Morgan Stanley reported full-year net earnings of $3.0 billion and a return on equity of 14%. Fourth quarter net earnings were $732 million, including a pre-tax restructuring charge of $235 million. By business: Institutional Securities saw a 31% decline in net income to $1.7 billion due to difficult markets. Individual Investor Group had a net loss of $7 million compared to a $44 million loss in 2001. Investment Management reported a 9% increase in net income to $525 million despite lower revenues. Credit Services achieved record profits.
Morgan Stanley reported strong financial results for fiscal year 2003. Net income increased 28% to $3.8 billion and earnings per share rose 29%. In the 4th quarter, net income increased 42% year-over-year to $1 billion, though it was 18% lower than the previous quarter. The company also announced a 9% increase to its quarterly dividend.
Morgan Stanley reported first quarter net income of $848 million, down 21% from the previous year. Revenue was $5.3 billion, down 16% year-over-year. While costs were well-controlled, declining 17% from last quarter and 19% year-over-year, business continued to be slow in investment banking and retail securities. The company achieved a return on equity of 16% for the quarter.
Morgan Stanley reported a 17% decline in third quarter net income to $611 million. Revenues decreased across most business segments due to difficult market conditions. The annualized return on equity was 11.4%. While markets remained challenging, the company maintained its focus on serving clients and preserving its franchise for future growth.
Morgan Stanley reported net income of $870 million for the fourth quarter of 2001, down 28% from the fourth quarter of 2000. For the full fiscal year, Morgan Stanley reported net income of $3.6 billion, down 34% from the prior year. Revenues declined across most business segments due to a slowdown in the global economy and turmoil in the markets following the September 11th attacks. The company continued cost cutting efforts to help offset declining revenues.
Morgan Stanley reported a 20% increase in 1st quarter earnings to $1.5 billion, with revenues up 10% across all businesses. Net revenues were $6.8 billion, a 10% increase from the previous year. Return on equity was 21%. Fixed income sales and trading revenues reached a record $2 billion, up 21% from the prior year. Individual Investor Group revenues increased 2% to $1.2 billion, while expenses fell 15%. Investment Management pre-tax income rose 69% to $287 million on an 8% increase in revenues.
Morgan Stanley Dean Witter announced record full-year and fourth quarter results. For the full year, net income was $5.5 billion, up 14% from the prior year. Fourth quarter net income was $1.2 billion, down 26% from the previous year's fourth quarter. The company's securities, asset management, and credit services businesses all achieved record annual net income. The board also declared a 15% increase in the quarterly dividend to $0.23 per share.
Morgan Stanley reported second quarter net income of $797 million, down 14% from the previous year. Net revenues decreased 17% to $4.965 billion due to declines across most business segments. However, the company maintained a return on equity of 15% and benefited from strength in its Discover credit card segment. Going forward, Morgan Stanley will continue exercising expense discipline while serving client needs in challenging markets.
Morgan Stanley reported second quarter net income of $599 million, including a $287 million pre-tax impairment charge related to its aircraft financing business. Net revenues were $5 billion, up 2% from the prior year's second quarter but down 8% from the first quarter of 2003. Fixed income sales contributed strongly to earnings while challenging market conditions negatively impacted advisory and equity revenues. For the first half of 2003, net income was $1.5 billion with net revenues of $10.5 billion, up 3% from the prior year.
Morgan Stanley reported strong financial results for fiscal year 2003. Net income increased 28% to $3.8 billion and earnings per share rose 29%. In the 4th quarter, net income increased 42% year-over-year to $1 billion, though it was 18% lower than the previous quarter. The company also announced a 9% increase to its quarterly dividend.
Morgan Stanley reported first quarter net income of $848 million, down 21% from the previous year. Revenue was $5.3 billion, down 16% year-over-year. While costs were well-controlled, declining 17% from last quarter and 19% year-over-year, business continued to be slow in investment banking and retail securities. The company achieved a return on equity of 16% for the quarter.
Morgan Stanley reported a 17% decline in third quarter net income to $611 million. Revenues decreased across most business segments due to difficult market conditions. The annualized return on equity was 11.4%. While markets remained challenging, the company maintained its focus on serving clients and preserving its franchise for future growth.
Morgan Stanley reported net income of $870 million for the fourth quarter of 2001, down 28% from the fourth quarter of 2000. For the full fiscal year, Morgan Stanley reported net income of $3.6 billion, down 34% from the prior year. Revenues declined across most business segments due to a slowdown in the global economy and turmoil in the markets following the September 11th attacks. The company continued cost cutting efforts to help offset declining revenues.
Morgan Stanley reported a 20% increase in 1st quarter earnings to $1.5 billion, with revenues up 10% across all businesses. Net revenues were $6.8 billion, a 10% increase from the previous year. Return on equity was 21%. Fixed income sales and trading revenues reached a record $2 billion, up 21% from the prior year. Individual Investor Group revenues increased 2% to $1.2 billion, while expenses fell 15%. Investment Management pre-tax income rose 69% to $287 million on an 8% increase in revenues.
Morgan Stanley Dean Witter announced record full-year and fourth quarter results. For the full year, net income was $5.5 billion, up 14% from the prior year. Fourth quarter net income was $1.2 billion, down 26% from the previous year's fourth quarter. The company's securities, asset management, and credit services businesses all achieved record annual net income. The board also declared a 15% increase in the quarterly dividend to $0.23 per share.
Morgan Stanley reported second quarter net income of $797 million, down 14% from the previous year. Net revenues decreased 17% to $4.965 billion due to declines across most business segments. However, the company maintained a return on equity of 15% and benefited from strength in its Discover credit card segment. Going forward, Morgan Stanley will continue exercising expense discipline while serving client needs in challenging markets.
Morgan Stanley reported second quarter net income of $599 million, including a $287 million pre-tax impairment charge related to its aircraft financing business. Net revenues were $5 billion, up 2% from the prior year's second quarter but down 8% from the first quarter of 2003. Fixed income sales contributed strongly to earnings while challenging market conditions negatively impacted advisory and equity revenues. For the first half of 2003, net income was $1.5 billion with net revenues of $10.5 billion, up 3% from the prior year.
- Morgan Stanley reported first quarter net income of $905 million, a 7% increase from the same period the previous year. Diluted earnings per share were $0.82.
- Net revenues for the quarter were $5.5 billion, a 4% increase from the prior year period. The annualized return on average common equity was 16%.
- Institutional Securities net income increased 17% to $618 million compared to the first quarter of 2002, driven by record fixed income revenues.
Morgan Stanley reported third quarter net income of $1.3 billion, up 108% from the third quarter of 2002. Earnings per share were $1.15. Revenue increased 13% to $5.3 billion due to strong performances in fixed income and improved equity underwriting. The return on equity was 22.0%. For the first nine months of 2003, net income increased 23% to $2.8 billion while revenues rose 6% and return on equity was 16.3%.
Morgan Stanley reported $837 million in net income for Q3 2004, down 34% from Q3 2003 and 32% from Q2 2004. Net revenues were up 3% over Q3 2003 but down 18% from Q2 2004. While investment banking divisions performed well, completing large deals, reduced trading revenues resulted in lower quarterly earnings. For the first nine months of 2004, net income was $3.286 billion, an 18% increase over the same period in 2003.
- Morgan Stanley reported $1.2 billion in net income for Q2 2004, a 104% increase over Q2 2003. Diluted earnings per share were $1.10.
- Institutional Securities saw a 184% increase in pre-tax income due to record revenues in fixed income and strong results in equities and investment banking.
- The Individual Investor Group more than doubled pre-tax income from the prior year's second quarter.
- Morgan Stanley's Chairman and CEO said all businesses performed well, with Institutional Securities achieving near record revenues and continued market share gains, positioning the firm strongly for long term growth.
Morgan Stanley reported second quarter results, with net revenues of $6.5 billion, down 38% from the previous year. Earnings per share were $0.95. The annualized return on equity was 12%. Business highlights included solid results in wealth management and equity derivatives, but fixed income revenues declined significantly. Total client assets grew to $739 billion and the firm strengthened its capital and liquidity positions during the quarter.
Morgan Stanley reported a 35% increase in earnings per share for the first quarter of 2004 compared to the first quarter of 2003. Net income for the quarter was $1.2 billion, up 35% from the prior year. Revenues were $6.2 billion for the quarter, a 14% increase from the first quarter of 2003, driven by strong performance in sales and trading businesses. The company saw record revenues and market share gains in investment banking during the quarter.
Morgan Stanley reported net income of $735 million for Q3 2001, down 41% from $1.246 billion in Q3 2000. Net revenues were $5.3 billion, down 16% year-over-year. The annualized return on equity was 15% for the quarter. While global economic concerns increased, Morgan Stanley believes in long-term growth opportunities and will increase share repurchases. Securities net income was $414 million, down 50% from last year's strong third quarter due to lower market activity. Credit services net income was $196 million, down 14%, with higher net charge-offs offsetting increases in interest income and fees.
Morgan Stanley reported record fourth quarter and full year results from continuing operations for 2006. Net revenues, net income, and earnings per share all reached record highs. The Board approved a plan to spin off Discover to enhance shareholder value by allowing each business to focus independently on growth. Institutional Securities achieved record results across fixed income, equity trading, and advisory. Global Wealth Management and Asset Management made progress but lagged Institutional Securities.
Morgan Stanley reported record quarterly and annual earnings in its fourth quarter and full year 2005 results. Quarterly net income was up 49% to $1.78 billion and annual net revenues were up 13% to a record $26.8 billion. Institutional Securities achieved record quarterly revenues of $4.2 billion, up 47%, driven by strong fixed income and equity trading. Retail Brokerage quarterly net revenues were up 21% to $1.3 billion. Asset Management quarterly pre-tax income increased 66% due to higher private equity investment gains.
Morgan Stanley reported record quarterly results for Q2 2006, with earnings per share up 115% year-over-year. Net revenues were a record $8.9 billion, up 48% from Q2 2005, driven by strong performance across institutional securities, wealth management, asset management, and Discover. All business segments achieved record or highest quarterly results. The company saw significant revenue growth in areas like fixed income, equity trading, and investment gains.
Northern Trust Corporation reported net income of $161.8 million or $.61 per share for Q1 2009, down from $385.2 million or $1.71 per share in Q1 2008. Revenues decreased 8% to $904.2 million due to lower trust, investment and custody fees from declines in market valuations. Expenses decreased 3% to $593.5 million. The provision for credit losses was $55.0 million, and nonperforming loans totaled $167.8 million.
Morgan Stanley reported $928 million in net income for Q2 2005, down 24% from Q2 2004. Revenue was $6 billion, down 9% from the prior year. Business highlights included record results in prime brokerage and $3.8 billion in net new retail assets. While most business segments saw lower earnings, advisory revenues increased 10% and the company maintained its leading position in global M&A.
Citigroup reported first quarter 2022 core income of $3.86 billion, up 5% from the first quarter of 2021. However, core income included an $816 million pre-tax charge related to economic conditions in Argentina. Revenue for the quarter increased 5% to $22 billion. Net income, including a $1.06 billion gain from the Travelers IPO, was $4.84 billion, up 37% from the prior year. The CEO commented that core businesses delivered strong results despite difficult economic conditions and charges related to Argentina. Key highlights included strong performance in global consumer businesses and the investment bank.
Citigroup reported a 23% increase in third quarter net income to $3.92 billion. Core income, which excludes certain one-time items, rose 17% to $3.79 billion. Revenues increased 10% for the quarter. Global Consumer business core income rose 13% to a record $2.22 billion, driven by strong growth in cards and retail banking. Global Corporate and Investment Bank core income fell 7% to $1.20 billion due to higher credit losses, despite expense reductions.
Citigroup reported record income from continuing operations of $4.10 billion for Q1 2003, an 18% increase over Q1 2002. Global Consumer income increased 26% to $2.15 billion due to strong growth in cards, retail banking, and Asia consumer businesses. The Global Corporate and Investment Bank rebounded with a 22% income increase to $1.43 billion, driven by improved results in capital markets and transaction services. Overall, most Citigroup businesses produced double-digit income growth, demonstrating the strength of the company's diversified business model.
Citigroup reported strong financial results for the second quarter of 2003, with net income of $4.30 billion, up 12% from the previous year. Income per share was $0.83, rising 14% over 2002. Several business lines saw significant income growth, including Retail Banking income up 63% and the Private Bank's sixth consecutive record quarter. However, some international operations struggled, with income down 24% in Japan. Overall, Citigroup achieved record revenues of $19.4 billion for the quarter, up 8% from the prior year, demonstrating continued strong performance.
Merrill Lynch reported second quarter 2005 earnings per share of $1.14, up 9% from the second quarter of 2004. This was the highest earnings per share Merrill Lynch has achieved in a second quarter. Net revenues increased 20% compared to the prior year quarter. All three of Merrill Lynch's business segments - Global Markets and Investment Banking, Global Private Client, and Merrill Lynch Investment Managers - saw increases in net revenues and pre-tax earnings compared to the second quarter of 2004. Merrill Lynch had record first half earnings per share, pre-tax earnings, and net earnings for the first six months of 2005.
Morgan Stanley Dean Witter reported record first quarter net income of $1.5 billion, up 49% from the previous year, with record net revenues of $7.4 billion. Earnings per share were up 52% to $1.34. The Securities division achieved net income of $1.24 billion, up 54%, driven by record results in equities trading, investment banking, and asset management. Asset Management reported a 48% increase in net income to $158 million, with record assets under management of $455 billion. Credit Services net income was up 15% to $142 million, with record transaction volumes and consumer loan balances.
Morgan Stanley reported strong financial results for both the fourth quarter and full year 2004. Net income for the full year was $4.5 billion, an 18% increase from 2003. Return on equity was 16.8% for the year. In the fourth quarter, net income was $1.2 billion, up 18% from the same period last year. Institutional Securities saw record results in fixed income and significant increases in advisory and equities. Investment Management assets under management reached $424 billion, up 19% from 2003. Credit Services pre-tax income was a record $1.272 billion, up 16% from 2003. The company also announced an 8% increase in its quarterly dividend to $0.27 per
Morgan Stanley reported full year net revenues of $28.0 billion and earnings per share of $2.37. However, the firm recognized $9.4 billion in mortgage-related writedowns in the fourth quarter, resulting in a net loss of $3.588 billion for the quarter. While most businesses had record results, fixed income sales and trading losses were over $7.9 billion due to the writedowns. Morgan Stanley further bolstered its capital position with a $5 billion investment from China Investment Corporation.
cardinal health Q3 2007 Earnings Presentationfinance2
This document contains Cardinal Health's third quarter earnings report for fiscal year 2007. It provides an overview of the company's financial results including an 8% increase in revenue and a 10% increase in non-GAAP earnings per share. The report also discusses performance by business segment and outlines the company's financial targets for the full fiscal year, projecting earnings per share between $3.25-$3.40. Key priorities highlighted include driving top-line growth, improving efficiency, and returning capital to shareholders.
JPMorgan Chase First Quarter 2008 Financial Results Conference Call finance2
JPMorgan Chase reported net income of $2.4 billion for the first quarter of 2008, down 49% from $4.8 billion in the first quarter of 2007. Earnings per share were $0.68, down from $1.34 the previous year. The Investment Bank saw declines in revenue and increases in credit losses. Retail Financial Services increased revenue but also significantly increased its provision for credit losses due to deterioration in home equity and subprime portfolios. JPMorgan Chase maintained a strong capital position despite challenges in the market and credit environment.
- Morgan Stanley reported first quarter net income of $905 million, a 7% increase from the same period the previous year. Diluted earnings per share were $0.82.
- Net revenues for the quarter were $5.5 billion, a 4% increase from the prior year period. The annualized return on average common equity was 16%.
- Institutional Securities net income increased 17% to $618 million compared to the first quarter of 2002, driven by record fixed income revenues.
Morgan Stanley reported third quarter net income of $1.3 billion, up 108% from the third quarter of 2002. Earnings per share were $1.15. Revenue increased 13% to $5.3 billion due to strong performances in fixed income and improved equity underwriting. The return on equity was 22.0%. For the first nine months of 2003, net income increased 23% to $2.8 billion while revenues rose 6% and return on equity was 16.3%.
Morgan Stanley reported $837 million in net income for Q3 2004, down 34% from Q3 2003 and 32% from Q2 2004. Net revenues were up 3% over Q3 2003 but down 18% from Q2 2004. While investment banking divisions performed well, completing large deals, reduced trading revenues resulted in lower quarterly earnings. For the first nine months of 2004, net income was $3.286 billion, an 18% increase over the same period in 2003.
- Morgan Stanley reported $1.2 billion in net income for Q2 2004, a 104% increase over Q2 2003. Diluted earnings per share were $1.10.
- Institutional Securities saw a 184% increase in pre-tax income due to record revenues in fixed income and strong results in equities and investment banking.
- The Individual Investor Group more than doubled pre-tax income from the prior year's second quarter.
- Morgan Stanley's Chairman and CEO said all businesses performed well, with Institutional Securities achieving near record revenues and continued market share gains, positioning the firm strongly for long term growth.
Morgan Stanley reported second quarter results, with net revenues of $6.5 billion, down 38% from the previous year. Earnings per share were $0.95. The annualized return on equity was 12%. Business highlights included solid results in wealth management and equity derivatives, but fixed income revenues declined significantly. Total client assets grew to $739 billion and the firm strengthened its capital and liquidity positions during the quarter.
Morgan Stanley reported a 35% increase in earnings per share for the first quarter of 2004 compared to the first quarter of 2003. Net income for the quarter was $1.2 billion, up 35% from the prior year. Revenues were $6.2 billion for the quarter, a 14% increase from the first quarter of 2003, driven by strong performance in sales and trading businesses. The company saw record revenues and market share gains in investment banking during the quarter.
Morgan Stanley reported net income of $735 million for Q3 2001, down 41% from $1.246 billion in Q3 2000. Net revenues were $5.3 billion, down 16% year-over-year. The annualized return on equity was 15% for the quarter. While global economic concerns increased, Morgan Stanley believes in long-term growth opportunities and will increase share repurchases. Securities net income was $414 million, down 50% from last year's strong third quarter due to lower market activity. Credit services net income was $196 million, down 14%, with higher net charge-offs offsetting increases in interest income and fees.
Morgan Stanley reported record fourth quarter and full year results from continuing operations for 2006. Net revenues, net income, and earnings per share all reached record highs. The Board approved a plan to spin off Discover to enhance shareholder value by allowing each business to focus independently on growth. Institutional Securities achieved record results across fixed income, equity trading, and advisory. Global Wealth Management and Asset Management made progress but lagged Institutional Securities.
Morgan Stanley reported record quarterly and annual earnings in its fourth quarter and full year 2005 results. Quarterly net income was up 49% to $1.78 billion and annual net revenues were up 13% to a record $26.8 billion. Institutional Securities achieved record quarterly revenues of $4.2 billion, up 47%, driven by strong fixed income and equity trading. Retail Brokerage quarterly net revenues were up 21% to $1.3 billion. Asset Management quarterly pre-tax income increased 66% due to higher private equity investment gains.
Morgan Stanley reported record quarterly results for Q2 2006, with earnings per share up 115% year-over-year. Net revenues were a record $8.9 billion, up 48% from Q2 2005, driven by strong performance across institutional securities, wealth management, asset management, and Discover. All business segments achieved record or highest quarterly results. The company saw significant revenue growth in areas like fixed income, equity trading, and investment gains.
Northern Trust Corporation reported net income of $161.8 million or $.61 per share for Q1 2009, down from $385.2 million or $1.71 per share in Q1 2008. Revenues decreased 8% to $904.2 million due to lower trust, investment and custody fees from declines in market valuations. Expenses decreased 3% to $593.5 million. The provision for credit losses was $55.0 million, and nonperforming loans totaled $167.8 million.
Morgan Stanley reported $928 million in net income for Q2 2005, down 24% from Q2 2004. Revenue was $6 billion, down 9% from the prior year. Business highlights included record results in prime brokerage and $3.8 billion in net new retail assets. While most business segments saw lower earnings, advisory revenues increased 10% and the company maintained its leading position in global M&A.
Citigroup reported first quarter 2022 core income of $3.86 billion, up 5% from the first quarter of 2021. However, core income included an $816 million pre-tax charge related to economic conditions in Argentina. Revenue for the quarter increased 5% to $22 billion. Net income, including a $1.06 billion gain from the Travelers IPO, was $4.84 billion, up 37% from the prior year. The CEO commented that core businesses delivered strong results despite difficult economic conditions and charges related to Argentina. Key highlights included strong performance in global consumer businesses and the investment bank.
Citigroup reported a 23% increase in third quarter net income to $3.92 billion. Core income, which excludes certain one-time items, rose 17% to $3.79 billion. Revenues increased 10% for the quarter. Global Consumer business core income rose 13% to a record $2.22 billion, driven by strong growth in cards and retail banking. Global Corporate and Investment Bank core income fell 7% to $1.20 billion due to higher credit losses, despite expense reductions.
Citigroup reported record income from continuing operations of $4.10 billion for Q1 2003, an 18% increase over Q1 2002. Global Consumer income increased 26% to $2.15 billion due to strong growth in cards, retail banking, and Asia consumer businesses. The Global Corporate and Investment Bank rebounded with a 22% income increase to $1.43 billion, driven by improved results in capital markets and transaction services. Overall, most Citigroup businesses produced double-digit income growth, demonstrating the strength of the company's diversified business model.
Citigroup reported strong financial results for the second quarter of 2003, with net income of $4.30 billion, up 12% from the previous year. Income per share was $0.83, rising 14% over 2002. Several business lines saw significant income growth, including Retail Banking income up 63% and the Private Bank's sixth consecutive record quarter. However, some international operations struggled, with income down 24% in Japan. Overall, Citigroup achieved record revenues of $19.4 billion for the quarter, up 8% from the prior year, demonstrating continued strong performance.
Merrill Lynch reported second quarter 2005 earnings per share of $1.14, up 9% from the second quarter of 2004. This was the highest earnings per share Merrill Lynch has achieved in a second quarter. Net revenues increased 20% compared to the prior year quarter. All three of Merrill Lynch's business segments - Global Markets and Investment Banking, Global Private Client, and Merrill Lynch Investment Managers - saw increases in net revenues and pre-tax earnings compared to the second quarter of 2004. Merrill Lynch had record first half earnings per share, pre-tax earnings, and net earnings for the first six months of 2005.
Morgan Stanley Dean Witter reported record first quarter net income of $1.5 billion, up 49% from the previous year, with record net revenues of $7.4 billion. Earnings per share were up 52% to $1.34. The Securities division achieved net income of $1.24 billion, up 54%, driven by record results in equities trading, investment banking, and asset management. Asset Management reported a 48% increase in net income to $158 million, with record assets under management of $455 billion. Credit Services net income was up 15% to $142 million, with record transaction volumes and consumer loan balances.
Morgan Stanley reported strong financial results for both the fourth quarter and full year 2004. Net income for the full year was $4.5 billion, an 18% increase from 2003. Return on equity was 16.8% for the year. In the fourth quarter, net income was $1.2 billion, up 18% from the same period last year. Institutional Securities saw record results in fixed income and significant increases in advisory and equities. Investment Management assets under management reached $424 billion, up 19% from 2003. Credit Services pre-tax income was a record $1.272 billion, up 16% from 2003. The company also announced an 8% increase in its quarterly dividend to $0.27 per
Morgan Stanley reported full year net revenues of $28.0 billion and earnings per share of $2.37. However, the firm recognized $9.4 billion in mortgage-related writedowns in the fourth quarter, resulting in a net loss of $3.588 billion for the quarter. While most businesses had record results, fixed income sales and trading losses were over $7.9 billion due to the writedowns. Morgan Stanley further bolstered its capital position with a $5 billion investment from China Investment Corporation.
cardinal health Q3 2007 Earnings Presentationfinance2
This document contains Cardinal Health's third quarter earnings report for fiscal year 2007. It provides an overview of the company's financial results including an 8% increase in revenue and a 10% increase in non-GAAP earnings per share. The report also discusses performance by business segment and outlines the company's financial targets for the full fiscal year, projecting earnings per share between $3.25-$3.40. Key priorities highlighted include driving top-line growth, improving efficiency, and returning capital to shareholders.
JPMorgan Chase First Quarter 2008 Financial Results Conference Call finance2
JPMorgan Chase reported net income of $2.4 billion for the first quarter of 2008, down 49% from $4.8 billion in the first quarter of 2007. Earnings per share were $0.68, down from $1.34 the previous year. The Investment Bank saw declines in revenue and increases in credit losses. Retail Financial Services increased revenue but also significantly increased its provision for credit losses due to deterioration in home equity and subprime portfolios. JPMorgan Chase maintained a strong capital position despite challenges in the market and credit environment.
Proxy Statement for July 2004 Annual Meeting finance2
The 2004 Annual Meeting of Stockholders of McKesson Corporation will be held on July 28, 2004. The meeting will address electing three directors to three-year terms, ratifying the appointment of Deloitte & Touche LLP as independent auditors for fiscal year 2005, and any other business properly brought before the meeting. Stockholders of record as of June 1, 2004 are entitled to vote.
morgan stanley Morgan Stanley and Co. Incorporatedfinance2
Morgan Stanley & Co. Incorporated provided its consolidated statement of financial condition as of May 31, 2008. The statement showed total assets of $579.5 billion, including cash and securities, financial instruments owned and collateralized agreements, and total liabilities and stockholder's equity of $579.5 billion. Morgan Stanley & Co. is a wholly owned subsidiary of Morgan Stanley and provides various financial services including securities underwriting, financial advisory services, sales and trading of securities, and brokerage and investment services. The notes to the financial statement provide additional details on related party transactions, accounting policies, and fair value measurement.
AIG Annual Reports and Proxy Statements 2006 Proxy Statementfinance2
The Nominating and Corporate Governance Committee of American International Group (AIG) summarized:
1) The Committee worked to identify additional independent directors and adopt corporate governance initiatives to foster transparency, ethics, and control environment.
2) Arthur Levitt was named a special advisor and Eric Litzky as Vice President of Corporate Governance to facilitate governance initiatives.
3) The Committee amended its charter and recommended other committees adopt charters to reflect additional responsibilities around shareholder proposals and director resignations.
AIG Conference Call Credit Presentation - August 7, 2008finance2
This document provides a summary of AIG Financial Products' (AIGFP) super senior credit derivative portfolio as of June 30, 2008. Some key points:
- AIGFP's net notional exposure was $441 billion, down from $469.5 billion last quarter. The portfolio included corporate, residential mortgage, and multi-sector CDO exposures.
- Losses on the underlying collateral remained low, ranging from 0.01-1.06% depending on the sector, well below the weighted average attachment points.
- However, rating agencies downgraded approximately $36.4 billion (63%) of the multi-sector CDO portfolio with subprime exposure, reflecting deterioration in those markets.
This document is McKesson Corporation's quarterly report filed with the SEC for the quarter ended September 30, 2004. It includes condensed consolidated financial statements such as the balance sheet, income statement, and cash flow statement. It also includes notes to the financial statements and sections on risks, controls and procedures, legal proceedings, and other information.
valero energy Quarterly and Other SEC Reports 2007 1stfinance2
Valero Energy Corp filed a Form 10-Q quarterly report for the period ending March 31, 2007. The report includes Valero's consolidated balance sheet, income statement, cash flow statement, and notes to the financial statements. Some key details include:
- Revenues for the quarter were $19.7 billion with net income of $1.1 billion.
- Total assets were $38.2 billion as of March 31, 2007, with current assets of $11 billion.
- Cash provided by operating activities for the quarter was $1.9 billion.
This document is Berkshire Hathaway's quarterly report filed with the SEC for the third quarter of 2008. It includes Berkshire's consolidated balance sheet, earnings statement, and cash flow statement for various periods in 2008. Some key details are:
- Revenues for the third quarter were $27.9 billion, with net earnings of $1.06 billion.
- Total assets at the end of the third quarter were $281.7 billion, with total liabilities of $157.2 billion.
- Cash flow from operations was $8.4 billion for the first nine months, but overall cash decreased by $11 billion due to large investments in fixed assets and acquisitions.
cardinal health Q2 2007 Earnings Presentationfinance2
This document provides a summary of Cardinal Health's second quarter earnings for fiscal year 2007. It includes highlights such as revenue increasing 13% year-over-year to $21.8 billion and operating earnings growing 12% to $512 million. Each of the company's business segments saw revenue and operating earnings increases compared to the prior year quarter. The document also outlines Cardinal Health's financial targets for fiscal year 2007, including revenue growth of 8-10% and EPS growth of 12-15%.
This document provides an overview of McKesson Corporation, the largest pharmaceutical distributor in the US. It discusses McKesson's history dating back to 1833, its current business segments, leadership in healthcare supply chain and information technology, and commitment to compliance, ethics and corporate governance. McKesson generates over $80 billion in annual revenue and employs over 25,000 people. It aims to improve healthcare quality and reduce costs through innovative supply chain and clinical solutions.
- McKesson is a healthcare services company focused on pharmaceutical distribution and healthcare information technology. In FY2006, McKesson had revenues of $88.1 billion and net income of $751 million.
- The CEO discusses McKesson's role in transforming healthcare by improving cost, quality, safety, and efficiency through its scale, expertise, and technology. Key areas of focus include distribution, safety/error reduction, personal health management, spending healthcare dollars efficiently, supporting clinicians, and facilitating next-generation healthcare.
- Business segments saw strong growth in pharmaceutical distribution and healthcare IT, while the medical-surgical segment faced challenges in acute care that may require strategic changes. The CEO expresses confidence in McKesson
My media product is a thriller film that incorporates conventions from other genres such as building tension with mysterious music and angled shots. It challenges conventions by changing them throughout and using no dialogue to focus on sounds. The film represents typical social groups for the genre like teenage girls and develops conventions by keeping the plot simple. A major Hollywood studio could distribute it online since it is similar to other popular films in its conventions and techniques. The target audience is 12-25 year olds of both genders as the characters and style would appeal to them. Various camera techniques like point of view shots keep the audience engaged. Through the process, I learned how to use equipment and editing software effectively to create visual effects that add suspense and mystery.
The document summarizes McKesson Corporation's investor/analyst day presentation from June 7, 2002. It discusses the company's strategy, financial performance, goals for its supply management, information solutions, and other business segments. Key points include revenue and earnings growth in recent years, goals to increase market share and margins across various segments, and continued investment in new products and services. Financial metrics like EBIT, EPS, cash flow, and return on capital are presented for 2000-2002 with most showing strong growth.
The document discusses workforce-critical mobility solutions that provide physically tough devices with long operation for use under duress, lone worker/man down protection software, location management, job reporting, and team communication features to reduce total cost of ownership and improve operations excellence while providing built-in safety features and reducing risk and liability. These solutions position between traditional data capture devices and rugged devices for sports/play to address a large market size for critical workforce mobility needs.
valero energy Quarterly and Other SEC Reports 2006 1stfinance2
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Jeff Campbell, Executive Vice President and CFO of McKesson, presented at the Lehman Brothers Annual Healthcare Conference on March 31, 2005. The presentation provided an overview of McKesson, including that it is the largest pharmaceutical distributor in the US, Canada, and Mexico. It also discussed McKesson's strategy to bring together clinical knowledge, process expertise, technology, and resources to fundamentally change the cost and quality of healthcare. The presentation included financial highlights showing year-over-year revenue growth of 14% for Q3 and 16% for the first nine months, but also a $1.2 billion securities litigation settlement charge in Q3.
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Morgan Stanley reported financial results for the first quarter of 2008. Net revenues were $8.3 billion, down 17% from the previous year's first quarter. Income from continuing operations was $1.551 billion, or $1.45 per share, compared to $2.314 billion, or $2.17 per share in the first quarter of 2007. Institutional Securities revenues were $6.2 billion, the third highest quarter ever, driven by record equities trading revenues. Global Wealth Management achieved net revenues of $1.6 billion and net new assets of $11 billion. Asset Management faced challenges with losses in real estate investments.
- Morgan Stanley Dean Witter reported net income of $1.075 billion for Q1 2001, down 30% from $1.544 billion in Q1 2000. Diluted earnings per share were $0.94, down 30% from $1.34 in Q1 2000.
- Revenues decreased 14% to $6.385 billion due to difficult markets negatively impacting several businesses, though fixed income and equity trading performed well.
- Return on equity was 23% and the company remains focused on reducing expenses while maintaining client services in challenging market conditions.
Morgan Stanley reported financial results for the third quarter of 2008. Net revenues were $8.0 billion, a 1% increase from the third quarter of 2007. Earnings per share were $1.32. Business lines like commodities, foreign exchange and equity trading performed strongly, with record results in prime brokerage. However, mortgage trading incurred losses of $640 million. Overall, the company saw solid performance despite challenging market conditions.
Morgan Stanley reported strong financial results for Q3 2006, with net income up 59% and EPS up 61% compared to Q3 2005. Returns on equity also increased substantially. Revenues increased 15% to a record $8 billion for the quarter, driven by record results in several Institutional Securities businesses including fixed income sales and trading. While market conditions were challenging, Morgan Stanley achieved its best third quarter ever in revenues, net income, and EPS, demonstrating progress on its strategic plan to improve performance.
- Morgan Stanley Dean Witter reported net income of $970 million for the third quarter of 1999, up 55% from $626 million in the third quarter of 1998. Diluted earnings per share were $1.65, up 63% from the prior year.
- Net revenues increased 39% to $5.3 billion driven by strong performance in institutional securities, asset management, and credit services.
- Results were boosted by record investment banking revenues, higher trading activity, and strong growth in assets under management. Credit quality also continued to improve.
Merrill Lynch reported record quarterly and annual net earnings for 2003. Net earnings for 2003 were $4.0 billion, up 59% from 2002. Fourth quarter net earnings were $1.2 billion, also the highest ever reported. Global Markets and Investment Banking pre-tax earnings increased 65% for the year due to revenue growth and expense discipline. Global Private Client pre-tax earnings rose 22% for the year due to diverse revenue sources and operating leverage. Merrill Lynch Investment Managers pre-tax earnings declined 11% for the year but rose in the fourth quarter.
Merrill Lynch reported first quarter 2003 net earnings of $685 million, a 6% increase from $647 million in the first quarter of 2002. Revenues were $4.9 billion, down 5% from the prior year quarter. While commissions revenue declined due to lower transaction volumes, debt trading increased revenues. Expenses decreased 6% to $2.5 billion for compensation and 7% for other expenses through cost cutting. The results demonstrated progress in diversifying revenues despite difficult markets.
Morgan Stanley Dean Witter reported strong second quarter 2000 results, with net income up 27% to $1.458 billion and earnings per share up 30% compared to the second quarter of 1999. All business segments performed well, with record results in securities and asset management. The company also announced an additional $1.5 billion stock repurchase authorization.
Morgan Stanley Dean Witter announced its third quarter 2000 financial results. Net income increased 28% to $1.246 billion compared to the third quarter of 1999. Earnings per share were up 31% to $1.09. Net revenues grew 18% to $6.294 billion. All business segments saw increases in net income compared to the prior year quarter, with particularly strong growth in Asset Management (+62%) and Credit Services (+10%). For the first nine months of the year, net income increased 35% and earnings per share grew 38% compared to the same period in 1999.
Morgan Stanley Dean Witter announced record quarterly and full year net income. For the quarter, net income increased 86% to $1.633 billion and diluted earnings per share increased 91% to $2.84. For the full fiscal year, net income increased 57% to a record $4.791 billion and diluted earnings per share increased 66% to $8.20. The company also announced a 2 for 1 stock split, a 67% increase in dividends, and authorization to repurchase an additional $1 billion in stock.
Citigroup reported record net income of $15.28 billion for 2002, an 8% increase over 2001. Net income per share also rose 8% to $2.94. Core income for the year was a record $13.65 billion, or $2.63 per share. However, fourth quarter net income declined 37% to $2.43 billion due to a $1.55 billion legal settlement charge. Core income fell 32% to $2.44 billion. Revenue grew 7% for the full year to $75.76 billion but was flat in the fourth quarter at $18.93 billion.
Merrill Lynch reported net earnings of $1.04 billion for Q3 2003, a 50% increase from $693 million in Q3 2002. This was the highest third quarter earnings in company history and the second-best quarterly earnings overall. Revenues increased 16% to $5.1 billion from Q3 2002, driven by strong growth in global markets and investment banking. The pre-tax profit margin rose to 29.8% from 24.2% in Q3 2002.
Merrill Lynch reported second quarter net earnings of $1 billion, their second-best quarterly earnings ever. Net revenues for the quarter were $5.3 billion, a 7% increase over the previous year. The pre-tax profit margin of 27.6% was the highest in over 25 years. Global Markets and Investment Banking saw a 25% increase in revenues compared to the previous year and achieved a record pre-tax profit margin. Global Private Client revenues declined 6% from the previous year due to reduced transaction activity, but the pre-tax profit margin increased. Merrill Lynch continues initiatives to diversify revenues and leverage client relationships across business segments.
Merrill Lynch reported third quarter net earnings of $920 million, down 8% from the previous year. For the first nine months of the year, net earnings were $3.3 billion, up 24% from the same period last year. While markets were challenging in the quarter, the company's diversification efforts helped deliver solid results. Merrill Lynch continues investing in key growth initiatives across its business segments.
Morgan Stanley reported third quarter results, with earnings per share of $1.38, down from $1.50 in the previous year. Net revenues increased 13% to $8 billion, though expenses also rose 18%. For the first nine months of the year, the company achieved record net revenues and earnings per share. While most business lines performed well, losses from credit products and quantitative trading strategies reduced profits.
Citigroup reported a 13% increase in core income to $3.79 billion for Q2 2001 compared to Q2 2000. Revenue grew 8% to $20.3 billion led by 12% growth in the Global Consumer segment. Core EPS grew 14% to $0.74 per share. Several business segments saw strong growth including 40% growth for CitiFinancial, 17% for North America Cards, and 18% for the Private Bank. Despite difficult market conditions, Corporate Finance delivered 12% earnings growth through increased market share.
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1) The document discusses Home Depot's merchandising strategy, which focuses on national brands, exclusive proprietary brands, and serving core customers through product knowledge transfer.
2) Home Depot aims to aggressively attack the market through its brand strategies, which leverage national brands, exclusive brands, and proprietary brands to differentiate, build preference, and offer selection.
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home depot 2008 Annual Meeting of Stockholdersfinance2
This document summarizes The Home Depot's 2008 Annual Meeting of Shareholders. It provides an overview of the company's financial performance in 2007, including a 2% decrease in sales and an 11% decrease in net earnings per share. It also outlines the company's five priorities for 2007 which were investing in associate engagement, shopping environment, product availability, product excitement, and owning the professional customer. The outlook anticipates 2008 will be another difficult year with guidance for a 4-5% sales decrease and a 19-24% decrease in earnings per share. The company will continue investing in its key priorities and allocating capital efficiently.
The document is a transcript from The Home Depot's 2008 Investor Day conference. Frank Blake, the company's CEO, provides an overview of the company's strategic focus on improving the core retail business, exercising disciplined capital allocation, increasing returns on existing assets, and building sustained competitive advantages. He highlights progress made on priorities like associate engagement and product availability. While housing market conditions remain difficult, Blake emphasizes the company's long term strategy and goals, such as becoming a best in class merchandiser.
This document provides a financial overview and discussion of Home Depot's performance in Q1 2008 and outlook for 2008. Some key points:
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- Home Depot has a staggered debt maturity schedule with low refinancing risk and strong cash flow and liquidity.
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This document discusses Home Depot's supply chain transformation efforts from 2007 to 2008. It outlines goals of improving product availability, inventory management, and developing an optimal distribution network. Home Depot implemented regional distribution centers (RDCs) to better aggregate store orders, improve in-stock levels, and reduce supply chain costs. The RDCs were shown to simplify operations and had benefits including increased gross margins and improved inventory turns that could generate $1.5 billion in additional cash.
The document discusses a decline in private residential investment and subprime/Alt-A mortgages over the past few years which has negatively impacted the housing market. It then outlines Home Depot's strategic focus on increasing returns through disciplined capital allocation, investing in existing assets like employee training and supply chain improvements, and building sustained competitive advantages. Home Depot expects another difficult year in 2008 but believes these strategic initiatives position it for stronger future growth once market conditions normalize.
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Explore the world of investments with an in-depth comparison of the stock market and real estate. Understand their fundamentals, risks, returns, and diversification strategies to make informed financial decisions that align with your goals.
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Understanding Ponzi Schemes
A Ponzi scheme is an investment scam where returns are paid to earlier investors using the capital from newer investors, rather than from legitimate profit earned. The scheme relies on a constant influx of new investments to continue paying the promised returns. Eventually, when the flow of new money slows down or stops, the scheme collapses, leaving the majority of investors with substantial financial losses.
Historical Context: Charles Ponzi and His Legacy
Charles Ponzi is the namesake of this deceptive practice. In the 1920s, Ponzi promised investors in Boston a 50% return within 45 days or 100% return in 90 days through arbitrage of international reply coupons. Initially, he paid returns as promised, not from profits, but from the investments of new participants. When his scheme unraveled, it resulted in losses exceeding $20 million (equivalent to about $270 million today).
Notable American Ponzi Schemes
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1. Contact: Investor Relations Media Relations
William Pike Ray O’Rourke
212-761-0008 212-761-4262
For Immediate Release
Morgan Stanley Reports Full-Year Net Earnings of $3.0 Billion,
Return on Equity of 14%;
Fourth Quarter Net Earnings of $732 Million;
Including a Pre-tax Restructuring Charge of $235 Million
NEW YORK, December 19, 2002 -- Morgan Stanley (NYSE: MWD) today reported net
earnings for the fiscal year of $2,988 million, including a fourth quarter pre-tax restructuring
charge of $235 million. Diluted earnings per share were $2.69, and the return on average
common equity was 14 percent. Excluding the charge, net earnings were $3,140 million,
diluted earnings per share were $2.83 and the return on average common equity was 15
percent.
Including the charge, net earnings for the fourth quarter were $732 million, diluted earnings
per share were $0.67 and the annualized return on average common equity was 14 percent.
Excluding the charge, net earnings were $884 million, diluted earnings per share were $0.81
and the annualized return on average common equity was 17 percent.
The pre-tax restructuring charge of $235 million ($152 million net of tax) consisted of $162
million in write-offs related to space reductions, primarily in the U.S. and the U.K., and $73
million in severance-related costs.
Philip J. Purcell, Chairman & CEO, and Robert G. Scott, President, said in a joint statement,
“2002 was an extremely challenging year, especially on the heels of a very difficult 2001.
Industry-wide declines in the level of activity significantly depressed revenues in our
securities and asset management businesses. Nonetheless, we were able to generate a 14
percent return on equity thanks to record profits generated by our Discover Card business and
an intense focus on costs and our business models firmwide. We’re extremely proud of our
employees who worked hard in this difficult period to provide the highest level of service to
our clients.”
2. Full-year net earnings of $3,140 million before the fourth quarter charge were 13 percent
below last year’s $3,610 million.1 Diluted earnings per share of $2.83 before the charge were
down 11 percent. Net revenues (total revenues less interest expense and the provision for loan
losses) declined 14 percent to $19.1 billion and non-compensation expenses (excluding the
charge) decreased 11 percent to $6.2 billion.
Fourth quarter net earnings of $884 million before the charge were 45 percent higher than
third quarter 2002 and 2 percent higher than fourth quarter 2001. Diluted earnings per share
of $0.81 before the charge increased 47 percent compared to last quarter and 4 percent
compared to last year. Net revenues of $4.2 billion were 8 percent lower than both this year’s
third quarter and last year’s fourth quarter. Non-compensation expenses (excluding the
charge) rose 6 percent and declined 7 percent from those same periods.
INSTITUTIONAL SECURITIES
FULL YEAR
The Company’s Institutional Securities business posted net income of $1,703 million in fiscal
2002, down 31 percent from a year ago. Net revenues declined 20 percent to $9.3 billion,
reflecting the impact of difficult markets. Total non-interest expenses, including restructuring
charges of $117 million, declined 15 percent to $6.6 billion.
Investment banking and equity underwriting were negatively impacted by the continued
industry-wide slowdown in M&A activity and equity issuance. For the first eleven months of
calendar 2002, industry-wide announced and completed global M&A activity fell 31 percent
and 45 percent, respectively, from year ago levels. Worldwide equity and equity-related
issuance was 23 percent lower. Fixed income underwriting revenues also declined from the
prior year, reflecting a 21 percent decrease in industry-wide U.S. investment grade issuance.2
The Company ranked #2 with a market share of 29 percent in completed global M&A; #3
with a market share of 19 percent in announced global M&A; #4 with a market share of 10
percent in U.S. investment grade debt; and #4 with a market share of 8 percent in worldwide
1
All amounts for the twelve-months ended November 30, 2001 exclude an after-tax charge of $59 million, or
$0.05 per share, resulting from the adoption of SFAS 133 on December 1, 2000, and an extraordinary loss of $30
million, or $0.03 per share, resulting from the early extinguishment of debt. See Page F-1 of Financial Summary,
Notes 1 & 2.
2
Source: Thomson Financial Securities Data.
2
3. equity and equity-related underwritings.3 In equity research, the Company tied for first place
in the Institutional Investor’s 2002 Global Research Poll.
In the Company’s equity sales and trading business, a decline in market indexes, lower dollar
volumes and the decrease in the level of primary issuance resulted in difficult trading
conditions. In fixed income sales and trading, a sharp decline in commodity price volatility
and less favorable trading conditions for interest rate products depressed overall results.
FOURTH QUARTER
Institutional Securities posted net income of $453 million, a decline of 21 percent versus
fourth quarter 2001. Net revenues decreased 13 percent to $1.9 billion, primarily due to
continued difficult market conditions. Non-interest expenses, including restructuring charges
of $117 million, were 10 percent lower than last year’s fourth quarter.
• Advisory revenues were $271 million, down 16 percent from fourth quarter 2001. The
decline in advisory revenues reflects the decline in global M&A activity. Industry-
wide, global completed M&A transaction volume fell 24 percent compared to a year
ago.4
• Underwriting revenues fell 16 percent from last year’s fourth quarter to $346 million
on lower equity and fixed income underwriting activity.
• Fixed income sales and trading net revenues were $589 million, down 22 percent from
fourth quarter 2001. A more difficult trading environment for interest rate products
was partially offset by a more favorable one for credit products.
• Equity sales and trading net revenues of $634 million were down 26 percent from a
year ago, primarily due to declines in customer trading volumes and lower market
volatility.
INDIVIDUAL INVESTOR GROUP
FULL YEAR
The Individual Investor Group recorded a net loss of $7 million for the year compared to a net
loss of $44 million in fiscal 2001. Net revenues declined 11 percent to $4.0 billion as retail
participation in equity markets was down throughout the year. Total non-interest expenses,
3
Source: Thomson Financial Securities Data -- January 1 to December 18, 2002.
4
Source: Thomson Financial Securities Data.
3
4. including restructuring charges of $112 million, decreased 12 percent from a year ago. Total
client assets of $517 billion were 13 percent lower than the end of last year, compared to
declines of 18 percent in the S&P 500 and 23 percent in the Nasdaq. Client assets in fee-
based accounts fell 5 percent to $104 billion, but represented 20 percent of total client assets
compared to 18 percent at 2001 fiscal year end.
FOURTH QUARTER
IIG reported a fourth quarter net loss of $31 million compared to net income of $14 million a
year ago. The decrease was driven by lower revenues and the $112 million in restructuring
charges.
• Net revenues declined 8 percent to $907 million, primarily reflecting a decline in retail
participation in equity markets compared to last year.
• During the quarter, the number of global financial advisors decreased by 1,044 to 12,546,
and client assets in fee-based accounts increased by $1 billion to $104 billion.
INVESTMENT MANAGEMENT
FULL YEAR
Investment Management reported net income of $525 million, 9 percent higher than last
year’s $480 million. The increase was driven by a 14 percent decline in non-interest expenses
and lower income tax expense which more than offset lower net revenues. The revenue
decline reflected a decrease in the Company’s average assets under management and a shift in
asset mix away from equity products. Assets under management were $420 billion, down $39
billion, or 8 percent from a year ago, primarily as a result of a decline in market values.
During the year, the Company launched 21 new funds or products, generating sales of nearly
$1.2 billion. Among investment managers, the Company had the fourth highest number of
domestic funds (48) receiving one of Morningstar’s two highest ratings.5 The percent of the
Company’s fund assets performing in the top half of the Lipper rankings for one year was 65
percent compared to 59 percent a year ago.6
5
As of October 2002 and based on the highest rated share class.
6
As of October 2002.
4
5. FOURTH QUARTER
Investment Management’s net income was $116 million, a 32 percent increase from $88
million in the fourth quarter of 2001. The earnings increase reflects a decline in non-interest
expenses and income tax expense -- partially offset by lower net revenues driven primarily by
lower average assets under management.
• Retail assets fell $5 billion during the quarter and $33 billion from a year ago to a total of
$247 billion.
• Institutional assets rose $1 billion during the fourth quarter but declined $6 billion over the
past twelve months to $173 billion.
CREDIT SERVICES
FULL YEAR
Credit Services achieved record net income of $767 million, up 9 percent from a year ago. An
increase in the interest rate spread on Discover’s credit card portfolio, higher merchant and
cardmember fees and lower marketing and business development costs were partially offset by
an increase in the provision for loan losses. Managed credit card loans were $51.1 billion at
fiscal year end, 4 percent greater than a year ago, and the interest spread increased 82 basis
points over the same time period. The credit card charge-off rate increased 83 basis points to
6.19 percent. The increase in charge-offs reflects persisting softness in the U.S. economy and
a high level of national bankruptcy filings. The over-30-day delinquency rate declined 89
basis points to 5.96 percent, and the over-90-day rate declined 36 basis points to 2.66 percent.
Total transaction volume rose to a record $97.3 billion, and Discover ended the fiscal year
with 46.5 million cardmember accounts.
FOURTH QUARTER
Credit Services fourth quarter net income was $194 million, up 1 percent from a year ago. A
lower provision for loan losses offset an increase in marketing and business development
expenses.
• The interest rate spread on Discover’s credit card portfolio contracted by 20 basis points
compared to last year’s fourth quarter, driven by a lower finance charge yield which more
than offset a decline in the cost of funds.
• Merchant and cardmember fees were $542 million, essentially unchanged from a year ago.
Higher merchant discount revenue from increased transaction volume was offset by lower
5
6. cardmember fees. Transaction volume rose 15 percent to a record $25.3 billion, as a result
of higher balance transfers and an increase in sales.
• The credit card net charge-off rate was 5.96 percent, 6 basis points lower than the third
quarter, but 11 basis points higher than a year ago. The increase in the charge-off rate
from fourth quarter 2001 was largely the result of an increase in bankruptcy losses.
Morgan Stanley reports its results in four business segments: institutional securities,
individual investor group, investment management and credit services. Previously, the results
of the institutional and individual securities activities were reported in one reporting segment.
Management is currently evaluating how it allocates revenues and expenses among its
business segments and expects to change such allocations in the future. Business segment
results will reflect reallocations of revenues and expenses that result from such changes and
the effect may be material to a particular segment. Reallocations of revenues or expenses
among segments will have no effect on Morgan Stanley's overall results of operations.
Total capital at November 30, 2002 was $65.9 billion, including $23.1 billion of common
shareholders’ equity and preferred securities subject to mandatory redemption. Book value
per common share was $20.24, based on quarter-end shares outstanding of 1.08 billion.
The Company announced that its Board of Directors declared a $0.23 quarterly dividend per
common share. The dividend is payable on January 31, 2003 to common shareholders of
record on January 10, 2003.
The Company repurchased approximately 22 million shares of its common stock during the
2002 fiscal year.
Morgan Stanley is a global financial services firm and a market leader in securities,
investment management and credit services. With over 600 offices in 28 countries, Morgan
Stanley connects people, ideas and capital to help clients achieve their financial aspirations.
Access this press release on-line @www.morganstanley.com
###
(See Attached Schedules)
6
7. This release may contain forward-looking statements. These statements, which reflect
management’s beliefs and expectations, are subject to risks and uncertainties that may cause
actual results to differ materially. For a discussion of the risks and uncertainties that may
affect the Company’s future results, please see “Certain Factors Affecting Results of
Operations” and “Competition and Regulation” under each of “Securities,” “Investment
Management” and “Credit Services” in Part 1, Item 1, in the Company’s 2001 Annual Report
to Shareholders on Form 10-K and “Management’s Discussion and Analysis of Financial
Conditions and Results of Operations” in the Company’s Quarterly Reports on Form 10-Q for
fiscal 2002.
7
8. MORGAN STANLEY
Financial Summary
(unaudited, dollars in millions)
Quarter Ended Percentage Change From: Twelve Months Ended Percentage
Nov 30, 2002 Nov 30, 2001 Aug 31, 2002 Nov 30, 2001 Aug 31, 2002 Nov 30, 2002 Nov 30, 2001 Change
Net revenues
Institutional Securities $ 1,881 $ 2,167 $ 2,152 (13%) (13%) $ 9,268 $ 11,554 (20%)
Individual Investor Group 907 991 1,013 (8%) (10%) 3,980 4,455 (11%)
Investment Management 534 581 538 (8%) (1%) 2,304 2,525 (9%)
Credit Services 927 904 933 3% (1%) 3,557 3,559 --
Consolidated net revenues $ 4,249 $ 4,643 $ 4,636 (8%) (8%) $ 19,109 $ 22,093 (14%)
Net income
Institutional Securities $ 453 $ 575 $ 272 (21%) 67% $ 1,703 $ 2,472 (31%)
Individual Investor Group (31) 14 5 * * (7) (44) 84%
Investment Management 116 88 124 32% (6%) 525 480 9%
Credit Services 194 193 210 1% (8%) 767 702 9%
Income before extraordinary item and
cumulative effect of accounting change 732 870 611 (16%) 20% 2,988 3,610 (17%)
Extraordinary item (1) 0 0 0 -- -- 0 (30) *
Cumulative effect of accounting change (2) 0 0 0 -- -- 0 (59) *
Consolidated net income $ 732 $ 870 $ 611 (16%) 20% $ 2,988 $ 3,521 (15%)
Preferred stock dividend requirements $ 0 $ 5 $ 0 * -- $ 0 $ 32 *
Earnings applicable to common shares $ 732 $ 865 $ 611 (15%) 20% $ 2,988 $ 3,489 (14%)
Basic earnings per common share
Income before extraordinary item and
cumulative effect of accounting change $ 0.68 $ 0.80 $ 0.57 (15%) 19% $ 2.76 $ 3.29 (16%)
Extraordinary item $ 0.00 $ 0.00 $ 0.00 -- -- $ 0.00 $ (0.03) *
Cumulative effect of accounting change $ 0.00 $ 0.00 $ 0.00 -- -- $ 0.00 $ (0.05) *
Net income $ 0.68 $ 0.80 $ 0.57 (15%) 19% $ 2.76 $ 3.21 (14%)
Diluted earnings per common share
Income before extraordinary item and
cumulative effect of accounting change $ 0.67 $ 0.78 $ 0.55 (14%) 22% $ 2.69 $ 3.19 (16%)
Extraordinary item $ 0.00 $ 0.00 $ 0.00 -- -- $ 0.00 $ (0.03) *
Cumulative effect of accounting change $ 0.00 $ 0.00 $ 0.00 -- -- $ 0.00 $ (0.05) *
Net income $ 0.67 $ 0.78 $ 0.55 (14%) 22% $ 2.69 $ 3.11 (14%)
Average common shares outstanding
Basic 1,074,654,825 1,078,517,918 1,081,708,833 1,083,270,783 1,086,121,508
Diluted 1,095,716,005 1,108,980,235 1,105,494,894 1,109,637,953 1,121,764,086
Period end common shares outstanding 1,081,417,377 1,093,006,744 1,093,052,009 1,081,417,377 1,093,006,744
Return on common equity (3) 13.7% 17.6% 11.4% 14.1% 18.5%
(1) Represents extraordinary loss on the early extinguishment of debt.
(2) Represents the effects of an accounting change adopted in the first quarter of fiscal 2001 with respect to the accounting for derivative instruments and hedging activities associated with SFAS 133.
(3) Excludes the cumulative effect of accounting change and extraordinary item.
Note: Certain reclassifications have been made to prior period amounts to conform to the current presentation.
F-1
9. MORGAN STANLEY
Consolidated Income Statement Information
(unaudited, dollars in millions)
Quarter Ended Percentage Change From: Twelve Months Ended Percentage
Nov 30, 2002 Nov 30, 2001 Aug 31, 2002 Nov 30, 2001 Aug 31, 2002 Nov 30, 2002 Nov 30, 2001 Change
Investment banking $ 689 $ 809 $ 482 (15%) 43% $ 2,527 $ 3,425 (26%)
Principal transactions:
Trading 419 645 457 (35%) (8%) 2,685 5,491 (51%)
Investments 12 (104) (64) 112% 119% (35) (316) 89%
Commissions 748 753 855 (1%) (13%) 3,280 3,162 4%
Fees:
Asset management, distribution and administration 904 979 971 (8%) (7%) 3,945 4,216 (6%)
Merchant and cardmember 372 348 359 7% 4% 1,420 1,349 5%
Servicing 525 567 514 (7%) 2% 2,091 1,904 10%
Interest and dividends 3,787 4,116 4,373 (8%) (13%) 15,866 24,127 (34%)
Other 114 143 209 (20%) (45%) 636 516 23%
Total revenues 7,570 8,256 8,156 (8%) (7%) 32,415 43,874 (26%)
Interest expense 3,002 3,282 3,188 (9%) (6%) 11,970 20,729 (42%)
Provision for consumer loan losses 319 331 332 (4%) (4%) 1,336 1,052 27%
Net revenues 4,249 4,643 4,636 (8%) (8%) 19,109 22,093 (14%)
Compensation and benefits 1,147 1,422 2,061 (19%) (44%) 7,933 9,372 (15%)
Occupancy and equipment 221 215 198 3% 12% 825 881 (6%)
Brokerage, clearing and exchange fees 212 180 208 18% 2% 775 700 11%
Information processing and communications 379 371 341 2% 11% 1,379 1,460 (6%)
Marketing and business development 329 290 291 13% 13% 1,133 1,277 (11%)
Professional services 346 345 273 -- 27% 1,094 1,299 (16%)
Other 223 430 295 (48%) (24%) 1,015 1,370 (26%)
Restructuring and other charges 235 0 0 * * 235 0 *
Total non-interest expenses 3,092 3,253 3,667 (5%) (16%) 14,389 16,359 (12%)
Income before taxes, extraordinary item, dividends
on pref. sec. and cumulative effect of acctg. change 1,157 1,390 969 (17%) 19% 4,720 5,734 (18%)
Income tax expense 403 498 337 (19%) 20% 1,645 2,074 (21%)
Div. on pref. sec. subject to mandatory redemption 22 22 21 -- 5% 87 50 74%
Income before extraordinary item and
cumulative effect of accounting change 732 870 611 (16%) 20% 2,988 3,610 (17%)
Extraordinary item (1) 0 0 0 -- -- 0 (30) *
Cumulative effect of accounting change (2) 0 0 0 -- -- 0 (59) *
Net income $ 732 $ 870 $ 611 (16%) 20% $ 2,988 $ 3,521 (15%)
Preferred stock dividend requirements $ 0 $ 5 $ 0 * -- $ 0 $ 32 *
Earnings applicable to common shares $ 732 $ 865 $ 611 (15%) 20% $ 2,988 $ 3,489 (14%)
Compensation and benefits as a % of net revenues 27% 31% 44% 42% 42%
(1) Represents extraordinary loss on the early extinguishment of debt.
(2) Represents the effects of an accounting change adopted in the first quarter of fiscal 2001 with respect to the accounting for derivative instruments and hedging activities associated with SFAS 133.
Note: Certain reclassifications have been made to prior period amounts to conform to the current presentation.
F-2
10. MORGAN STANLEY
Institutional Securities Income Statement Information
(unaudited, dollars in millions)
Quarter Ended Percentage Change From: Twelve Months Ended Percentage
Nov 30, 2002 Nov 30, 2001 Aug 31, 2002 Nov 30, 2001 Aug 31, 2002 Nov 30, 2002 Nov 30, 2001 Change
Investment banking $ 617 $ 735 $ 413 (16%) 49% $ 2,240 $ 3,091 (28%)
Principal transactions:
Trading 280 486 328 (42%) (15%) 2,114 4,719 (55%)
Investments 15 (75) 13 120% 15% 41 (216) 119%
Commissions 465 440 556 6% (16%) 2,073 1,816 14%
Asset management, distribution and administration fees 28 19 30 47% (7%) 106 96 10%
Interest and dividends 3,095 3,393 3,630 (9%) (15%) 13,069 20,727 (37%)
Other 94 120 78 (22%) 21% 414 438 (5%)
Total revenues 4,594 5,118 5,048 (10%) (9%) 20,057 30,671 (35%)
Interest expense 2,713 2,951 2,896 (8%) (6%) 10,789 19,117 (44%)
Net revenues 1,881 2,167 2,152 (13%) (13%) 9,268 11,554 (20%)
Total non-interest expenses 1,139 1,265 1,720 (10%) (34%) 6,564 7,715 (15%)
Income before taxes, extraordinary item, dividends
on pref. sec. and cumulative effect of acctg. change 742 902 432 (18%) 72% 2,704 3,839 (30%)
Income tax expense 267 305 139 (12%) 92% 914 1,317 (31%)
Div. on pref. sec. subject to mandatory redemption 22 22 21 -- 5% 87 50 74%
Income before extraordinary item and
cumulative effect of accounting change 453 575 272 (21%) 67% 1,703 2,472 (31%)
Extraordinary item (1) 0 0 0 -- -- 0 (30) *
Cumulative effect of accounting change (2) 0 0 0 -- -- 0 (46) *
Net income $ 453 $ 575 $ 272 (21%) 67% $ 1,703 $ 2,396 (29%)
Profit margin (3) 24% 27% 13% 18% 21%
(1) Represents extraordinary loss on the early extinguishment of debt.
(2) Represents the effects of an accounting change adopted in the first quarter of fiscal 2001 with respect to the accounting for derivative instruments and hedging activities associated with SFAS 133.
(3) Net income excluding cumulative effect of accounting change as a % of net revenues.
Note: Certain reclassifications have been made to prior period amounts to conform to the current presentation.
F-3
11. MORGAN STANLEY
Individual Investor Group Income Statement Information
(unaudited, dollars in millions)
Quarter Ended Percentage Change From: Twelve Months Ended Percentage
Nov 30, 2002 Nov 30, 2001 Aug 31, 2002 Nov 30, 2001 Aug 31, 2002 Nov 30, 2002 Nov 30, 2001 Change
Investment banking $ 65 $ 66 $ 61 (2%) 7% $ 255 $ 280 (9%)
Principal transactions:
Trading 135 159 129 (15%) 5% 567 772 (27%)
Investments (1) 0 (45) * 98% (45) (11) *
Commissions 267 300 288 (11%) (7%) 1,157 1,300 (11%)
Asset management, distribution and administration fees 368 390 407 (6%) (10%) 1,640 1,700 (4%)
Interest and dividends 78 118 88 (34%) (11%) 359 735 (51%)
Other 24 14 115 71% (79%) 178 45 *
Total revenues 936 1,047 1,043 (11%) (10%) 4,111 4,821 (15%)
Interest expense 29 56 30 (48%) (3%) 131 366 (64%)
Net revenues 907 991 1,013 (8%) (10%) 3,980 4,455 (11%)
Total non-interest expenses 963 968 1,005 (1%) (4%) 3,995 4,516 (12%)
Income before income taxes (56) 23 8 * * (15) (61) 75%
Income tax expense (25) 9 3 * * (8) (17) 53%
Net income $ (31) $ 14 $ 5 * * $ (7) $ (44) 84%
Profit margin (1) (3%) 1% 0% (0%) (1%)
(1) Net income as a % of net revenues.
Note: Certain reclassifications have been made to prior period amounts to conform to the current presentation.
F-4
12. MORGAN STANLEY
Investment Management Income Statement Information
(unaudited, dollars in millions)
Quarter Ended Percentage Change From: Twelve Months Ended Percentage
Nov 30, 2002 Nov 30, 2001 Aug 31, 2002 Nov 30, 2001 Aug 31, 2002 Nov 30, 2002 Nov 30, 2001 Change
Investment banking $ 7 $ 8 $ 8 (13%) (13%) $ 32 $ 54 (41%)
Principal transactions:
Trading 4 0 0 * * 4 0 *
Investments (2) (29) (32) 93% 94% (31) (89) 65%
Commissions 16 13 11 23% 45% 50 46 9%
Asset management, distribution and administration fees 508 570 534 (11%) (5%) 2,199 2,420 (9%)
Interest and dividends 2 12 9 (83%) (78%) 25 72 (65%)
Other (2) 10 8 (120%) (125%) 25 32 (22%)
Total revenues 533 584 538 (9%) (1%) 2,304 2,535 (9%)
Interest expense (1) 3 0 (133%) * 0 10 *
Net revenues 534 581 538 (8%) (1%) 2,304 2,525 (9%)
Total non-interest expenses 366 415 328 (12%) 12% 1,462 1,696 (14%)
Income before income taxes 168 166 210 1% (20%) 842 829 2%
Income tax expense 52 78 86 (33%) (40%) 317 349 (9%)
Net income $ 116 $ 88 $ 124 32% (6%) $ 525 $ 480 9%
Profit margin (1) 22% 15% 23% 23% 19%
(1) Net income as a % of net revenues.
Note: Certain reclassifications have been made to prior period amounts to conform to the current presentation.
F-5
13. MORGAN STANLEY
Credit Services Income Statement Information
(unaudited, dollars in millions)
Quarter Ended Percentage Change From: Twelve Months Ended Percentage
Nov 30, 2002 Nov 30, 2001 Aug 31, 2002 Nov 30, 2001 Aug 31, 2002 Nov 30, 2002 Nov 30, 2001 Change
Fees:
Merchant and cardmember $ 372 $ 348 $ 359 7% 4% $ 1,420 $ 1,349 5%
Servicing 525 567 514 (7%) 2% 2,091 1,904 10%
Other (2) (1) 8 (100%) (125%) 19 1 *
Total non-interest revenues 895 914 881 (2%) 2% 3,530 3,254 8%
Interest revenue 612 593 646 3% (5%) 2,413 2,593 (7%)
Interest expense 261 272 262 (4%) -- 1,050 1,236 (15%)
Net interest income 351 321 384 9% (9%) 1,363 1,357 --
Provision for consumer loan losses 319 331 332 (4%) (4%) 1,336 1,052 27%
Net credit income 32 (10) 52 * (38%) 27 305 (91%)
Net revenues 927 904 933 3% (1%) 3,557 3,559 --
Total non-interest expenses 624 605 614 3% 2% 2,368 2,432 (3%)
Income before taxes and cumulative
effect of accounting change 303 299 319 1% (5%) 1,189 1,127 6%
Income tax expense 109 106 109 3% -- 422 425 (1%)
Income before cumulative effect
of accounting change 194 193 210 1% (8%) 767 702 9%
Cumulative effect of accounting change (1) 0 0 0 -- -- 0 (13) *
Net income $ 194 $ 193 $ 210 1% (8%) $ 767 $ 689 11%
Profit margin (2) 21% 21% 23% 22% 20%
(1) Represents the effects of an accounting change adopted in the first quarter of fiscal 2001 with respect to the accounting for derivative instruments and hedging activities associated with SFAS 133.
(2) Net income excluding cumulative effect of accounting change as a % of net revenues.
Note: Certain reclassifications have been made to prior period amounts to conform to the current presentation.
F-6
14. MORGAN STANLEY
Credit Services Income Statement Information
(unaudited, dollars in millions)
(Managed loan basis)
Quarter Ended Percentage Change From: Twelve Months Ended Percentage
Nov 30, 2002 Nov 30, 2001 Aug 31, 2002 Nov 30, 2001 Aug 31, 2002 Nov 30, 2002 Nov 30, 2001 Change
Fees:
Merchant and cardmember $ 542 $ 543 $ 525 -- 3% $ 2,110 $ 2,000 6%
Servicing 0 0 0 -- -- 0 0 --
Other 3 (2) 25 250% (88%) 80 91 (12%)
Total non-interest revenues 545 541 550 1% (1%) 2,190 2,091 5%
Interest revenue 1,606 1,696 1,643 (5%) (2%) 6,474 6,929 (7%)
Interest expense 475 562 483 (15%) (2%) 1,937 2,747 (29%)
Net interest income 1,131 1,134 1,160 -- (3%) 4,537 4,182 8%
Provision for consumer loan losses 749 771 777 (3%) (4%) 3,170 2,714 17%
Net credit income 382 363 383 5% -- 1,367 1,468 (7%)
Net revenues 927 904 933 3% (1%) 3,557 3,559 --
Total non-interest expenses 624 605 614 3% 2% 2,368 2,432 (3%)
Income before taxes and cumulative
effect of accounting change 303 299 319 1% (5%) 1,189 1,127 6%
Income tax expense 109 106 109 3% -- 422 425 (1%)
Income before cumulative effect
of accounting change 194 193 210 1% (8%) 767 702 9%
Cumulative effect of accounting change (1) 0 0 0 -- -- 0 (13) *
Net income $ 194 $ 193 $ 210 1% (8%) $ 767 $ 689 11%
Profit margin (2) 21% 21% 23% 22% 20%
(1) Represents the effects of an accounting change adopted in the first quarter of fiscal 2001 with respect to the accounting for derivative instruments and hedging activities associated with SFAS 133.
(2) Net income excluding cumulative effect of accounting change as a % of net revenues.
Note: Certain reclassifications have been made to prior period amounts to conform to the current presentation.
F-7
15. MORGAN STANLEY
Financial Information and Statistical Data
(unaudited)
Quarter Ended Percentage Change From: Twelve Months Ended Percentage
Nov 30, 2002 Nov 30, 2001 Aug 31, 2002 Nov 30, 2001 Aug 31, 2002 Nov 30, 2002 Nov 30, 2001 Change
Morgan Stanley
Total assets (millions) $ 531,000 $ 483,000 $ 517,000 10% 3%
Period end common shares outstanding (millions) 1,081.4 1,093.0 1,093.1 (1%) (1%)
Book value per common share $ 20.24 $ 18.64 $ 19.59 9% 3%
Shareholders' equity (millions) (1) $ 23,096 $ 21,926 $ 22,626 5% 2%
Total capital (millions) (2) $ 65,936 $ 61,633 $ 66,631 7% (1%)
Worldwide employees 55,726 61,319 57,799 (9%) (4%)
Institutional Securities
Advisory revenue (millions) $ 271 $ 322 $ 149 (16%) 82% $ 962 $ 1,420 (32%)
Underwriting revenue (millions) $ 346 $ 413 $ 264 (16%) 31% $ 1,278 $ 1,671 (24%)
Sales and trading net revenue (millions) (3)
Equity $ 634 $ 858 $ 1,066 (26%) (41%) $ 3,584 $ 4,615 (22%)
Fixed income $ 589 $ 755 $ 698 (22%) (16%) $ 3,265 $ 3,909 (16%)
Mergers and acquisitions announced transactions (4)
Morgan Stanley global market volume (billions) $ 198.0 $ 395.0 $ 126.9
Rank 3 3 4
Worldwide equity and related issues (4)
Morgan Stanley global market volume (billions) $ 25.6 $ 40.2 $ 13.7
Rank 4 4 5
Individual Investor Group
Global financial advisors 12,546 13,690 13,590 (8%) (8%)
Total client assets (billions) $ 517 $ 595 $ 520 (13%) (1%)
Fee-based client account assets (billions) (5) $ 104 $ 110 $ 103 (5%) 1%
Domestic retail locations 606 697 649 (13%) (7%)
(1) Includes preferred and common equity and preferred securities subject to mandatory redemption.
(2) Includes preferred and common equity, preferred securities subject to mandatory redemption, capital units and non-current portion of long-term debt.
(3) Includes principal trading, commissions and net interest revenue.
(4) Source: Thomson Financial Securities Data - January 1 to December 18, 2002.
(5) Represents the amount of assets in client accounts where the basis of payment for services is a fee calculated on those assets.
Note: Certain reclassifications have been made to prior period amounts to conform to the current presentation.
F-8
16. MORGAN STANLEY
Statistical Data
(unaudited)
Quarter Ended Percentage Change From: Twelve Months Ended Percentage
Change
Nov 30, 2002 Nov 30, 2001 Aug 31, 2002 Nov 30, 2001 Aug 31, 2002 Nov 30, 2002 Nov 30, 2001
Investment Management ($ billions)
Net flows
Retail $ (1.0) $ (9.0) $ (0.7) 89% (43%) $ 1.1 $ (13.1) 108%
Institutional (0.8) 0.7 0.0 (214%) * (2.0) (2.3) 13%
Net flows excluding money markets (1.8) (8.3) (0.7) 78% (157%) (0.9) (15.4) 94%
Money markets (1.2) 1.4 1.0 (186%) (220%) (5.5) 6.0 (192%)
Assets under management or supervision by distribution channel
Retail $ 247 $ 280 $ 252 (12%) (2%)
Institutional 173 179 172 (3%) 1%
Total $ 420 $ 459 $ 424 (8%) (1%)
Assets under management or supervision by asset class
Equity $ 172 $ 199 $ 175 (14%) (2%)
Fixed income 127 128 127 (1%) --
Money market 66 70 66 (6%) --
Other (1) 55 62 56 (11%) (2%)
Total $ 420 $ 459 $ 424 (8%) (1%)
(1) Includes Alternative Investments.
Note: Certain reclassifications have been made to prior period amounts to conform to the current presentation.
F-9
17. MORGAN STANLEY
Financial Information and Statistical Data
(unaudited, dollars in millions)
Quarter Ended Percentage Change From: Twelve Months Ended Percentage
Nov 30, 2002 Nov 30, 2001 Aug 31, 2002 Nov 30, 2001 Aug 31, 2002 Nov 30, 2002 Nov 30, 2001 Change
Credit Services
Owned credit card loans
$ 22,543 $ 20,085 $ 21,840 12% 3% $ 22,543 $ 20,085 12%
Period end
$ 22,030 $ 19,546 $ 20,476 13% 8% $ 21,054 $ 20,701 2%
Average
Managed credit card loans (1)
$ 51,143 $ 49,332 $ 49,677 4% 3% $ 51,143 $ 49,332 4%
Period end
$ 50,239 $ 48,964 $ 49,344 3% 2% $ 49,835 $ 49,432 1%
Average
12.45% 13.48% 12.86% (103 bp) (41 bp) 12.64% 13.45% (81 bp)
Interest yield
8.62% 8.82% 8.92% (20 bp) (30 bp) 8.71% 7.89% 82 bp
Interest spread
5.96% 5.85% 6.02% 11 bp (6 bp) 6.19% 5.36% 83 bp
Net charge-off rate
5.96% 6.85% 5.72% (89 bp) 24 bp 5.96% 6.85% (89 bp)
Delinquency rate (over 30 days)
2.66% 3.02% 2.49% (36 bp) 17 bp 2.66% 3.02% (36 bp)
Delinquency rate (over 90 days)
$ 25.3 $ 22.1 $ 24.3 15% 4% $ 97.3 $ 93.3 4%
Transaction volume (billions)
46.5 45.7 46.2 2% 1% 46.5 45.7 2%
Accounts (millions)
22.6 24.0 22.8 (6%) (1%) 22.6 24.0 (6%)
Active accounts (millions)
$ 2,214 $ 2,055 $ 2,145 8% 3% $ 2,135 $ 2,057 4%
Average receivables per average active account (actual $)
$ 4 $ (7) $ (3) 157% 233% $ 20 $ 70 (71%)
Securitization gain
(1) Includes owned and securitized credit card loans.
Note: Certain reclassifications have been made to prior period amounts to conform to the current presentation.
F - 10
18. MORGAN STANLEY
The following (page F-11) presents more detailed financial information regarding the results of operations for the combined institutional securities,
individual investor group and investment management businesses. Morgan Stanley believes that a combined presentation is informative due to certain synergies
among these businesses, as well as to facilitate comparisons of the Company’s results with those of other companies in the financial services industry.
Morgan Stanley also provides this type of presentation for its credit services activities (page F-12) in order to provide helpful comparison to other credit card issuers.
19. MORGAN STANLEY
Institutional Securities, Individual Investor Group and Investment Management
Combined Income Statement Information
(unaudited, dollars in millions)
Quarter Ended Percentage Change From: Twelve Months Ended Percentage
Nov 30, 2002 Nov 30, 2001 Aug 31, 2002 Nov 30, 2001 Aug 31, 2002 Nov 30, 2002 Nov 30, 2001 Change
Investment banking $ 689 $ 809 $ 482 (15%) 43% $ 2,527 $ 3,425 (26%)
Principal transactions:
Trading 419 645 457 (35%) (8%) 2,685 5,491 (51%)
Investments 12 (104) (64) 112% 119% (35) (316) 89%
Commissions 748 753 855 (1%) (13%) 3,280 3,162 4%
Asset management, distribution and administration fees 904 979 971 (8%) (7%) 3,945 4,216 (6%)
Interest and dividends 3,175 3,523 3,727 (10%) (15%) 13,453 21,534 (38%)
Other 116 144 201 (19%) (42%) 617 515 20%
Total revenues 6,063 6,749 6,629 (10%) (9%) 26,472 38,027 (30%)
Interest expense 2,741 3,010 2,926 (9%) (6%) 10,920 19,493 (44%)
Net revenues 3,322 3,739 3,703 (11%) (10%) 15,552 18,534 (16%)
Compensation and benefits 968 1,242 1,855 (22%) (48%) 7,159 8,618 (17%)
Occupancy and equipment 200 200 180 -- 11% 752 802 (6%)
Brokerage, clearing and exchange fees 212 180 208 18% 2% 775 700 11%
Information processing and communications 281 263 247 7% 14% 1,016 1,080 (6%)
Marketing and business development 159 147 145 8% 10% 595 662 (10%)
Professional services 266 283 211 (6%) 26% 842 1,074 (22%)
Other 147 333 207 (56%) (29%) 647 991 (35%)
Restructuring and other charges 235 0 0 * * 235 0 *
Total non-interest expenses 2,468 2,648 3,053 (7%) (19%) 12,021 13,927 (14%)
Income before taxes, extraordinary item, dividends
on pref. sec. and cumulative effect of acctg. change 854 1,091 650 (22%) 31% 3,531 4,607 (23%)
Income tax expense 294 392 228 (25%) 29% 1,223 1,649 (26%)
Div. on pref. sec. subject to mandatory redemption 22 22 21 -- 5% 87 50 74%
Income before extraordinary item and
cumulative effect of accounting change 538 677 401 (21%) 34% 2,221 2,908 (24%)
Extraordinary item (1) 0 0 0 -- -- 0 (30) *
Cumulative effect of accounting change (2) 0 0 0 -- -- 0 (46) *
Net income $ 538 $ 677 $ 401 (21%) 34% $ 2,221 $ 2,832 (22%)
Compensation and benefits as a % of net revenues 29% 33% 50% 46% 46%
Non-compensation expenses as a % of net revenues 45% 38% 32% 31% 29%
Profit margin (3) 16% 18% 11% 14% 16%
Number of employees (4) 40,424 45,110 42,585 (10%) (5%)
(1) Represents extraordinary loss on the early extinguishment of debt.
(2) Represents the effects of an accounting change adopted in the first quarter of fiscal 2001 with respect to the accounting for derivative instruments and hedging activities associated with SFAS 133.
(3) Net income excluding cumulative effect of accounting change as a % of net revenues.
(4) Includes Institutional Securities, Individual Investor Group, Investment Management and Infrastructure/Company areas.
Note: Certain reclassifications have been made to prior period amounts to conform to the current presentation.
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20. MORGAN STANLEY
Credit Services Income Statement Information
(unaudited, dollars in millions)
(Managed loan basis)
Quarter Ended Percentage Change From: Twelve Months Ended Percentage
Nov 30, 2002 Nov 30, 2001 Aug 31, 2002 Nov 30, 2001 Aug 31, 2002 Nov 30, 2002 Nov 30, 2001 Change
Fees:
Merchant and cardmember $ 542 $ 543 $ 525 -- 3% $ 2,110 $ 2,000 6%
Servicing 0 0 0 -- -- 0 0 --
Other 3 (2) 25 250% (88%) 80 91 (12%)
Total non-interest revenues 545 541 550 1% (1%) 2,190 2,091 5%
Interest revenue 1,606 1,696 1,643 (5%) (2%) 6,474 6,929 (7%)
Interest expense 475 562 483 (15%) (2%) 1,937 2,747 (29%)
Net interest income 1,131 1,134 1,160 -- (3%) 4,537 4,182 8%
Provision for consumer loan losses 749 771 777 (3%) (4%) 3,170 2,714 17%
Net credit income 382 363 383 5% -- 1,367 1,468 (7%)
Net revenues 927 904 933 3% (1%) 3,557 3,559 --
Compensation and benefits 179 180 206 (1%) (13%) 774 754 3%
Occupancy and equipment 21 15 18 40% 17% 73 79 (8%)
Information processing and communications 98 108 94 (9%) 4% 363 380 (4%)
Marketing and business development 170 143 146 19% 16% 538 615 (13%)
Professional services 80 62 62 29% 29% 252 225 12%
Other 76 97 88 (22%) (14%) 368 379 (3%)
Total non-interest expenses 624 605 614 3% 2% 2,368 2,432 (3%)
Income before taxes and cumulative
effect of accounting change 303 299 319 1% (5%) 1,189 1,127 6%
Income tax expense 109 106 109 3% -- 422 425 (1%)
Income before cumulative effect
of accounting change 194 193 210 1% (8%) 767 702 9%
Cumulative effect of accounting change (1) 0 0 0 -- -- 0 (13) *
Net income $ 194 $ 193 $ 210 1% (8%) $ 767 $ 689 11%
Compensation and benefits as a % of net revenues 19% 20% 22% 22% 21%
Non-compensation expenses as a % of net revenues 48% 47% 44% 45% 47%
Profit margin (2) 21% 21% 23% 22% 20%
Number of employees 15,302 16,209 15,214 (6%) 1%
(1) Represents the effects of an accounting change adopted in the first quarter of fiscal 2001 with respect to the accounting for derivative instruments
and hedging activities associated with SFAS 133.
(2) Net income excluding cumulative effect of accounting change as a % of net revenues.
Note: Certain reclassifications have been made to prior period amounts to conform to the current presentation.
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