Travelers 2004 Annual Report Download - page 208
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THE ST. PAUL TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
22. SELECTED QUARTERLY FINANCIAL DATA (Unaudited)
2004 (in millions, except per share data)
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter Total
Total revenues ........................... $4,127 $6,181 $6,261 $6,365 $22,934
Total expenses ........................... 3,310 6,666 5,836 5,994 21,806
Income (loss) before federal income taxes and
minority interest ........................ 817 (485) 425 371 1,128
Federal income tax expense (benefit) ......... 227 (217) 72 56 138
Minority interest, net of tax ................. 3 7 13 12 35
Net income (loss) ......................... $ 587 $ (275) $ 340 $ 303 $ 955
Earnings (loss) per share:(1)
Basic .............................. $ 1.35 $ (0.42) $ 0.51 $ 0.45 $ 1.56
Diluted ............................. 1.31 (0.42) 0.50 0.44 1.53
2003 (in millions, except per share data)
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter Total
Total revenues ........................... $3,603 $3,749 $3,746 $4,041 $15,139
Total expenses ........................... 3,196 3,148 3,185 3,381 12,910
Income before federal income taxes and
minority interest ........................ 407 601 561 660 2,229
Federal income taxes ...................... 90 155 132 160 537
Minority interest, net of tax ................. (23) 5 3 11 (4)
Net income .............................. $ 340 $ 441 $ 426 $ 489 $ 1,696
Earnings per share:(1)
Basic .............................. $ 0.78 $ 1.02 $ 0.98 $ 1.13 $ 3.91
Diluted ............................. 0.76 0.99 0.95 1.09 3.80
(1) Due to the averaging of shares, quarterly earnings per share may not add to the total for the full year.
Historical earnings per share data for 2003 and the first quarter of 2004 were restated to reflect the impact of
the merger with SPC.
23. SUBSEQUENT EVENT
On January 31, 2005, the Company announced its intention to explore alternatives for divestiture of
ownership of its 79% share of Nuveen Investments, an asset management franchise. The proposed divestiture
reflects the Company’s strategic decision to focus on its property-casualty business. The Company anticipates a
disposition within twelve months.
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