Morgan Stanley 1999 Annual Report Download - page 92

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99 AR |page 90
17 QUARTERLY RESULTS (UNAUDITED)
1999 FISCAL QUARTER(2) 1998 FISCAL QUARTER
(dollars in millions, except share
and per share data) FIRST SECOND THIRD FOURTH FIRST SECOND THIRD FOURTH
Total revenues $8,405 $8,529 $8,370 $8,624 $7,585 $8,428 $7,498 $7,620
Interest expense 2,877 2,753 2,914 2,846 3,145 3,554 3,377 3,438
Provision for consumer
loan losses 177 119 113 120 405 275 280 213
Net revenues 5,351 5,657 5,343 5,658 4,035 4,599 3,841 3,969
Total non-interest
expenses 3,679 3,799 3,780 3,023 2,903 3,202 2,931 2,708
Gain on sale of
businesses — — — — — — — 685
Income before
income taxes and
cumulative effect of
accounting change 1,672 1,858 1,563 2,635 1,132 1,397 910 1,946
Provision for income taxes 635 707 593 1,002 441 545 284 722
Income before
cumulative effect of
accounting change 1,037 1,151 970 1,633 691 852 626 1,224
Cumulative effect of
accounting change — — — — (117) — — —
Net income $1,037 $1,151 $ 970 $1,633 $ 574 $ 852 $ 626 $1,224
Basic earnings
per share(1) (3):
Income before
cumulative effect
of accounting change $ 0.93 $ 1.03 $ 0.87 $ 1.50 $ 0.58 $ 0.72 $ 0.54 $ 1.08
Cumulative effect of
accounting change — — — — (0.10) — — —
Net income $ 0.93 $ 1.03 $ 0.87 $ 1.50 $ 0.48 $ 0.72 $ 0.54 $ 1.08
Diluted earnings
per share(1) (3):
Income before
cumulative effect
of accounting change $ 0.88 $ 0.98 $ 0.83 $ 1.42 $ 0.55 $ 0.69 $ 0.51 $ 1.04
Cumulative effect of
accounting change — — — — (0.09) — — —
Net income $ 0.88 $ 0.98 $ 0.83 $ 1.42 $ 0.46 $ 0.69 $ 0.51 $ 1.04
Dividends to common
shareholders(1) $ 0.12 $ 0.12 $ 0.12 $ 0.12 $ 0.10 $ 0.10 $ 0.10 $ 0.10
Book value(1) $12.47 $13.00 $13.27 $14.85 $11.24 $10.98 $11.07 $11.94
Stock price range(1) (4) $31.16-48.50 $44.53-57.10 $41.07-51.78 $43.19-63.63 $26.13-35.25 $34.88-42.22 $29.03-48.44 $19.22-37.38
(1) Amounts have been retroactively adjusted to give effect for a two-for-one common stock split, effected in the form of a 100% stock dividend, which became effective on
January 26, 2000.
(2) Certain reclassifications have been made to previously reported fiscal 1999 quarterly amounts.
(3) Summation of the quarters’ earnings per common share may not equal the annual amounts due to the averaging effect of the number of shares and share equivalents throughout
the year.
(4) Closing prices represent the range of sales per share on the New York Stock Exchange for the periods indicated. The number of stockholders of record at November 30, 1999
approximated 152,000. The number of beneficial owners of common stock is believed to exceed this number.