|
|
 | | | |
- close
- close
- close
- close
| |||||||||
This excerpt taken from the NDAQ 8-K filed Feb 26, 2009. Financial Review Results for the fourth quarter of 2008 are presented on a non-GAAP basis. Results for earlier periods are presented on a pro forma non-GAAP basis that reflects the financial results of NASDAQ, OMX, and the Philadelphia Stock Exchange as if they were a combined company for the periods presented and excludes merger expenses, gains (losses) from foreign currency contracts and certain other non-recurring items. This excerpt taken from the NDAQ 8-K filed Aug 6, 2008. Financial Review NASDAQ OMX generates net exchange revenues from a diverse array of business operations. To view the revenue distribution, visit http://media.primezone.com/cache/6948/file/5929.xls
This excerpt taken from the NDAQ 8-K filed May 8, 2008. Financial Review Results are presented on a pro forma non-GAAP basis. Revenues less liquidity rebates, brokerage, clearance and exchange fees (“Net Exchange Revenues”) were $382.7 million for the first quarter of 2008, an increase of $43.5 million, or 12.8%, from the first quarter of 2007, and an increase of $3.6 million from the fourth quarter of 2007. NASDAQ OMX presents for this quarter net exchange revenues along three primary business segments: Market Services, Issuer Services, and Market Technology. This excerpt taken from the NDAQ 8-K filed Jan 30, 2006. Q4 Financial Review
Total Revenues and Gross Margin – Fourth quarter results include INET operations following the completion of the acquisition on December 8, 2005. Prior to the second quarter 2005, NASDAQ’s other execution revenues were reported net of liquidity rebates as NASDAQ does not act as principal. However, in the second quarter 2005, under NASDAQ’s new Limitation of Liability Rule, NASDAQ has recorded all execution revenues from transactions executed through the NASDAQ Market Center on a gross basis in revenues and has recorded liquidity rebate payments from transactions executed through the NASDAQ Market Center as cost of revenues as NASDAQ now has risk associated with trade execution subject to rule limitations. This change was made on a prospective basis beginning April 1, 2005 as required under U.S. generally accepted accounting principles.
For the fourth quarter 2005, gross margin increased 14.2% to $138.6 million from $121.4 million in the year-ago quarter and increased 6.1% from $130.6 million in the third quarter of 2005.
3
Total Expenses – Total expenses decreased 13.2% to $105.4 million from $121.4 million in the year-ago quarter and increased 6.1% from $99.3 million in the prior quarter. The fourth quarter of 2005 includes the $2.1 million in net pre-tax charges noted above. The fourth quarter 2004 included $25.5 million of similar charges.
Earnings Per Share
As stated above, fourth quarter earnings (loss) per diluted share were $0.15 versus $0.16 reported for the third quarter of 2005, and $(0.10) per diluted share in the year-ago quarter. NASDAQ’s weighted average shares outstanding used to calculate diluted earnings (loss) per share was 122.5 million in the quarter versus 79.3 million last year and 119.4 million last quarter, due primarily to the dilutive impact of the convertible notes and related warrants issued in April 2005 in connection with the acquisition of INET ECN.
NASDAQ® is the largest electronic screen-based equity securities market in the United States. With approximately 3,200 companies, it lists more companies and, on average, trades more shares per day than any other U.S. market. It is home to category-defining companies that are leaders across all areas of business including technology, retail, communications, financial services, transportation, media and biotechnology industries. For more information about NASDAQ, visit the NASDAQ Web site at www.nasdaq.com or the NASDAQ NewsroomSM at www.nasdaqnews.com. NDAQF
Cautionary Note Regarding Forward-Looking Statements
The matters described herein may contain forward-looking statements that are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. The NASDAQ Stock market, Inc. (“NASDAQ”) cautions that these statements are not guarantees of future performance. Actual results may differ materially from those expressed or implied in the forward-looking statements. Such forward-looking statements include projections which have not been reviewed by independent auditors of NASDAQ. Forward-looking statements involve a number of risks, uncertainties or other factors beyond NASDAQ’s control. These factors include, but are not limited to, NASDAQ’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk, U.S. and global competition, and other factors detailed in NASDAQ’s annual report on Form 10-K, and periodic reports filed with the U.S. Securities and Exchange Commission. In addition, these statements are based on a number of assumptions that are subject to change. Accordingly, actual results may be materially higher or lower than those projected. The inclusion of such projections herein should not be regarded as a representation by NASDAQ that the projections will prove to be correct. We undertake no obligation to release any revisions to any forward-looking statements.
4
This excerpt taken from the NDAQ 8-K filed Oct 26, 2005. Q3 Financial Review
Total Revenues and Gross Margin – Prior to the second quarter 2005, NASDAQ’s other execution revenues were reported net of liquidity rebates as NASDAQ does not act as principal. However, in the second quarter 2005, under NASDAQ’s new Limitation of Liability Rule, NASDAQ has recorded all execution revenues from transactions executed through the Nasdaq Market Center on a gross basis in revenues and has recorded liquidity rebate payments from transactions executed through the NASDAQ Market Center as cost of
revenues as NASDAQ now has certain risk associated with trade execution subject to rule limitations. This change was made on a prospective basis beginning April 1, 2005 as required under U.S. generally accepted accounting principles.
For the third quarter 2005, gross margin was $130.6 million versus $114.8. million in the year ago period and $130.4 million in second quarter 2005.
Total Expenses – Total expenses decreased 19.7% to $99.3 million from $123.7 million in the year-ago quarter and decreased 4.6% from the prior quarter. Expense reductions are being driven by NASDAQ’s continuing cost reduction program.
Earnings Per Share
As stated above, third quarter earnings (loss) per diluted share were $0.16 versus $(0.08) per diluted share reported for the third quarter of 2004 and $0.13 per diluted share reported for the second quarter 2005. NASDAQ’s weighted average shares outstanding used to calculate diluted earnings (loss) per share was 119.4 million in the quarter versus 78.6 million last year and 109.9 million last quarter, due primarily to the dilutive impact of the convertible notes and related warrants issued in April 2005 in connection with the pending acquisition of INET ECN.
NASDAQ is the largest electronic screen-based equity securities market in the United States, both in terms of number of listed companies and traded share volume. With approximately 3,200 listed companies, it is home to category-defining companies that are leaders across all areas of business including technology, retail, communications, financial services, transportation, media and biotechnology industries. For more information about NASDAQ, visit the NASDAQ Web site at www.nasdaq.com or the NASDAQ NewsroomSM at www.nasdaqnews.com.
Cautionary Note Regarding Forward-Looking Statements
The matters described herein may contain forward-looking statements that are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. The NASDAQ Stock Market, Inc. (“NASDAQ”) cautions that these statements are not guarantees of future performance. Actual results may differ materially from those expressed or implied in the forward-looking statements. Such forward-looking statements include projections which have not been reviewed by independent auditors of NASDAQ. Forward-looking statements involve a number of risks, uncertainties or other factors beyond NASDAQ’s control. These factors include, but are not limited to, NASDAQ’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk, U.S. and global competition, and other factors detailed in NASDAQ’s annual report on Form 10-K, and periodic reports filed with the U.S. Securities and Exchange Commission. In addition, these statements are based on a number of assumptions that are subject to change and do not include results of INET and are subject to change if the INET transaction is consummated. Accordingly, actual results may be materially higher or lower than those projected. The inclusion of such projections herein should not be regarded as a representation by NASDAQ that the projections will prove to be correct. We undertake no obligation to release any revisions to any forward-looking statements.
This excerpt taken from the NDAQ 8-K filed Jul 28, 2005. Q2 Financial Review
Total Revenues and Gross Margin – Beginning with third quarter 2004 results, NASDAQ began reporting cost of revenues and gross margin associated with Brut’s operations. Revenues from transactions executed through Brut were recorded on a gross basis in revenues and expenses such as liquidity rebate payments were recorded as cost of revenues as Brut acts as principal. Prior to the second quarter 2005, NASDAQ’s other execution revenues were reported net of liquidity rebates as NASDAQ does not act as principal. However, in the second quarter 2005, as a result of NASDAQ’s new Limitation of
Liability Rule, NASDAQ has recorded all execution revenues from transactions executed through the Nasdaq Market Center on a gross basis in revenues and has recorded liquidity rebate payments from transactions executed through the NASDAQ Market Center as cost of revenues as NASDAQ now has certain risk associated with trade execution subject to rule limitations. This change was made on a prospective basis beginning April 1, 2005 as required under U.S. generally accepted accounting principles.
For the second quarter 2005, gross margin was $130.4 million versus $120.0 million in the year ago period and $126.3 million in first quarter 2005.
Total Expenses – Total expenses decreased 6.6% to $104.1 million from $111.4 million in the year-ago quarter and increased slightly from the prior quarter. Expense reductions when compared to the year-ago quarter are being driven by NASDAQ’s cost reduction program. The expense increase from the prior quarter is driven by the previously noted $7.4 million charge related to the restructuring of the $240 million Subordinated Note, which is included in general and administrative expense in the Condensed Consolidated Statements of Income.
Earnings Per Share
As stated above, second quarter earnings per diluted share of $0.13 are favorable when compared to $0.02 per diluted share reported for the second quarter of 2004, and flat with $0.13 per diluted share reported for the first quarter 2005. NASDAQ’s weighted average shares outstanding used to calculate diluted earnings per share increased to 109.9 million from 78.9 million last year and 92.6 million last quarter, due primarily to the dilutive impact of the convertible notes and warrants issued in April 2005 in connection with the INET acquisition.
NASDAQ® is the largest electronic screen-based equity securities market in the United States. With approximately 3,200 companies, it lists more companies and, on average, trades more shares per day than any other U.S. market. It is home to category-defining companies that are leaders across all areas of business including technology, retail, communications, financial services, transportation, media and biotechnology industries. For more information about NASDAQ, visit the NASDAQ Web site at www.nasdaq.com or the NASDAQ NewsroomSM at www.nasdaqnews.com.
Cautionary Note Regarding Forward-Looking Statements
The matters described herein may contain forward-looking statements that are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. The NASDAQ Stock market, Inc. (“NASDAQ”) cautions that these statements are not guarantees of future performance. Actual results may differ materially from those expressed or implied in the forward-looking statements. Such forward-looking statements include projections which have not been reviewed by independent auditors of NASDAQ. Forward-looking statements involve a number of risks, uncertainties or other factors beyond NASDAQ’s control. These factors include, but are not limited to, NASDAQ’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk, U.S. and global competition, and other factors detailed in NASDAQ’s annual report on Form 10-K, and periodic reports filed with the U.S. Securities and Exchange Commission. In addition, these statements are based on a number of assumptions that are subject to change and generally do not include results of INET and are subject to change if the INET transaction is consummated. Accordingly, actual results may be materially higher or lower than those projected. The inclusion of such projections herein should not be regarded as a representation by NASDAQ that the projections will prove to be correct. We undertake no obligation to release any revisions to any forward-looking statements.
This excerpt taken from the NDAQ 8-K filed Apr 21, 2005. Q1 Financial Review
Total Revenues and Gross Margin – Total revenues in first quarter 2005 increased 40.3% to $180.2 million from $128.4 million in the year-ago quarter and increased 7.2% from $168.1 million in the fourth quarter of 2004. Beginning with third quarter 2004 results, NASDAQ began reporting cost of revenues and gross margin associated with Brut, LLC operations; NASDAQ’s other execution revenues will continue to be reported on a net basis. Gross margin, which represents total revenues less the cost of revenues related to Brut, was $126.3 million for the first quarter versus $128.4 million in the year ago period and $121.4 million in fourth quarter 2004.
Total Expenses – Total expenses decreased 13.6% to $103.5 million from $119.8 million in the year-ago quarter and decreased 14.7% from the prior quarter. Expense reductions when compared to both periods are being driven by NASDAQ’s Cost Reduction Program.
NASDAQ® is the largest electronic screen-based equity securities market in the United States. With approximately 3,250 companies, it lists more companies and, on average, trades more shares per day than any other U.S. market. It is home to category-defining companies that are leaders across all areas of business including technology, retail, communications, financial services, transportation, media and biotechnology industries. For more information about NASDAQ, visit the NASDAQ Web site at www.nasdaq.com or the NASDAQ NewsroomSM at www.nasdaqnews.com.
Cautionary Note Regarding Forward-Looking Statements
The matters described herein may contain forward-looking statements that are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. The NASDAQ Stock market, Inc. (“NASDAQ”) cautions that these statements are not guarantees of future performance. Actual results may differ materially from those expressed or implied in the forward-looking statements. Such forward-looking statements include projections which have not been reviewed by independent auditors of NASDAQ. Forward-looking statements involve a number of risks, uncertainties or other factors beyond NASDAQ’s control. These factors include, but are not limited to, NASDAQ’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk, U.S. and global competition, and other factors detailed in NASDAQ’s annual report on Form 10-K, and periodic reports filed with the U.S. Securities and Exchange Commission. In addition, these statements are based on a number of assumptions that are subject to change. Accordingly, actual results may be materially higher or lower than those projected. The inclusion of such projections herein should not be regarded as a representation by NASDAQ that the projections will prove to be correct. We undertake no obligation to release any revisions to any forward-looking statements.
This excerpt taken from the NDAQ 8-K filed Feb 24, 2005. Q4 Financial Review
Following the transfer of NASDAQ’s interest in NASDAQ Europe and the sale of IndigoMarkets in 2003, results from these subsidiaries have been reclassified as discontinued operations. The remainder of this discussion reflects results from continuing operations, unless otherwise noted.
| EXCERPTS ON THIS PAGE:
|
| |||||||
