Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations

UNITED STATES BUREAU OF THE CENSUS

Economic and Statistics Administration, U.S. Department of Commerce

FOURTH QUARTER 2003 ADVANCE DATA FROM THE QUARTERLY FINANCIAL REPORT FOR U.S. MANUFACTURING, MINING, AND TRADE CORPORATIONS

APRIL 2004-------------------Released 10 a.m. (EDT), Monday, April 5, 2004 (CB04-52)
Contact: Yolando St.George (301) 763-6600 or John Seabold (301) 763-3386.

e-mail: csd.qfr@census.gov
Availability | Order & Release | QFR Program |

CHART 1:

CHART 2:
[Manufacturing Profits Per Dollar of Sales]
Seasonally Adjusted After-Tax Profits and Sales

Manufacturing Corporations Seasonally adjusted after-tax profits of U.S. manufacturing corporations totaled $79.6 billion in the fourth quarter 2003, exceeding the previous record high in the first quarter 2000 of $76.3 billion, the Department of Commerce's U.S. Census Bureau reported. Fourth quarter 2003 after-tax profits were up $9.5 (+/-1.3) billion from the $70.2 billion recorded in the prior quarter due to an increase of $4.2 (+/-1.0) billion by durable manufacturers and $5.3 (+/-0.8) billion by nondurable manufacturers. Fourth quarter profits were up $45.6 (+/-1.5) billion from the $34.0 billion recorded in the same quarter a year ago.

Seasonally adjusted sales for these manufacturers totaled $1,097.9 billion for the quarter, down $7.7 (+/-7.3) billion from the $1,105.6 billion recorded in the third quarter 2003, and up $24.7 (+/-7.2) billion from the $1,073.2 billion recorded the year before.

After-tax profits per dollar of sales averaged 7.3 cents this quarter, up 1.0 (+/-0.1) cents from the 6.3 cents recorded last quarter, and up 4.1 (+/-0.1) cents from the 3.2 cents in the fourth quarter 2002.

Nondurable Goods Manufacturers Nondurable goods manufacturers after-tax profits were at $49.4 billion, up $5.3 (+/-0.8) billion from the $44.1 billion recorded in the previous quarter, and up $18.4 (+/-0.8) billion from the $31.0 billion in the fourth quarter 2002.

Seasonally adjusted sales for the quarter at $522.9 billion were down $8.1 (+/-5.3) billion from the $530.9 billion recorded in the prior quarter, and up $10.3 (+/-5.1) billion from the $512.6 billion in the fourth quarter 2002.

After-tax profits averaged 9.5 cents per dollar of sales for the quarter, 8.3 cents last quarter and 6.1 cents a year ago.

Durable Goods Manufacturers Fourth quarter 2003 seasonally adjusted after-tax profits for durable goods manufacturers were $30.2 billion, up $4.2 (+/-1.0) billion from the $26.0 billion recorded in the previous quarter, and up $27.3 (+/-0.2) billion from $2.9 billion in the fourth quarter 2002.

Seasonally adjusted sales for the quarter were $575.0 billion, not significantly different from the $574.7 recorded in the previous quarter, but up $14.4 (+/-5.7) billion from the $560.6 billion recorded in the fourth quarter last year.

After-tax profits averaged 5.3 cents per dollar of sales for the quarter, 4.5 cents last quarter and 0.5 cent a year ago.

Unadjusted After-Tax Profits and Sales

Manufacturing Corporations Fourth quarter 2003 unadjusted after-tax profits for U.S. manufacturing corporations were $66.3 billion, up $42.7 (+/-1.5) billion over the $23.7 billion recorded in the fourth quarter a year ago. This improvement was due to higher operating profits, higher equity income, and lower nonrecurring charges. When compared to the third quarter 2003 after-tax profits of $54.5 billion, the fourth quarter 2003 after-tax profits were up $11.8 (+/-1.3) billion.

Unadjusted sales for the fourth quarter were $1,108.6 billion, up $26.4 (+/-7.2) billion from the $1,082.1 billion in the same quarter a year ago; and not a statistically significant difference from the prior quarter sales of $1,109.4 billion.

After-tax profits per dollar of sales averaged 6.0 cents this quarter, 4.9 cents in third quarter 2003, and 2.2 cents in the fourth quarter 2002.

Nondurable Goods Manufacturers Fourth quarter 2003 nondurable goods manufacturers' unadjusted after-tax profits at $39.1 billion were up $15.3 (+/-0.8) billion from the $23.8 billion recorded in the fourth quarter 2002. Most underlying industry categories were up. Petroleum and coal products reported an increase of $6.3 (+/-0.1) billion mainly resulting from improvements in operating income. Plastics and rubber increased $3.4 (+/-0.1) billion generally due to the absence of the nonrecurring charges of the fourth quarter 2002. Chemical products and food products also had a strong showing with increases of $2.2 (+/-0.6) and $1.8 (+/-0.4) billion, respectively, from general improvements.

Unadjusted sales for the fourth quarter were $527.1 billion, up $10.9 (+/-5.1) billion from the $516.2 billion in the same quarter a year ago.

After-tax profits for this quarter averaged 7.4 cents per dollar of sales compared to 4.6 cents in the fourth quarter 2002.

When compared to the third quarter 2003 after-tax profits of $30.8 billion, the fourth quarter 2003 after-tax profits were up $8.3 (+/-0.8) billion. Results were mixed in these industry categories. Chemical products showed the greatest increase, $3.9 (+/-0.5) billion, mainly from nonoperating earnings. Beverage and tobacco's increase of $2.8 (+/-0.1) billion was due primarily to a decrease in nonrecurring charges. Petroleum also reported a modest gain of $2.3 (+/-0.1) billion which was the result of nonoperating activites.

Durable Goods Manufacturers Fourth quarter 2003 durable goods manufacturers posted unadjusted after-tax profits of $27.2 billion, compared to a loss of $95 million a year earlier. Most durable goods manufacturing categories improved their after-tax positions this quarter. Computers and electronics had a strong showing with an increase of $15.3 (+/-0.2) billion, rebounding from their losses of $4.8 billion a year ago. Their operating and equity income were strong and the nonrecurring charges of a year ago were greatly lower this quarter. Transportation showed a gain of $3.1 (+/-0.3) billion resulting mainly from equity income and lower nonrecurring charges. Primary metals also did not suffer from the heavy nonrecurring charges of a year ago, showing an increase of $2.6 (+/-0.2) billion.

Unadjusted sales for the quarter at $581.5 billion were up $15.6 (+/-5.7) billion or 2.8 (+/-1.0%) percent from a year earlier.

After-tax profits for the quarter averaged 4.7 cents per dollar of sales. The fourth quarter 2002 after-tax profits averaged less than 0.1 cent per dollar of sales.

When compared to the third quarter 2003 after-tax profits of $23.7 billion, the fourth quarter 2003 after-tax profits increased $3.5 (+/-1.0) billion. Most of that was due to the $4.7 (+/-0.5) billion increase in computer and electronics offset by the decreases of $2.6 (+/-0.1) billion in the nonmetallic mineral products. Equity income, operating income, and lower nonrecurring charges helped the computer and electronics industry, while those same categories caused the decline in nonmetallic mineral products.

Mining Corporations Fourth quarter 2003 unadjusted after-tax profits for mining corporations with assets of $50 million and over were reported at $2.4 billion, compared to a loss of $1.5 billion in the same quarter a year earlier.

Unadjusted sales for the quarter were $24.0 billion, up $2.9 (+/-0.2) billion from the same quarter a year ago.

After-tax profits per dollar of sales averaged 10.0 cents this quarter compared to a loss of 7.3 cents in the fourth quarter 2002.

Wholesale Trade Corporations Fourth quarter 2003 unadjusted after-tax profits for wholesale trade corporations with assets of $50 million and over were $4.1 billion, not a statistically significant difference from the $4.5 billion reported in the same quarter a year earlier.

Unadjusted sales this quarter were $366.4 billion, up $37.2 (+/-4.6) billion from the same quarter a year ago.

After-tax profits per dollar of sales averaged 1.1 cents this quarter compared to 1.4 cents in the fourth quarter 2002.

Retail Trade Corporations Fourth quarter 2003 unadjusted after-tax profits for retail trade corporations with assets of $50 million and over were $14.0 billion, up $4.2 (+/-0.1) billion or 42.4 (+/-1.7) percent from the fourth quarter 2002.

Unadjusted sales for the quarter were $412.0 billion, up $25.8 (+/-1.3) billion or 6.7 (+/-0.4) percent from the same quarter a year ago.

After-tax profits per dollar of sales averaged 3.4 cents this quarter compared to 2.5 cents in the fourth quarter 2002.

NOTE These advance data, based on quarterly financial reports from approximately 8,500 corporations, were released today from the Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations – Fourth quarter 2003 (QFR-03-4).

SAMPLING The data presented in this report are estimated from a sample survey and therefore are subject to sampling variability as well as nonsampling variability such as response error, nonreporting, and coverage errors. Estimates of sampling variability are presented in the publication. A statement such as "up 2.5 (+/-0.2) cents," appearing in the text, indicates the range (+2.4 to +2.7 cents) in which the actual change is likely to have occurred. The range given for the change is a 90 percent confidence interval that accounts only for sampling variability. If the range had contained zero (0), it would have been uncertain whether there was an increase or decrease; that is, the change would not have been statistically significant. For any comparison cited without a confidence interval, the change is statistically significant. The quarterly publication includes more detailed explanations of confidence intervals and sampling variability, along with additional measures of sampling variability.

DATA AVAILABILITY This press release can be viewed today in page image format (.pdf) at our internet website (http://www.census.gov/csd/qfr/). In addition, more detailed information on U.S. Manufacturing, Mining, and Wholesale and Retail Trade Corporations is available for downloading at our website under "QFR Products: Publication". The publication includes income and retained earnings, balance sheets, and related financial and operating ratios. Data presented are classified by industry and asset size. The publication becomes available for sale approximately two weeks from the date of this release from the Superintendent of Documents, P.O. Box 371954, Pittsburgh, PA 15250-7954 (202-512-1800). Fax orders to (202) 512-2250 or phone orders to (202) 512- 1800 (8am-4:30pm EST). The cost for an annual subscription is $58 domestic and $81.20 foreign. Data are also available on 3.5 inch diskettes from the U.S. Department of Commerce, Census Bureau (MS0801), P.O. Box 277943, Atlanta, GA 30384-7943 (301-763-INFO/301-763-4636).The cost for an annual subscription is $80 domestic and $105 foreign. The cost for a single diskette is $50. All remittances from foreign countries must be by international money order or by draft on a U.S. bank.

First quarter 2004 advance data for U.S Manufacturing, Mining and Wholesale Trade Corporations are scheduled for release on June 14, 2004, for U.S. Retail Corporations July 14, 2004.

AVAILABILITY:

The complete report, Quarterly Financial Report for Manufacturing, Mining and Trade Corporations, is available for download, under "Products: Publication", at <http://www.census.gov/csd/qfr/>.

This press release is available in page image format (.pdf). This press release is available on the day of issue on the Internet (http://www.census.gov/csd/www/qfr.html).

Questions regarding this report (or program) should be directed to Yolando St.George (301) 763-6600 or John Seabold (301) 763-3386.

TABLE 1. PART A--ALL U.S. MANUFACTURING CORPORATIONS

					        
                                               Seasonally Adjusted	
                                                   
                                                 4Q        3Q        4Q
					       2003      2003(1)   2002(1)    
Rate of return (after taxes):
 Cents per dollar of sales ................     7.3       6.3       3.2
 Percent on equity (annual rate) ..........      NA        NA        NA    

                                                   (million dollars) 
Sales ....................................1,097,874 1,105,595 1,073,216
 Income after income taxes ................  79,613    70,153    33,968 
 Dividends paid (cash) ....................      NA        NA        NA

(1)Revised.

SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations--QFR-03-4, April 2004. U.S. Census Bureau, April 2004.

TABLE 1. PART B--ALL U.S. MANUFACTURING CORPORATIONS

 						    Unadjusted	
                                                       
                                                 4Q        3Q        4Q    
                                               2003      2003(1)   2002(1)    
Rate of return (after taxes):
 Cents per dollar of sales ................     6.0       4.9       2.2
 Percent on equity (annual rate) ..........    13.6      11.6       5.4    
                                                  
                                                   (million dollars) 
Sales ....................................1,108,552 1,109,363 1,082,128
 Income after income taxes ................  66,318    54,506    23,660
 Dividends paid (cash) ....................  26,695    28,795    28,692

(1)Revised.

SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations--QFR-03-4, April 2004. U.S. Census Bureau, April 2004.

TABLE 2. PART A--U.S. MANUFACTURING CORPORATIONS SEASONALLY ADJUSTED SALES(1)

 
 
                                                  Sales(2)
                                                         
         Industry Group and Year        Q1       Q2        Q3        Q4
                                              (million dollars)
All manufacturing:
    1994 ..........................  784,528   803,082   825,292   841,640
    1995 ..........................  871,330   872,864   883,531   899,626
    1996 ..........................  914,282   932,803   948,220   961,165
    1997 ..........................  965,902   972,491   986,596   994,957
    1998 ..........................  990,226   981,708   985,673   993,473
    1999 ..........................1,003,676 1,026,359 1,047,545 1,071,410
    2000 ..........................1,121,607 1,127,489 1,144,569 1,120,185
    2001 ..........................1,117,793 1,092,884 1,058,996 1,026,107
    2002 ..........................1,028,115 1,048,225 1,064,919 1,073,216
    2003 ..........................1,106,306 1,072,972 1,105,595 1,097,874
All nondurable manufacturing:
    1994 ..........................  387,296   394,772   405,708   409,904
    1995 ..........................  425,650   427,749   430,845   435,793
    1996 ..........................  442,196   452,564   457,709   462,839
    1997 ..........................  463,190   456,739   461,313   463,207
    1998 ..........................  452,540   446,211   443,489   439,560
    1999 ..........................  446,071   452,872   460,915   474,829
    2000 ..........................  508,234   514,698   527,261   503,010
    2001 ..........................  510,040   506,145   488,096   469,490
    2002 ..........................  466,352   479,142   496,135   512,596
    2003 ..........................  544,471   516,331   530,939   522,861
All durable manufacturing:
    1994 ..........................  397,232   408,310   419,584   431,735
    1995 ..........................  445,680   445,115   452,685   463,833
    1996...........................  472,086   480,239   490,511   498,326
    1997 ..........................  502,711   515,752   525,283   531,750
    1998 ..........................  537,686   535,497   542,184   553,913
    1999 ..........................  557,606   573,487   586,630   596,581
    2000 ..........................  613,373   612,792   617,308   617,175
    2001 ..........................  607,753   586,739   570,900   556,617
    2002 ..........................  561,762   569,084   568,783   560,620
    2003 ..........................  561,834   556,641   574,655   575,013

(1) Data after fourth quarter 2000 are presented on the North American Industry Classificaton System basis. Data prior to fourth quarter 2000 are presented on the Standard Industrial Classification system basis. Comparisons of these data are useful only for trend analysis.

(2)Revised.

SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations--QFR-03-4, April 2004. U.S. Census Bureau, April 2004.

TABLE 2. PART B--U.S. MANUFACTURING CORPORATIONS SEASONALLY ADJUSTED NET INCOME AFTER-TAX(1)

 
                                            After-Tax Profits(2)
                                              
         Industry Group and Year        Q1        Q2        Q3        Q4
                                               (million dollars)
All manufacturing:
    1994 ..........................   36,375    41,184    45,447    52,051
    1995 ..........................   52,721    52,042    49,359    44,181
    1996 ..........................   51,110    54,096    61,215    58,711
    1997 ..........................   60,539    62,060    61,866    60,346
    1998 ..........................   74,320    49,433    61,217    49,763
    1999 ..........................   59,229    63,952    67,295    67,599
    2000 ..........................   76,274    71,847    74,948    47,294
    2001 ..........................   (1,521)   17,501    12,491     7,729
    2002 ..........................   23,058    39,980    43,049    33,968
    2003 ..........................   64,946    64,432    70,153    79,613
All nondurable manufacturing:
    1994 ..........................   18,975    19,830    22,467    26,543
    1995 ..........................   25,866    28,197    27,616    22,225
    1996 ..........................   28,035    28,304    32,134    30,453
    1997 ..........................   33,388    30,672    30,522    28,734
    1998 ..........................   29,731    28,513    30,882    17,621
    1999 ..........................   26,412    28,871    31,575    30,737
    2000 ..........................   37,285    38,599    37,620    28,916
    2001 ..........................   31,268    34,224    27,877    18,879
    2002 ..........................   26,212    29,205    32,022    31,043
    2003 ..........................   52,114    47,129    44,127    49,424
All durable manufacturing:
    1994 ..........................   17,400    21,354    22,979    25,508
    1995 ..........................   26,854    23,846    21,743    21,955
    1996 ..........................   23,075    25,792    29,081    28,258
    1997 ..........................   27,150    31,388    31,345    31,612
    1998 ..........................   44,589    20,920    30,335    32,142
    1999 ..........................   32,818    35,081    35,721    36,862
    2000 ..........................   38,990    33,248    37,328    18,377
    2001 ..........................  (32,790)  (16,723)  (15,387)  (11,151)
    2002 ..........................   (3,154)   10,775    11,027     2,924
    2003 ..........................   12,832    17,303    26,027    30,189

(2)Revised.

SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations--QFR-03-4, April 2004. U.S. Census Bureau, April 2004.

TABLE 3. PART A--U.S. MANUFACTURING, MINING, AND TRADE CORPORATIONS UNADJUSTED SALES AND PROFITS

                                                      Sales
                                                        
                                                  4Q        3Q        4Q 
                Industry Group                  2003      2003(2)   2002(2)    
                                                   (million dollars)
All manufacturing corporations(3)..........1,108,552 1,109,363 1,082,128

All nondurable goods.......................  527,083   539,627   516,223
  Food.....................................   98,385    91,258    95,049
  Beverage and tobbaco products............   33,711    35,061    33,551
  Textiles mills and textile product mills.   11,724    11,749    11,949 
  Apparel and leather products.............   21,680    23,031    22,926
  Paper ...................................   39,067    37,995    36,778
  Printing and related support activities..   17,013    16,791    18,383
  Petroleum and coal products..............  139,993   155,877   133,582
  Chemicals ...............................  133,634   136,343   134,328
   Basic chemicals, resins, and               
    synthetics(4)..........................   38,260    38,483    34,727
   Pharmaceuticals and medicines(4)........   57,557    59,514    63,869
   All other chemicals(4)..................   37,818    38,346    35,732
  Plastics and rubber products.............   31,876    31,523    29,677
                                                                        
All durable manufacturing..................  581,469   569,736   565,905
  Wood products............................   15,956    16,362    15,009
  Nonmetallic mineral products.............   22,432    24,584    21,023
  Primary metals...........................   34,155    33,725    32,251
   Iron, steel, and ferroalloys(4).........   15,248    15,166    13,834
   Nonferrous metals(4)....................   14,775    14,370    13,543
   Foundries(4)............................    4,132     4,188     4,874
  Fabricated metal products................   51,325    52,816    49,312
  Machinery ...............................   65,306    63,707    61,801
  Computer and electronic products.........  118,931   109,793   111,189
   Computer and peripheral equipment(4)....   37,806    35,038    35,026
   Communications equipment(4).............   23,087    20,335    21,988
   All other electronic products(4)........   58,037    54,420    54,175
  Electrical equipment, appliances and
   components..............................   45,045    45,051    46,912
  Transportation equipment ................  187,218   183,120   186,953
   Motor vehicles and parts(4).............  135,029   135,300   136,958
   Aerospace products and parts(4).........   43,307    39,435    42,144
  Furniture and related products...........   14,004    13,876    13,246
  Miscellaneous manufacturing..............   27,096    26,702    28,208

All mining(3)..............................   24,016    23,523    21,146
All wholesale trade(3).....................  366,370   337,972   329,214
All retail trade(3)........................  411,977   378,108   386,157

(1)Operating profits are profits before nonoperating income and expense items and income taxes.

(2)Revised.

(3)Manufacturing data are the quarterly results of companies within that division with assests over $250,000; whereas, data for mining and trade corporatons represent the quarterly results of companies with assets over $50 million.

(4)Included in major industry above.

SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations--QFR-03-4, April 2004. U.S. Census Bureau, April 2004.

TABLE 3. PART B--U.S. MANUFACTURING, MINING, AND TRADE CORPORATIONS UNADJUSTED SALES AND PROFITS

 
                                                 Operating Profits(1)
                                                  4Q        3Q        4Q
                Industry Group                  2003      2003(2)   2002(2)   
                                                   (million dollars)
All manufacturing corporations(3)..........   52,474    63,561    47,599

All nondurable goods.......................   34,232    41,413    30,195
  Food.....................................    7,161     5,705     5,992
  Beverage and tobbaco products............    5,360     5,048     5,070
  Textiles mills and textile product mills.      287       406       295 
  Apparel and leather products.............    1,627     2,208     1,447
  Paper ...................................    1,257     1,946     1,605
  Printing and related support activities..    1,000     1,434     1,192
  Petroleum and coal products..............    1,765     7,720        34
  Chemicals ...............................   14,499    15,083    13,350
   Basic chemicals, resins, and               
    synthetics(4)..........................    1,195     1,419       141
   Pharmaceuticals and medicines(4)........    9,613     9,613    10,281
   All other chemicals(4)..................    3,691     4,051     2,929
  Plastics and rubber products.............    1,277     1,864     1,209
                                                                        
All durable manufacturing..................   18,242    22,148    17,404
  Wood products............................    1,088     1,300       326
  Nonmetallic mineral products.............    1,244     2,686       985
  Primary metals...........................      321       389        62
   Iron, steel, and ferroalloys(4).........     (202)     (235)      (23)
   Nonferrous metals(4)....................      504       466       (75)
   Foundries(4)............................       19       158       160
  Fabricated metal products................    2,643     3,831     1,935
  Machinery ...............................    3,301     3,280     2,198
  Computer and electronic products.........    5,037     2,480       128
   Computer and peripheral equipment(4)....    1,200       777        70
   Communications equipment(4).............      312      (998)     (335)
   All other electronic products(4)........    3,525     2,701       392
  Electrical equipment, appliances and
   components..............................    2,482     2,651     3,964
  Transportation equipment ................     (863)    1,881     5,069
   Motor vehicles and parts(4).............   (4,595)   (1,501)    1,198
   Aerospace products and parts(4).........    2,939     2,636     3,189
  Furniture and related products...........      763     1,085       799
  Miscellaneous manufacturing..............    2,225     2,566     1,938

All mining(3)..............................    3,579     4,337     2,579
All wholesale trade(3).....................   10,437     8,875     7,862
All retail trade(3)........................   21,838    16,448    21,504

(1)Operating profits are profits before nonoperating income and expense items and income taxes.

(2)Revised.

(4)Included in major industry above.

SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations--QFR-03-4, April 2004. U.S. Census Bureau, April 2004.

TABLE 3. PART C--U.S. MANUFACTURING, MINING, AND TRADE CORPORATIONS UNADJUSTED SALES AND PROFITS

 
                                                 After-Tax Profits
                                                  4Q        3Q        4Q 
                Industry Group                  2003      2003(2)   2002(2)   
                                                   (million dollars)
All manufacturing corporations(3)..........   66,318    54,506    23,660

All nondurable goods.......................   39,101    30,833    23,755
  Food.....................................    5,206     4,216     3,396
  Beverage and tobbaco products............    4,463     1,618     3,694
  Textiles mills and textile product mills.      232        52      (460)
  Apparel and leather products.............    1,077     1,795     1,172
  Paper ...................................      314       628      (217)    
  Printing and related support activities..      388       817       560
  Petroleum and coal products..............   11,410     9,110     5,144
  Chemicals ...............................   15,468    11,549    13,298
   Basic chemicals, resins, and               
    synthetics(4)..........................      215        14      (294)
   Pharmaceuticals and medicines(4)........   11,881     8,457    11,297
   All other chemicals(4)..................    3,372     3,078     2,295
  Plastics and rubber products.............      544     1,049    (2,832)
                                                                        
All durable manufacturing..................   27,217    23,672       (95)
  Wood products............................      699       885      (151)
  Nonmetallic mineral products.............     (643)    1,941      (604)
  Primary metals...........................       92      (131)   (2,469)
   Iron, steel, and ferroalloys(4).........     (956)     (517)   (1,065)
   Nonferrous metals(4)....................    1,113       363    (1,465) 
   Foundries(4)............................      (65)       24        60
  Fabricated metal products................    1,301     1,891      (415)
  Machinery ...............................    2,653     1,005       634
  Computer and electronic products.........   10,482     5,748    (4,834)
   Computer and peripheral equipment(4)....    5,037     3,435     1,987
   Communications equipment(4).............    2,111     1,281    (2,817)
   All other electronic products(4)........    3,333     1,031    (4,004)
  Electrical equipment, appliances and
   components..............................    4,912     5,301     3,710
  Transportation equipment ................    4,880     3,982     1,774
   Motor vehicles and parts(4).............    1,366     1,755     1,820
   Aerospace products and parts(4).........    2,937     1,674      (332)
  Furniture and related products...........      287       660       442
  Miscellaneous manufacturing..............    2,554     2,392     1,819

All mining(3)..............................    2,405     3,261    (1,535)
All wholesale trade(3).....................    4,147     5,999     4,467
All retail trade(3)........................   14,004     9,699     9,837

(1)Operating profits are profits before nonoperating income and expense items and income taxes.

(2)Revised.

(4)Included in major industry above.

SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations--QFR-03-4, April 2004. U.S. Census Bureau, April 2004.

TABLE 4. INCOME STATEMENT FOR U.S. RETAIL TRADE CORPORATIONS- ASSETS $50 MILLION AND OVER


                                                    4Q         3Q       4Q                              
                     Item                         2003       2003(1)   2002(1)   
                                                      (million dollars)
Net sales, receipts, and operating revenues .. 411,977    378,108   386,157
Less: Depreciation, depletion and
        amortization .........................   7,347      7,278     7,089
Less: All other operating costs and expenses . 382,792    354,383   357,563

  Income (or loss) from operations ...........  21,838     16,448    21,504

Net nonoperating income (expense) ............   5,607      1,485   (1,072)

  Income (or loss) before income taxes .......  23,802     14,925    17,288

Less: Provision for current and deferred
        domestic income taxes ................   9,798      5,226     7,450

  Income (or loss) after income taxes ........  14,004      9,699     9,837

Cash dividends charged to retained earnings      
  in current quarter .........................   2,602      2,334     2,296

  Net income retained in business ............  11,402      7,365     7,542

Retained earnings at beginning of quarter .... 203,509    199,006   180,586
Other direct credits (or charges) to retained
  earnings (net) .............................  (7,656)    (1,793)   (2,461)

  Retained earnings at end of quarter ........ 207,255    204,578   185,666

(1) Revised.

SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations--QFR-03-4, April 2004. U.S. Census Bureau, April 2004.

TABLE 5. INCOME STATEMENT RATIOS FOR U.S. RETAIL TRADE CORPORATIONS- ASSETS $50 MILLION AND OVER

                                                    4Q        3Q        4Q 
                     Item                         2003      2003(1)   2002(1)    
                                                         (cents)
Net sales, receipts, and operating revenues ..   100.0     100.0     100.0
Less: Depreciation, depletion, and 
  amortization ...............................     1.8       1.9       1.8
Less: All other operating costs and expenses .    92.9      93.7      92.6 

  Income (or loss) from operations ...........     5.3       4.4       5.6

Net nonoperating income (expense) ............     0.5      (0.5)     (1.1)

  Income (or loss) before income taxes .......     5.8       3.9       4.5 

Less: Provision for current and deferred
  domestic income taxes ......................     2.4       1.4       1.9
                                                                   
  Income (or loss) after income taxes ........     3.4       2.6       2.5

(1) Revised.

SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations--QFR-03-4, April 2004. U.S. Census Bureau, April 2004.

TABLE 6. OPERATING RATIOS FOR U.S. RETAIL TRADE CORPORATIONS- ASSETS $50 MILLION AND OVER

                                                    4Q        3Q        4Q 
                        Item                      2003      2003(1)   2002(1)    
                                                         (percent)
Annual rate of profit on stockholders' equity
 at end of period:
    Before income taxes ......................   32.15     20.47     25.63
    After income taxes .......................   18.92     13.30     14.59

Annual rate of profit on total assets:
    Before income taxes ......................   12.75      8.05      9.87
    After income taxes .......................    7.50      5.23      5.62

(1) Revised.

SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations--QFR-03-4, April 2004. U.S. Census Bureau, April 2004.

ORDER & RELEASE INFORMATION

Schedule of Advance Data Release Dates--2004
[Economic Indicator Release Schedule]

Quarter         Manufacturing, Mining, and Wholesale Trade        Retail Trade
                            
             
First  2004                    June 14, 2004             	July 14, 2004
Second 2004               September 13, 2004                 October 13, 2004
Third  2004                December 14, 2004

Questions concerning this advance report should be directed to Contact: Yolando st.George (301) 763-6600 or John Seabold (301) 763-3386.

Back to Quarterly Financial Report
###
Source: U.S. Census Bureau, Company Statistics Division
Maintained by Traci Gillespie-Brown
Revised Monday, 05-Apr-2004 10:00:52 EDT.
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