CHASE BEGS TO DIFFER ON THE BOTTOM LINE
In regard to your article "Well, it looked like clear sailing" (Corporate Scoreboard, May 17), the Chase Manhattan Corp. reported first-quarter 1993 earnings of $153 million, compared with $141 million for the same period last year. Before taking into account several significant items of a nonrecurring nature, our first-quarter 1993 net income was $179 million, or 61% higher than the same quarter last year, excluding $30 million in tax benefits recorded in 1992.
Unfortunately, your compilers pharisaically chose to use a number that left some one-time items in while taking another out--and thereby left BUSINESS WEEK readers with a very misleading impression of our performance.
Steven A. Rautenberg
Director of Public Affairs
Chase Manhattan Bank
Editor's note: BUSINESS WEEK's Corporate Scoreboards use earnings from continuing operations before extraordinary charges. That means we include pretax, one-time adjustments, such as Chase's $566 million charge for disposition of real estate, and take out aftertax adjustments, such as the bank's $500 million credit for a revised method of accounting for income taxes.