 | 225 Franklin Street |
News Release
| For Release: | FOR IMMEDIATE RELEASE | ||||
Contact: | Edward J. Resch | Investors: | Kelley MacDonald | Media: | Hannah Grove |
| +1 617/664-1110 | +1 617/664-3477 | +1 617/664-3377 | |||
STATE STREET CORPORATION ANNOUNCES
EARNINGS PER SHARE IN LINE WITH PREVIOUS ESTIMATES
Continued New Business Success Drives Growth in Fee Revenue
Boston, MA ... April 15, 2003
State Street Corporation announced today first-quarter diluted earnings per share of $0.29, in line with State Street’s estimates announced March 20, and net income of $96 million on revenue of $1,020 million. Results for the first quarter include pre-tax merger and integration costs of $37 million, or $0.07 per share, related to the acquisition and integration of a significant portion of the Global Securities Services business (GSS), which State Street acquired from Deutsche Bank on January 31; and a one-time pre-tax charge of approximately $38 million, or $0.08 per share, related to Massachusetts tax legislation.
In reporting its financial results for the first quarter of 2003, State Street has prepared information in four categories:
- “Reported” results are in accordance with generally accepted accounting principles (GAAP).
- “Baseline” results are “operating” results excluding “GSS contribution,” and are presented on a taxable-equivalent basis.
- “GSS contribution” results are the revenue and expenses, including financing costs, attributable to the GSS business acquired January 31, 2003.
- “Operating” results are “reported” results excluding significant charges, merger and integration costs, and results of divested businesses, and are presented on a taxable-equivalent basis.
State Street believes that providing non-GAAP financial information assists investors and others by providing them with financial information in a format that provides comparable financial trends of ongoing business activities.
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Baseline earnings per share were $0.46, in line with State Street’s estimates announced March 20. This compares to operating earnings per share of $0.52 for the first quarter of 2002 (which excludes $9 million of pre-tax income, or $0.02 per share, attributable to the corporate trust business divested at the end of 2002). Baseline revenue of $941 million was down 3%, primarily due to lower net interest revenue.
GSS contributed equal amounts of revenue and expenses to net income, and dilution of $0.02 per share to operating earnings per share. The $0.02 dilution is due to changes in shares outstanding attributable to the acquisition. For February and March, the acquired GSS business contributed $96 million of fee revenue. Net interest costs of $5 million attributable to the acquisition financing are recorded in net interest revenue.
Operating earnings per share, which exclude the one-time charges recorded in the first quarter of 2003, were $0.44, a decline of 15% from a year ago. Operating revenue increased 6%, or $61 million, to $1,033 million in the first quarter. Operating return on stockholders’ equity was 11.7% for the quarter.
The following table summarizes State Street’s baseline, operating, and reported results for the first quarters of 2002 and 2003. Detailed information on and definitions for the adjustments is available in the Addendum Selected Financial Information tables included with this press release.
Dollars in millions except per share data; shares in million
Three months ended |
March 31, 2002 | March 31, 2003 | ||||||||||
| Operating | (a) | Reported | Baseline | (b) | GSS | (c) | Operating | (a) | Reported | ||
| Fee revenue | $ 676 | $ 697 | $ 694 | $ 96 | $ 790 | $ 790 | |||||
| All other revenue | 296 | 284 | 247 | (4) | 243 | 230 | |||||
| Total revenue | 972 | 981 | 941 | 92 | 1,033 | 1,020 | |||||
| Total expenses | 700 | 715 | 705 | 92 | 797 | 834 | |||||
| Taxes | 100 | 88 | 91 | 0 | 91 | 90 | |||||
| Net Income | $ 172 | $ 178 | $ 145 | $ 0 | $ 145 | $ 96 | |||||
| Diluted eps | $ 0.52 | $ 0.54 | $ 0.46 | $ (0.02) | $ 0.44 | $ 0.29 | |||||
| Diluted shares | 329 | 329 | 318 | 332 | 332 | ||||||
(a) excludes significant charges, merger and integration costs, and results of divested businesses; presented on a taxable-equivalent basis
(b) excludes GSS contribution; presented on a taxable-equivalent basis
(c) revenue and expenses, including financing costs, attributable to the GSS business acquired January 31, 2003
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David A. Spina, chairman and chief executive officer of State Street, said, “State Street continues to earn its reputation as a market leader, winning new business at a healthy pace in the first quarter. This success is supporting our fee-revenue growth, offsetting the impact of declining equity market values worldwide and reduced cross-border investing. Nonetheless, our financial performance was disappointing, largely as a result of the constraint imposed by a challenging interest-rate environment.
“Given the continuing uncertainty in global financial markets, we are taking significant steps to control operating expense growth for the rest of this year, as we announced last week. Through staff reductions and a program to reduce direct controllable expenses, we will eliminate approximately $125 million of operating expenses in the remainder of the year. This expense reduction is in addition to those associated with GSS.
“Return on stockholders’ equity reflects both the difficult earnings environment and the effect of the additional capital needed to support the acquisition of GSS. At 11.7% on an operating basis, it is considerably below our historical range and our stated goal. Given the equity issued to finance the acquisition of GSS, we are re-setting our ROE goal for 2003 and 2004. We view 13-15% ROE, on an operating basis, as a realistic and appropriate goal for 2003 and 2004, reflecting the slower pace of earnings growth and our strong equity capital position.
“Our integration of GSS is proceeding smoothly. We have met with clients representing more than 75% of GSS available revenue, and feel confident that these clients appreciate the value of State Street’s commitment to investment servicing and the full spectrum of sophisticated services we provide. We began converting clients to our systems in February, and are planning to increase the pace of conversions substantially through this summer and fall.
“All of us at State Street are fully committed to creating value for our stockholders. We believe that the long-term prospects for our company are stronger than ever. For this year, we will focus on continuing to win in the market, providing impeccable client service, reducing expenses, and seamlessly integrating GSS. Our success in meeting these objectives will lay a solid foundation for State Street’s continued, long-term growth.”
FIRST-QUARTER RESULTS
On a reported basis, first-quarter diluted earnings per share were $0.29, net income was $96 million, and total revenue was $1,020 million.
On a baseline basis, diluted earnings per share were $0.46, net income was $145 million, and revenue was $941 million in the first quarter.
On an operating basis, diluted earnings per share were $0.44, including dilution of $0.02 per share from GSS, net income was $145 million, and revenue was $1,033 million, including $96 million of revenue from GSS and $5 million of net interest costs attributable to the GSS acquisition financing.
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State Street generates revenue by providing sophisticated global investors with integrated products, services and strategies that support their investment and business goals. The following review of specific revenue and expense lines uses baseline results to provide consistent comparable data to the year-earlier period. Securities lending revenue, previously included in both servicing fees and management fees, is presented as a separate revenue line item. Prior period results have been adjusted to reflect this presentation.
Servicing fees are derived from accounting, administration, custody, daily pricing, performance and analytics, compliance monitoring, and operations outsourcing for investment managers. Baseline servicing fees were up 9%, to $380 million from $349 million. The increase was attributable to new business from existing and new clients, including business gained through an acquisition in July 2002, which more than offset the constraint imposed by the decline in comparable average equity market valuations. Daily average values for the S&P 500 Index were down 24% from the first quarter of 2002; daily average values for the MSCI(R) EAFE IndexSM were down 19%. Total assets under custody were $7.9 trillion, including $1.9 trillion attributable to the GSS business.
Baseline management fees from investment management services, delivered through State Street Global Advisors, were $122 million, compared to $124 million a year ago. Management fees reflected continued new business success, which largely offset the effects of significantly lower average equity market valuations from a year ago. Total assets under management were $788 billion, compared to $808 billion a year previously.
Baseline securities lending revenue was $45 million in the quarter, compared to $64 million the previous year. The decline in securities lending revenue reflects narrower interest-rate spreads due to a less favorable interest-rate environment compared to a year ago, which more than offset growth in volume of securities lent.
Baseline foreign exchange trading revenue was $67 million for the quarter, compared to $68 million a year ago. Foreign exchange trading revenue reflected relatively low average currency volatility in the quarter.
Baseline brokerage fees were $30 million, compared to $23 million a year ago, driven by significantly higher equity trading volumes. Securities gains of $26 million, compared to $4 million last year, reflected opportunities created by the low-interest rate environment.
Baseline net interest revenue was $221 million, a decline of $72 million, or 25%, from a year ago. Lower yields on assets, reflecting the continuing decline in interest rates, drove the decrease in net interest revenue. State Street provides repurchase agreements and deposit services for clients’ investment activities, which generate net interest revenue.
Baseline operating expenses were $705 million, up $5 million, or less than 1%, from $700 million a year ago. Lower direct controllable expenses and salaries and benefits expenses largely offset increased spending for transaction processing services,
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information systems and communications, and occupancy expenses. State Street has begun implementing cost-reduction plans expected to reduce operating expenses by approximately $125 million for the remainder of 2003. The company will continue to invest in the key initiatives that offer greatest opportunity for future growth.
GSS ACQUISITION AND INTEGRATION
State Street acquired a significant portion of the Global Securities Services business formerly part of Deutsche Bank (GSS) on January 31, 2003. GSS contributed $96 million of fee revenue in the first quarter, including $58 million of servicing fees, $3 million of management fees, $10 million of securities lending revenue, and $5 million of foreign exchange trading revenue. Deutsche Bank compensated State Street with $20 million, recorded in processing fees, for revenue earned on client deposits not yet transferred to State Street.
State Street recorded $5 million of net interest costs attributable to the acquisition financing in net interest revenue in the first quarter. Operating expenses attributable to GSS were $92 million, including $35 million of salaries and benefits expenses, $7 million of transaction processing services expenses, $30 million of information systems and communications expenses, $7 million of occupancy expenses, and $13 million of other expenses.
The acquired business had no impact on operating net income in the quarter. State Street recorded $0.02 in dilution to earnings per share associated with GSS, which was due to changes in shares outstanding attributable to the acquisition.
When initially announced in November 2002, the acquired business represented approximately 700 million euros in annualized revenue. Based on the first two months of operations, the business as acquired is generating approximately $576 million of annualized revenue. The lower annualized revenue rate reflects the effects of the same environmental factors affecting State Street as a whole, including the decline in worldwide equity values between August 2002 and the end of the first quarter; delayed acquisition closings for the GSS business in Italy and Austria; and client attrition that was anticipated. Based on the first two months, the business is generating approximately $552 million of annualized expenses, in part reflecting implementation of planned expense reductions. State Street is ahead of schedule in reducing GSS expenses, and expects to meet or exceed its targets for cost savings.
Based on the first two months operating results, including lower-than-expected financing costs that reflect the decline in interest rates, State Street believes it will meet its previously-disclosed expectation that the acquisition will be dilutive to operating earnings per share by approximately $0.01 to $0.03 in 2003. The restructuring costs associated with the acquisition in 2003 are expected to be $90-110 million on a pretax basis, approximately one-third of which were recorded in the first quarter.
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State Street began converting GSS clients in the United States to its own systems on February 1, 2003, the day after closing the acquisition. Conversions continue, with over 500 projected to take place worldwide over the next six months, mostly in the third quarter.
EXPENSE CONTROL MEASURES
On April 10, 2003, State Street announced that it is initiating a number of actions that will reduce its operating expenses by approximately $125 million for the remainder of 2003, compared to its first quarter run rate. It is anticipated that the operating expense run rate during the second half of the year will be approximately $55 million per quarter below that of the first quarter. These expense reductions, which are in addition to those associated with the GSS business, will be phased in during the second quarter.
The first leg of the expense reduction program – which is already under way – is to reduce direct controllable expenses. The remainder of the reductions will be achieved through staff reductions of up to 1,800 people, in addition to the reduction of 1,000 people previously announced in connection with the GSS acquisition.
State Street plans to reduce staff at all levels of the organization, and aims to achieve the majority of the staff reductions through voluntary early retirement and enhanced severance programs. The company’s workforce has more than doubled during the past ten years and today stands at over 22,000 worldwide (including 3,000 people who were part of the GSS acquisition).
The company anticipates that severance benefits and expenses related to the reductions will result in a pre-tax charge of $125 million to $175 million, and decrease reported second-quarter diluted earnings per share by approximately $0.25 to $0.35 per share.
INVESTOR CONFERENCE CALL
State Street will webcast an investor conference call today, Tuesday, April 15, 2003, at 9:30 a.m. EDT, available at www.statestreet.com/stockholder. The conference call will also be available via telephone, at +1 719/457-2625. Recorded replays of the conference call will be available on the web site, and by telephone at +1 402/220-4230, beginning at noon Friday. This press release and additional financial information is available on State Street’s website, at www.statestreet.com/stockholder, under “Financial Reports.”
State Street Corporation (NYSE: STT) is the world’s leading specialist in providing sophisticated global investors with investment servicing and investment management. With $7.9 trillion in assets under custody and $788 billion in assets under management, State Street is headquartered in Boston, Massachusetts and operates in 21 countries
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and over 100 markets worldwide. For more information, visit State Street’s web site at www.statestreet.com or call 877/639-7788 [NEWS STT] toll-free in the United States and Canada, or +1 202/266-3340 outside those countries.
This news announcement contains forward-looking statements as defined by United States securities laws, including statements about the financial outlook and business environment. Those statements are based on current expectations and involve a number of risks and uncertainties, including those related to the pace at which State Street adds new clients or at which existing clients use additional services, the value of global and regional financial markets, the pace of cross-border investment activity, changes in interest rates, the pace of worldwide economic growth and rates of inflation, the extent of volatility in currency markets, consolidations among clients and competitors, State Street’s business mix, the dynamics of markets State Street serves, and State Street’s success at integrating and converting acquisitions into its business. Other important factors that could cause actual results to differ materially from those indicated by any forward-looking statements are set forth in State Street's 2002 annual report and subsequent SEC filings. State Street encourages investors to read the corporation's annual report, particularly the section on factors that may affect financial results, and its subsequent SEC filings for additional information with respect to any forward-looking statements and prior to making any investment decision. The forward-looking statements contained in this press release speak only as of the date hereof, April 15, 2003, and the company will not undertake efforts to revise those forward-looking statements to reflect events after this date.
STATE STREET CORPORATION
Addendum Earnings Digest(1)
(Dollars in millions, except per share data)
Quarter ended March 31
|
2003 | 2002 | % Change | |
| Revenue | $ 1,020 | $ 981 | 4 |
| Earnings | 96 | 178 | (46) |
| Diluted earnings per share | .29 | .54 | (46) |
(1) Information presented in accordance with accounting principles generally accepted in the United States.
Addendum page 1
STATE STREET CORPORATION
Addendum Selected Financial Information
| I. | CONSOLIDATED STATEMENT OF INCOME PREPARED IN ACCORDANCE WITH ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES |
Quarter ended March 31, | |||||
| (Dollars in millions, except per share data) | 2003 | 2002 | |||
| Fee Revenue | |||||
| Servicing fees | $ | 438 | $ | 369 | |
| Management fees | 125 | 124 | |||
| Global securities lending | 55 | 64 | |||
| Foreign exchange trading | 72 | 68 | |||
| Brokerage fees | 30 | 23 | |||
| Processing fees and other | 70 | 49 | |||
| Total fee revenue | 790 | 697 | |||
| Net Interest Revenue | |||||
| Interest revenue | 397 | 524 | |||
| Interest expense | 193 | 243 | |||
| Net interest revenue | 204 | 281 | |||
| Provision for loan losses | 1 | ||||
| Net interest revenue after provision for loan losses | 204 | 280 | |||
| Gains on the sales of available-for-sale investment securities | 26 | 4 | |||
| Total Revenue | 1,020 | 981 | |||
| Operating Expenses | |||||
| Salaries and employee benefits | 443 | 421 | |||
| Information systems and communications | 130 | 96 | |||
| Transaction processing services | 72 | 59 | |||
| Occupancy | 71 | 60 | |||
| Merger and integration costs | 37 | ||||
| Other | 81 | 79 | |||
| Total operating expenses | 834 | 715 | |||
| Income before income taxes | 186 | 266 | |||
| Income taxes | 90 | 88 | |||
| Net Income | $ | 96 | $ | 178 | |
| Earnings Per Share | |||||
| Basic | $ | .29 | $ | .55 | |
| Diluted | .29 | .54 | |||
| Average Shares Outstanding (in thousands) | |||||
| Basic | 329,569 | 323,689 | |||
| Diluted | 332,054 | 328,999 | |||
| II. | OTHER FINANCIAL INFORMATION |
Quarter ended March 31, |
| (Dollars in millions, except per share data or where otherwise indicated) | 2003 | 2002 | |||
| Assets under custody (in billions) | $ | 7,910 | $ | 6,317 | |
| Assets under management (in billions) | 788 | 808 | |||
| Assets under trusteeship (in billions) | - | 679 | |||
| Total assets | $ | 79,109 | $ | 73,298 | |
| Long-term debt | 1,616 | 1,242 | |||
| Stockholders' equity | 5,051 | 3,994 | |||
| Return on equity | 10.0 | % | 18.2 | % | |
| Closing price per share of common stock | $ | 31.63 | $ | 55.38 | |
| Cash dividends declared per share | .13 | .11 |
Addendum page 2
STATE STREET CORPORATION
Addendum Selected Financial Information
| III. | CONSOLIDATED STATEMENT OF INCOME PREPARED IN ACCORDANCE WITH ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES |
| Reconcilation of Financial Results | |
| (Dollars in millions) | |
| Quarter Ended March 31, 2003 | |
| Baseline | GSS | Operating | Reported | ||||||||||||
| Results | Results | Results | Other | Results | |||||||||||
| Fee Revenue | |||||||||||||||
| Servicing fees | $ | 380 | $ | 58 | $ | 438 | $ | $ | 438 | ||||||
| Management fees | 122 | 3 | 125 | 125 | |||||||||||
| Global securities lending | 45 | 10 | 55 | 55 | |||||||||||
| Foreign exchange trading | 67 | 5 | 72 | 72 | |||||||||||
| Brokerage fees | 30 | 30 | 30 | ||||||||||||
| Processing fees and other | 50 | 20 | 70 | 70 | |||||||||||
| Total fee revenue | 694 | 96 | 790 | 790 | |||||||||||
| Net Interest Revenue | 221 | (4) | (a) | 217 | (13) | (c) | 204 | ||||||||
| Provision for loan losses | |||||||||||||||
| Net interest revenue after provision for loan losses | 221 | (4) | (a) | 217 | (13) | (c) | 204 | ||||||||
| (taxable-equivalent basis) | |||||||||||||||
| Gains on the sales of available-for-sale investment securities, net | 26 | 26 | 26 | ||||||||||||
| Total Revenue | 941 | 92 | 1,033 | (13) | 1,020 | ||||||||||
| Operating Expenses | |||||||||||||||
| Salaries and employee benefits | 408 | 35 | 443 | 443 | |||||||||||
| Information systems and communications | 100 | 30 | 130 | 130 | |||||||||||
| Transaction processing services | 65 | 7 | 72 | 72 | |||||||||||
| Occupancy | 64 | 7 | 71 | 71 | |||||||||||
| Merger and integration costs | 37 | 37 | |||||||||||||
| Other | 68 | 13 | 81 | 81 | |||||||||||
| Total operating expenses | 705 | 92 | 797 | 37 | 834 | ||||||||||
| Income before income taxes | 236 | - | 236 | (50) | 186 | ||||||||||
| Income taxes | 78 | 78 | 12 | (e) | 90 | ||||||||||
| Taxable-equivalent adjustment | 13 | 13 | (13) | (c) | |||||||||||
| Net Income | $ | 145 | $ | - | $ | 145 | $ | (49) | $ | 96 | |||||
| Earnings Per Share | $ | .46 | $ | (.02) | (b) | $ | .44 | $ | (.15) | $ | .29 | ||||
| Average Diluted Shares (in thousands) | 317,987 | 332,054 | 332,054 | ||||||||||||
| Return on equity | 11.7 | % | 11.7 | % | 10.0 | % | |||||||||
Notes:
Reported results agree with the Corporation's Consolidated Statement of Income.
(a) Includes $5 million of net interests costs attributable to the GSS acquisition financing.
(b) The ($.02) dilution is due to changes in shares outstanding attributable to the acquisition.
(c) Taxable-equivalent adjustment is not included in reported results.
(d) Reflects the previously announced effect of certain Massachusetts tax legislation which results in an expense of $25 million and the tax benefit associated with the merger and integration costs ($13 million).
Addendum page 3
STATE STREET CORPORATION
Addendum Selected Financial Information
| IV. | INCOME STATEMENT INFORMATION - BASELINE |
Baseline results are reported results excluding GSS results, significant charges, merger and integration costs and results of divested business and are presented on a taxable-equivalent basis.
Quarters Ended March 31, | |||||||||||
| (Dollars in millions, except per share data) | 2003 | 2002 | Dollar Change | Percent Change | |||||||
| Fee Revenue | |||||||||||
| Servicing fees | $ | 380 | $ | 349 | $ | 31 | 9 | % | |||
| Management fees | 122 | 124 | (2) | (1) | |||||||
| Global securities lending | 45 | 64 | (19) | (30) | |||||||
| Foreign exchange trading | 67 | 68 | (1) | (1) | |||||||
| Brokerage fees | 30 | 23 | 7 | 29 | |||||||
| Processing fees and other | 50 | 48 | 2 | 5 | |||||||
| Total fee revenue | 694 | 676 | 18 | 3 | |||||||
| Net Interest Revenue | 221 | 293 | |||||||||
| Provision for loan losses | 1 | ||||||||||
| Net interest revenue after provision for loan losses | 221 | 292 | (71) | (24) | |||||||
| (taxable-equivalent basis) | |||||||||||
| Gains on the sales of available-for-sale investment securities, net | 26 | 4 | 22 | ||||||||
| Total Revenue | 941 | 972 | (31) | (3) | |||||||
| Operating Expenses | |||||||||||
| Salaries and employee benefits | 408 | 413 | (5) | (1) | |||||||
| Information systems and communications | 100 | 94 | 6 | 6 | |||||||
| Transaction processing services | 65 | 58 | 7 | 12 | |||||||
| Occupancy | 64 | 59 | 5 | 11 | |||||||
| Other | 68 | 76 | (8) | (10) | |||||||
| Total operating expenses | 705 | 700 | 5 | 1 | |||||||
| Income before income taxes | 236 | 272 | (36) | (13) | |||||||
| Income taxes | 78 | 85 | |||||||||
| Taxable-equivalent adjustment | 13 | 15 | |||||||||
| Net Income | $ | 145 | $ | 172 | (27) | (16) | |||||
| Diluted Earnings Per Share | $ | .46 | $ | .52 | (.06) | (12) | |||||
Addendum page 4
STATE STREET CORPORATION
Addendum Consolidated Statement of Condition
(Dollars in millions) | March 31, 2003 | December 31, 2002 | |||||
| Assets | |||||||
| Cash and due from banks yes"> | $ | 1,581 | $ | 1,361 | |||
| Interest-bearing deposits with banks | 21,007 | 28,143 | |||||
| Securities purchased under resale agreements and securities borrowed | 14,221 | 17,215 | |||||
| Federal funds sold | 1,450 | ||||||
| Trading account assets | 1,316 | 984 | |||||
| Investment securities | 28,600 | 28,071 | |||||
| Loans (less allowance of $61 and $61) | 4,639 | 4,113 | |||||
| Premises and equipment | 948 | 887 | |||||
| Accrued income receivable | 829 | 823 | |||||
| Goodwill | 1,191 | 462 | |||||
| Other intangible assets | 486 | 127 | |||||
| Other assets | 2,841 | 3,608 | |||||
| Total Assets | $ | 79,109 | $ | 85,794 | |||
| Liabilities | |||||||
| Deposits: | |||||||
| Noninterest-bearing | $ | 7,026 | $ | 7,279 | |||
| Interest-bearing -- U.S. | 6,114 | 9,005 | |||||
| Interest-bearing -- Non-U.S. | 25,265 | 29,184 | |||||
| Total Deposits | 38,405 | 45,468 | |||||
| Securities sold under repurchase agreements | 23,435 | 21,963 | |||||
| Federal funds purchased | 4,690 | 3,895 | |||||
| Other short-term borrowings | 2,004 | 3,440 | |||||
| Accrued taxes and other expenses | 1,991 | 1,967 | |||||
| Other liabilities | 1,917 | 3,004 | |||||
| Long-term debt | 1,616 | 1,270 | |||||
| Total Liabilities | 74,058 | 81,007 | |||||
| Stockholders' Equity | |||||||
| Preferred stock, no par: authorized 3,500,000; issued none | |||||||
| Common stock, $1 par: authorized 500,000,000; issued 337,145,000 and 329,992,000 | 337 | 330 | |||||
| Surplus | 305 | 104 | |||||
| Retained earnings | 4,525 | 4,472 | |||||
| Other unrealized comprehensive gain | 94 | 106 | |||||
| Treasury stock at cost (4,749,000 and 5,065,000 shares) | (210) | (225) | |||||
| Total Stockholders' Equity | 5,051 | 4,787 | |||||
| Total Liabilities and Stockholders' Equity | $ | 79,109 | $ | 85,794 | |||
Addendum page 5