Morgan Stanley 2004 Annual Report Download - page 18

selected฀financial฀data
(Dollars฀in฀Millions,฀Except฀Share฀and฀per฀Share฀Data)฀
Fiscal฀Year1฀2004฀ 2003฀ 2002฀ 2001฀ 2000
Income฀Statement฀Data:
Revenues:
฀ Investment฀banking฀ $฀ 3,341฀ $฀ 2,440฀ $฀ 2,478฀ $฀ 3,413฀ $฀ 5,008
฀ Principal฀transactions:
฀ ฀ Trading฀ ฀ 5,525฀ ฀ 6,192฀ ฀ 3,479฀ ฀ 5,503฀ ฀ 7,361
฀ ฀ Investments฀ ฀ 512฀ ฀ 86฀ ฀ (31)฀ ฀ (316)฀ ฀ 193
Commissions฀ ฀ 3,264฀ ฀ 2,887฀ ฀ 3,191฀ ฀ 3,066฀ ฀ 3,566
Fees:
฀ Asset฀management,฀distribution฀and฀administration฀ ฀ 4,412฀ ฀ 3,731฀ ฀ 3,953฀ ฀ 4,238฀ ฀ 4,420
฀ Merchant฀and฀cardmember฀ ฀ 1,318฀ ฀ 1,379฀ ฀ 1,420฀ ฀ 1,349฀ ฀ 1,256
฀ Servicing฀ ฀ 1,993฀ ฀ 2,015฀ ฀ 2,080฀ ฀ 1,888฀ ฀ 1,489
Interest฀and฀dividends฀ ฀ 18,590฀ ฀ 15,744฀ ฀ 15,879฀ ฀ 24,132฀ ฀ 21,233
Other฀฀ ฀ 594฀ ฀ 506฀ ฀ 724฀ ฀ 586฀ ฀ 592
฀ Total฀revenues฀ ฀ 39,549฀ ฀ 34,980฀ ฀ 33,173฀ ฀ 43,859฀ ฀ 45,118
Interest฀expense฀ ฀ 14,859฀ ฀ 12,856฀ ฀ 12,710฀ ฀ 20,720฀ ฀ 18,145
Provision฀for฀consumer฀loan฀losses฀ ฀ 925฀ ฀ 1,267฀ ฀ 1,336฀ ฀ 1,052฀ ฀ 810
฀ Net฀revenues฀ ฀ 23,765฀ ฀ 20,857฀ ฀ 19,127฀ ฀ 22,087฀ ฀ 26,163
Non-interest฀expenses:
฀ Compensation฀and฀benefits฀ ฀ 9,880฀ ฀ 8,545฀ ฀ 7,940฀ ฀ 9,376฀ ฀ 10,899
฀ Other฀ ฀ 7,200฀ ฀ 6,507฀ ฀ 6,214฀ ฀ 7,033฀ ฀ 6,748
฀ Restructuring฀and฀other฀charges฀ ฀ —฀ ฀ —฀ ฀ 235฀ ฀ —฀ ฀ —
฀ Total฀non-interest฀expenses฀ ฀ 17,080฀ ฀ 15,052฀ ฀ 14,389฀ ฀ 16,409฀ ฀ 17,647
Gain฀on฀sale฀of฀business฀ ฀ —฀ ฀ —฀ ฀ —฀ ฀ —฀ ฀ 35
Income฀from฀continuing฀operations฀before฀losses฀from฀unconsolidated฀฀
investees,฀income฀taxes,฀dividends฀on฀preferred฀securities฀subject฀to฀฀
mandatory฀redemption฀and฀cumulative฀effect฀of฀accounting฀change฀ ฀ 6,685฀ ฀ 5,805฀ ฀ 4,738฀ ฀ 5,678฀ ฀ 8,551
Losses฀from฀unconsolidated฀investees฀ ฀ 328฀ ฀ 279฀ ฀ 77฀ ฀ 30฀ ฀ 33
Provision฀for฀income฀taxes฀ ฀ 1,803฀ ฀ 1,562฀ ฀ 1,575฀ ฀ 2,022฀ ฀ 3,036
Dividends฀on฀preferred฀securities฀subject฀to฀mandatory฀redemption฀ ฀ 45฀ ฀ 154฀ ฀ 87฀ ฀ 50฀ ฀ 28
Income฀from฀continuing฀operations฀฀
before฀cumulative฀effect฀of฀accounting฀change฀ ฀ 4,509฀ ฀ 3,810฀ ฀ 2,999฀ ฀ 3,576฀ ฀ 5,454
Discontinued฀operations:
฀ (Loss)/gain฀from฀discontinued฀operations฀ ฀ (38)฀ ฀ (38)฀ ฀ (18)฀ ฀ 6฀ ฀ 3
฀ Income฀tax฀benefit/(provision)฀ ฀ 15฀ ฀ 15฀ ฀ 7฀ ฀ (2)฀ ฀ (1)
฀ (Loss)/gain฀on฀discontinued฀operations฀ ฀ (23)฀ ฀ (23)฀ ฀ (11)฀ ฀ 4฀ ฀ 2
Income฀before฀cumulative฀effect฀of฀accounting฀change฀ ฀ 4,486฀ ฀ 3,787฀ ฀ 2,988฀ ฀ 3,580฀ ฀ 5,456
Cumulative฀effect฀of฀accounting฀change฀ ฀ —฀ ฀ —฀ ฀ —฀ ฀ (59)฀ ฀ —
Net฀income฀ $฀ 4,486฀ $฀ 3,787฀ $฀ 2,988฀ $฀ 3,521฀ $฀ 5,456
Earnings฀applicable฀to฀common฀shares2฀$฀ 4,486฀ $฀ 3,787฀ $฀ 2,988฀ $฀ 3,489฀ $฀ 5,420
Per฀Share฀Data:
Basic฀earnings฀per฀common฀share:
฀ Income฀from฀continuing฀operations฀฀
฀ before฀cumulative฀effect฀of฀accounting฀change฀ $฀ 4.17฀ $฀ 3.54฀ $฀ 2.77฀ $฀ 3.26฀ $฀ 4.95
฀ Loss฀from฀discontinued฀operations฀ ฀ (0.02)฀ ฀ (0.02)฀ ฀ (0.01)฀ ฀ —฀ ฀ —
฀ Cumulative฀effect฀of฀accounting฀change฀ ฀ —฀ ฀ —฀ ฀ —฀ ฀ (0.05)฀ ฀ —
฀ ฀ Basic฀earnings฀per฀common฀share฀ $฀ 4.15฀ $฀ 3.52฀ $฀ 2.76฀ $฀ 3.21฀ $฀ 4.95
Diluted฀earnings฀per฀common฀share:
฀ Income฀from฀continuing฀operations฀฀
฀ before฀cumulative฀effect฀of฀accounting฀change฀ $฀ 4.08฀ $฀ 3.47฀ $฀ 2.70฀ $฀ 3.16฀ $฀ 4.73
฀ Loss฀from฀discontinued฀operations฀ ฀ (0.02)฀ ฀ (0.02)฀ ฀ (0.01)฀ ฀ —฀ ฀ —
฀ Cumulative฀effect฀of฀accounting฀change฀ ฀ —฀ ฀ —฀ ฀ —฀ ฀ (0.05)฀ ฀ —
฀ ฀ Diluted฀earnings฀per฀common฀share฀ $฀ 4.06฀ $฀ 3.45฀ $฀ 2.69฀ $฀ 3.11฀ $฀ 4.73
Book฀value฀per฀common฀share฀ $฀ 25.95฀ $฀ 22.93฀ $฀ 20.24฀ $฀ 18.64฀ $฀ 16.91
Dividends฀per฀common฀share฀ $฀ 1.00฀ $฀ 0.92฀ $฀ 0.92฀ $฀ 0.92฀ $฀ 0.80
Balance฀Sheet฀and฀Other฀Operating฀Data:
Total฀assets฀ $฀775,410฀ $฀602,843฀ $฀529,499฀ $฀482,628฀ $฀421,279
Consumer฀loans,฀net฀ ฀ 20,226฀ ฀ 19,382฀ ฀ 23,014฀ ฀ 19,677฀ ฀ 21,743
Total฀capital3฀฀110,793฀ ฀ 82,769฀ ฀ 65,936฀ ฀ 61,633฀ ฀ 49,637
Long-term฀borrowings3฀฀ 82,587฀ ฀ 57,902฀ ฀ 44,051฀ ฀ 40,917฀ ฀ 30,366
Shareholders’฀equity฀ ฀ 28,206฀ ฀ 24,867฀ ฀ 21,885฀ ฀ 20,716฀ ฀ 19,271
Return฀on฀average฀common฀shareholders’฀equity฀ 16.8%฀ 16.5%฀ 14.1%฀ 18.0%฀ 30.9%
Average฀common฀and฀equivalent฀shares2฀1,080,121,708฀ 1,076,754,740฀ 1,083,270,783฀ 1,086,121,508฀ 1,095,858,438
1฀ Certain฀prior-period฀information฀has฀been฀reclassified฀to฀conform฀to฀the฀current฀year’s฀presentation.฀
2฀ Amounts฀shown฀are฀used฀to฀calculate฀basic฀earnings฀per฀common฀share.฀
3฀ These฀amounts฀exclude฀the฀current฀portion฀of฀long-term฀borrowings฀and฀include฀Capital฀Units฀and฀junior฀subordinated฀debt฀issued฀to฀capital฀trusts.฀
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