Goldman Sachs 2007 Annual Report Download - page 139

Download and view the complete annual report

Please find page 139 of the 2007 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 154

  • 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
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154

Supplemental Financial Information
Quarterly Results (unaudited)
The following represents the firm’s unaudited quarterly results for 2007 and 2006. These quarterly results were prepared in
accordance with 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 recurring nature.
2007 Quarter
(in millions, except per share data) First Second Third Fourth
Total revenues $22,280 $20,351 $23,803 $21,534
Interest expense 9,550 10,169 11,469 10,793
Revenues, net of interest expense 12,730 10,182 12,334 10,741
Operating expenses
(1)
7,871 6,751 8,075 5,686
Pre-tax earnings 4,859 3,431 4,259 5,055
Provision for taxes 1,662 1,098 1,405 1,840
Net earnings 3,197 2,333 2,854 3,215
Preferred stock dividends 49 46 48 49
Net earnings applicable to common shareholders $ 3,148 $ 2,287 $ 2,806 $ 3,166
Earnings per common share
Basic $ 7.08 $ 5.25 $ 6.54 $ 7.49
Diluted 6.67 4.93 6.13 7.01
Dividends declared and paid per common share 0.35 0.35 0.35 0.35
2006 Quarter
(in millions, except per share data) First Second Third Fourth
Total revenues $17,246 $18,002 $15,979 $18,126
Interest expense 6,813 7,761 8,395 8,719
Revenues, net of interest expense 10,433 10,241 7,584 9,407
Operating expenses
(1) 6,744 6,717 5,222 4,422
Pre-tax earnings 3,689 3,524 2,362 4,985
Provision for taxes 1,210 1,212 768 1,833
Net earnings 2,479 2,312 1,594 3,152
Preferred stock dividends 26 26 39 48
Net earnings applicable to common shareholders $ 2,453 $ 2,286 $ 1,555 $ 3,104
Earnings per common share
Basic $ 5.36 $ 5.08 $ 3.46 $ 7.06
Diluted 5.08 4.78 3.26 6.59
Dividends declared and paid per common share 0.25 0.35 0.35 0.35
(1) The timing and magnitude of changes in the firm’s bonus accruals can have a significant effect on results in a given quarter.
137Goldman Sachs 2007 Annual Report