Sallie Mae 2008 Annual Report Download - page 34
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SELECTED FINANCIAL DATA
Condensed Statements of Income
2008 2007 2006 $ % $ %
Years Ended December 31, 2008 vs. 2007 2007 vs. 2006
Increase (Decrease)
Net interest income .................. $1,365 $ 1,588 $1,454 $(223) (14)% $ 134 9%
Less: provisions for loan losses ......... 720 1,015 287 (295) (29) 728 254
Net interest income after provisions for
loan losses ....................... 645 573 1,167 72 13 (594) (51)
Gains on student loan securitizations ..... — 367 902 (367) (100) (535) (59)
Servicing and securitization revenue ...... 262 437 553 (175) (40) (116) (21)
Losses on loans and securities, net ....... (186) (95) (49) (91) (96) (46) (94)
Gains (losses) on derivative and hedging
activities, net ..................... (445) (1,361) (339) 916 67 (1,022) (301)
Contingency fee revenue .............. 340 336 397 4 1 (61) (15)
Collections revenue (loss) ............. (64) 272 240 (336) (124) 32 13
Guarantor servicing fees .............. 121 156 132 (35) (22) 24 18
Other income ...................... 392 385 338 7 2 47 14
Restructuring expenses ............... 84 23 — 61 265 23 100
Operating expenses .................. 1,357 1,529 1,346 (172) (11) 183 14
Pre-tax income (loss) ................. (376) (482) 1,995 106 22 (2,477) (124)
Income tax expense (benefit) ........... (167) 412 834 (579) (141) (422) (51)
Minority interest in net earnings of
subsidiaries ...................... 4 2 4 2 100 (2) (50)
Net income (loss) ................... (213) (896) 1,157 683 76 (2,053) (177)
Preferred stock dividends .............. 111 37 36 74 200 1 3
Net income (loss) attributable to common
stock ........................... $(324) $ (933) $1,121 $ 609 65% $(2,054) (183)%
Basic earnings (loss) per common share . . . $ (.69) $ (2.26) $ 2.73 $1.57 69% $ (4.99) (183)%
Diluted earnings (loss) per common
share ........................... $ (.69) $ (2.26) $ 2.63 $1.57 69% $ (4.89) (186)%
Dividends per common share ........... $ — $ .25 $ .97 $(.25) (100)% $ (.72) (74)%
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