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Ameriprise Financial, Inc. 2006 Annual Report 103
28. Quarterly Financial Data (Unaudited)
2006 2005
12/31(1)(5) 9/30(1)(5) 6/30(1)(5) 3/31(1)(5) 12/31(1)(5) 9/30(2)(5) 6/30(2) 3/31(2)
(in millions, except per share data)
Revenues $ 2,161 $ 1,977 $ 2,053 $ 1,949 $ 1,869 $ 1,873 $ 1,895 $ 1,847
Separation costs(3) 123 87 84 67 125 92 56 20
Income before income tax provision
and discontinued operations 203 217 186 191 127 181 191 246
Net income $ 171 $ 174 $ 141 $ 145 $ 111 $ 125 $ 155 $ 183
Basic Earnings per Common Share:
Income before discontinued
operations(4) $ 0.70 $ 0.71 $ 0.57 $ 0.57 $ 0.44 $ 0.50 $ 0.61 $ 0.71
Income from discontinued
operations, net of tax(4) ———— — — 0.02 0.03
Net income(4) $ 0.70 $ 0.71 $ 0.57 $ 0.57 $ 0.44 $ 0.50 $ 0.63 $ 0.74
Diluted Earnings per Common Share:
Income before discontinued
operations(4) $ 0.69 $ 0.71 $ 0.57 $ 0.57 $ 0.44 $ 0.50 $ 0.61 $ 0.71
Income from discontinued
operations, net of tax(4) ———— — — 0.02 0.03
Net income(4) $ 0.69 $ 0.71 $ 0.57 $ 0.57 $ 0.44 $ 0.50 $ 0.63 $ 0.74
Weighted average common shares
outstanding:
Basic 243.3 244.5 246.3 252.3 249.9 246.2 246.2 246.2
Diluted 246.3 246.4 248.0 253.5 250.3 246.2 246.2 246.2
Cash dividends declared per
common share $ 0.11 $ 0.11 $ 0.11 $ 0.11 $ 0.11 $ — $ — $ —
Common share price:
High $ 55.79 $ 47.46 $ 50.08 $ 47.25 $ 43.90 $ — $ — $ —
Low $ 46.85 $ 40.60 $ 40.49 $ 40.30 $ 32.39 $ — $ — $ —
(1) The quarterly periods subsequent to September 30, 2005 reflect the costs of certain corporate and other support services provided by American Express to
the Company after the Distribution pursuant to transition services agreements. The Company has terminated or will terminate a particular service after it
has completed the procurement of the designated service through arrangements with third parties or through the Company’s own employees. Other than
technology-related expenses, the Company’s management believes that the aggregate costs paid to American Express under these transition services
agreements for continuing services and the costs for establishing or procuring these services that were historically provided by American Express were not
significantly different from the amounts reflected in the quarterly periods prior to the Distribution.
(2) During the quarterly periods through the quarter ended September 30, 2005, the Company was operated as a wholly-owned subsidiary of American
Express. In the preparation of consolidated financial information for those periods, the Company made certain allocations of expenses that its management
believed to be a reasonable reflection of costs the Company would have otherwise incurred as a stand-alone company but were paid by American Express.
(3) The Company began to incur separation costs beginning with the quarterly period ended March 31, 2005, when the American Express Board of Directors
announced the Separation. The Company has continued to incur separation costs in subsequent quarterly periods which reflect the completion of the
Distribution and the costs incurred by the Company to establish itself as an independent company.
(4) Quarterly EPS amounts are not additive due to dilutive shares.
(5) The travel insurance and card related business of the Company’s AMEX Assurance subsidiary was ceded to American Express effective July 1, 2005. The
quarterly period ended September 30, 2005 reflects the impact of this ceding. The quarterly periods of 2006 and the fourth quarter of 2005 reflect the
impact of the deconsolidation of AMEX Assurance effective September 30, 2005.