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106GOLDMAN S A C H S 2004 A N N U A L REPORT106GOLDMAN S A C H S 2004 A N N U A L REPORT
Quarterly Results (unaudited)
The following represents the firm’s unaudited quarterly results for fiscal 2004 and fiscal 2003. These quarterly results were prepared
in accordance with U.S. generally accepted accounting principles and reflect all adjustments that are, in the opinion of management,
necessary for a fair statement of the results. These adjustments are of a normal recurring nature.
2004FISCALQUARTER
(INMILLIONS,EXCEPTPERSHAREDATA) FIRST SECOND THIRD FOURTH
Total revenues $7,905 $7,676 $6,803 $7,455
Interest expense 1,873 2,038 2,156 2,821
Cost of power generation 104 127 117 53
Revenues, net of interest expense and
cost of power generation 5,928 5,511 4,530 4,581
Operating expenses 3,999 3,771 3,237 2,867
Pre-tax earnings 1,929 1,740 1,293 1,714
Provision for taxes 636 553 414 520
Net earnings $1,293 $1,187 $879 $1,194
Earnings per share
Basic $2.63 $2.43 $1.80 $2.44
Diluted 2.50 2.31 1.74 2.36
Dividends declared per common share 0.25 0.25 0.25 0.25
2003FISCALQUARTER
(INMILLIONS,EXCEPTPERSHAREDATA) FIRST SECOND THIRD FOURTH
Total revenues $6,094 $5,985 $5,715 $5,829
Interest expense 1,907 2,000 1,922 1,771
Cost of power generation — — — 11
Revenues, net of interest expense and
cost of power generation 4,187 3,985 3,793 4,047
Operating expenses 3,169 2,947 2,813 2,638
Pre-tax earnings 1,018 1,038 980 1,409
Provision for taxes 356 343 303 438
Net earnings $662 $ 695 $ 677 $ 971
Earnings per share
Basic $1.35 $1.43 $1.39 $1.98
Diluted 1.29 1.36 1.32 1.89
Dividends declared per common share 0.12 0.12 0.25 0.25
Common Stock Price Range
The following table sets forth, for the fiscal quarters indicated, the high and low sales prices per share of the firm’s common stock
as reported by the Consolidated Tape Association.
SALESPRICE
FISCAL2004FISCAL2003 FISCAL2002
HIGH LOW HIGH LOW HIGH LOW
First quarter $108.00 $95.73 $80.90 $63.75 $97.25 $77.52
Second quarter 109.29 90.08 81.67 61.02 92.25 74.00
Third quarter 95.15 83.29 91.98 81.50 81.97 65.55
Fourth quarter 105.40 88.46 97.39 83.64 81.00 58.57
As of January 28, 2005, there were approximately 5,660 holders of record of the firm’s common stock.
On January 28, 2005, the last reported sales price for the firm’s common stock on the New York Stock Exchange was
$106.12 per share.
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