GENERAL ELECTRIC COMPANY
Condensed Statement of Earnings
Consolidated GE GECS
-------------------- -------------- --------------
Fourth
quarter ended
December 31 2001 2000 2001 2000 2001 2000
---------- -------- ------ ------ ------ ------
Revenues
Sales of
goods and
services $18,987 $19,746 $18,221 $17,445 $821 $2,378
Earnings
of GECS - - 1,407 1,227 - -
GECS revenues
from
services 14,983 15,118 - - 15,112 15,204
Other income 5 117 48 127 - -
-------- ------- ------- ------- ------ ------
Total
revenues 33,975 34,981 19,676 18,799 15,933 17,582
-------- ------- ------- ------- ------ ------
Costs and expenses
Cost of sales,
operating and
administrative
expenses 20,759 22,260 14,430 13,987 6,466 8,395
Interest and
other
financial
charges 2,639 3,065 203 151 2,526 2,965
Insurance losses
and
policyholder
and annuity
benefits 4,209 3,886 - - 4,209 3,886
Provision for
losses on
financing
receivables 935 640 - - 935 640
Minority interest
in net earnings
of consolidated
affiliates 86 122 49 67 37 55
-------- ------- ------- ------- ------ ------
Total costs
and
expenses 28,628 29,973 14,682 14,205 14,173 15,941
-------- ------- ------- ------- ------ ------
Earnings before
income taxes
and cumulative
effect of changes
in accounting
principle 5,347 5,008 4,994 4,594 1,760 1,641
Provision for
income taxes (1,414) (1,423) (1,061) (1,009) (353) (414)
-------- ------- ------- ------- ------ ------
Earnings before
cumulative
effect of
changes in
accounting
principle $3,933 $3,585 $3,933 $3,585 $1,407 $1,227
-------- ------- ------- ------- ------ ------
Cumulative
effect of
accounting
changes - -
-------- -------
Net earnings $3,933 $3,585
======== =======
Per share
amounts before
accounting
changes
(in dollars)
Diluted
earnings per
share $0.39 $0.36
Basic
earnings per
share $0.40 $0.36
Per share amounts
after accounting
changes
(in dollars)
Diluted
earnings per
share $0.39 $0.36
Basic
earnings per
share $0.40 $0.36
Dividends declared
per share
(in dollars) $0.18 $0.16
Dollar amounts in millions; per-share amounts in dollars;
unaudited. Supplemental consolidating data are shown for "GE" and
"GECS." Transactions between GE and GECS have been eliminated from the
"consolidated" columns. See note 1 to the consolidated financial
statements in the 2000 Annual Report to Share Owners for further
information about consolidation matters.
GENERAL ELECTRIC COMPANY
Condensed Statement of Earnings
Consolidated GE GECS
-------------------- -------------- --------------
Years ended
December 31 2001 2000 2001 2000 2001 2000
---------- -------- ------ ------ ------ ------
Revenues
Sales of
goods and
services $71,399 $72,954 $68,018 $63,807 $3,627 $9,408
Earnings
of GECS - - 5,586 5,192 - -
GECS revenues
from
services 54,280 56,463 - - 54,726 56,769
Other income 234 436 433 498 - -
-------- ------- ------- ------- ------ ------
Total
revenues 125,913 129,853 74,037 69,497 58,353 66,177
-------- ------- ------- ------- ------ ------
Costs and expenses
Cost of sales,
operating and
administrative
expenses 77,259 82,816 54,714 51,939 23,083 31,304
Interest and
other
financial
charges 11,062 11,720 817 811 10,598 11,111
Insurance losses
and
policyholder
and annuity
benefits 15,062 14,399 - - 15,062 14,399
Provision for
losses on
financing
receivables 2,481 2,045 - - 2,481 2,045
Minority interest
in net earnings
of consolidated
affiliates 348 427 185 213 163 214
-------- ------- ------- ------- ------ ------
Total costs
and
expenses 106,212 111,407 55,716 52,963 51,387 59,073
-------- ------- ------- ------- ------ ------
Earnings before
income taxes
and cumulative
effect of changes
in accounting
principle 19,701 18,446 18,321 16,534 6,966 7,104
Provision for
income taxes (5,573) (5,711) (4,193) (3,799) (1,380) (1,912)
-------- ------- ------- ------- ------ ------
Earnings before
cumulative
effect of
changes in
accounting
principle $14,128 $12,735 $14,128 $12,735 $5,586 $5,192
-------- ------- ------- ------- ------ ------
Cumulative
effect of
accounting
changes (444) -
-------- -------
Net earnings $13,684 $12,735
======== =======
Per share
amounts before
accounting
changes
(in dollars)
Diluted
earnings per
share $1.41 $1.27
Basic
earnings per
share $1.42 $1.29
Per share amounts
after accounting
changes
(in dollars)
Diluted
earnings per
share $1.37 $1.27
Basic
earnings per
share $1.38 $1.29
Dividends declared
per share
(in dollars) $0.66 $0.57
Dollar amounts in millions; per-share amounts in dollars;
unaudited. Supplemental consolidating data are shown for "GE" and
"GECS." Transactions between GE and GECS have been eliminated from the
"consolidated" columns. See note 1 to the consolidated financial
statements in the 2000 Annual Report to Share Owners for further
information about consolidation matters.
--30--sdg/ny*
CONTACT: General Electric, Fairfield
David Frail, 203/373-3387