Sallie Mae 2009 Annual Report Download - page 88

Purchased
Paper —
Non-
Mortgage
Purchased
Paper —
Mortgage/
Properties
Contingency
& Other Total APG
Year Ended December 31, 2008
Contingency fee income .................... $ 10 $ — $330 $ 340
Collections revenue ....................... 129 — — 129
Total income ............................ 139 — 330 469
Restructuring expenses ..................... 6 — 5 11
Operating expenses........................ 202 — 187 389
Total expenses ........................... 208 — 192 400
Net interest expense ....................... 13 — 12 25
Income (loss) from continuing operations before
income tax expense (benefit) . . . ............ (82) — 126 44
Income tax expense (benefit) ................ (29) — 52 23
Net income (loss) from continuing operations .... (53) — 74 21
Loss from discontinued operations, net of tax .... — (140) — (140)
Net income (loss) ......................... (53) (140) 74 (119)
Less: net income attributable to noncontrolling
interest ............................... 4 — — 4
“Core Earnings” net income (loss) attributable to
SLM Corporation ....................... $(57) $(140) $ 74 $(123)
“Core Earnings” net income (loss) attributable to
SLM Corporation:
Continuing operations, net of tax . ............ $(57) $ — $ 74 $ 17
Discontinued operations, net of tax ............ — (140) — (140)
“Core Earnings” net income (loss) attributable to
SLM Corporation ....................... $(57) $(140) $ 74 $(123)
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