Travelers 2003 Annual Report Download - page 153

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151
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
18. SELECTED QUARTERLY FINANCIAL DATA (Unaudited)
2003
(in millions, except per share data)
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter Total
Total revenues $ 3,603.0 $ 3,748.7 $ 3,745.5 $ 4,042.0 $ 15,139.2
Total expenses 3,195.7 3,148.0 3,184.8 3,381.3 12,909.8
Income before federal income
taxes and minority interest
407.3
600.7
560.7
660.7
2,229.4
Federal income taxes 89.8 155.1 131.6 160.9 537.4
Minority interest, net of tax (22.5) 4.4 3.0 11.1 (4.0)
Net income
$ 340.0
$ 441.2
$ 426.1
$ 488.7
$ 1,696.0
Earnings per share (1):
Basic $ 0.34 $ 0.44 $ 0.43 $ 0.49 $ 1.69
Diluted 0.34 0.44 0.42 0.49 1.68
(1) Due to the averaging of shares, quarterly earnings per share may not add to the total for the full year.
2002
(in millions, except per share data)
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter Total
Total revenues $ 3,232.7 $ 3,319.8 $ 3,563.9 $ 4,153.3 $ 14,269.7
Total expenses 2,778.4 2,884.6 3,224.3 5,642.2 14,529.5
Income (loss) before federal income
taxes, cumulative effect of change in
accounting principle and minority
interest
454.3
435.2
339.6
(1,488.9)
(259.8)
Federal income taxes (benefit) 109.6 103.2 6.0 (695.3) (476.5)
Minority interest, net of tax - - 1.3 (.2) 1.1
Income (loss) before cumulative effect
of change in accounting principle
344.7
332.0
332.3
(793.4)
215.6
Cumulative effect of change in
accounting for goodwill and other
intangible assets, net of tax (242.6) - - - (242.6)
Net income (loss) $ 102.1 $ 332.0 $ 332.3 $ (793.4) $ (27.0)
Basic and diluted earnings per share (1)
Income (loss) before cumulative effect
of change in accounting principle
$ 0.43
$ 0.33
$ 0.33
$ (0.79)
$ 0.23
Cumulative effect of change in
accounting principle
(0.30)
-
-
-
(0.26)
Net income (loss) $ 0.13 $ 0.33 $ 0.33 $ (0.79) $ (0.03)
(1) Due to the averaging of shares, quarterly earnings per share may not add to the total for the full year.