD FOURTH
Total revenues $6,094 $5,985 $5,715 $5,829
Interest expense 1,907 2,000 1,922 1,771
Cost of power generation ———11
Revenues, net of interest expense and
cost of power generation 4,187 3,985 3,793 4,047
Operating expenses 3,169 2,947 2,813 2,638
Pre-tax earnings 1,018 1,038 980 1,409
Provision for taxes 356 343 303 438
Net earnings $ 662 $ 695 $ 677 $ 971
Earnings per share
Basic $ 1.35 $ 1.43 $ 1.39 $ 1.98
Diluted 1.29 1.36 1.32 1.89
Dividends declared per common share 0.12 0.12 0.25 0.25
2002 FISCAL QUARTER
(IN MILLIONS, EXCEPT PER SHARE DATA) FIRST SECOND THIRD FOURTH
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