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NDAQ » Topics » - IPO Win Rate Highest Since 2000 -

This excerpt taken from the NDAQ 8-K filed Apr 19, 2007.

- IPO Win Rate Highest Since 2000 -

New York, N.Y.—The Nasdaq Stock Market, Inc. (“NASDAQ®”; Nasdaq: NDAQ), today reported first quarter 2007 net income of $18.3 million, or $0.14 per diluted share, an increase of $0.3 million from $18.0 million, or $0.16 per diluted share, in the first quarter of 2006.

First quarter 2007 results include the following pre-tax items:

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$24.9 million charge for merger and acquisition related costs associated with NASDAQ’s lapsed offer for the London Stock Exchange.

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$10.6 million charge included in general, administrative and other expense related to a NASDAQ clearing contract. NASDAQ’s single trading platform includes functionality that enables NASDAQ to discontinue the use of services provided under the contract.

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$7.8 million loss on foreign currency option contracts purchased to hedge the foreign exchange exposure on the acquisition bid for the London Stock Exchange. A $48.4 million gain was recorded in the fourth quarter 2006 for foreign currency option contracts. As a result NASDAQ’s cumulative gain on foreign currency contracts is approximately $40.6 million.

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$6.5 million gain associated with NASDAQ freezing its employee pension plan and Supplemental Executive Retirement Plan (SERP), included in compensation expense.

Excluding the above items and an additional $2.1 million in other charges, net income calculated on a non-GAAP basis was $41.8 million versus $26.2 million for the first quarter 2006 and $33.0 million for the fourth quarter 2006. Non-GAAP diluted earnings per common share were $0.29 for the quarter versus $0.22 for the first quarter 2006 and $0.23 for the fourth quarter 2006.

Operating income was $81.4 million for the first quarter of 2007, an increase of $39.6 million, or 94.7%, when compared to $41.8 million for the first quarter of 2006.

Gross margin, representing total revenues less cost of revenues, was $192.1 million in the first quarter of 2007, an increase of 18.6% from $162.0 million in the year-ago period, and up 4.9% from $183.1 million reported in the fourth quarter of 2006.

NASDAQ’s Chief Executive Officer, Robert Greifeld commented, “Our first quarter results demonstrate our ability to improve profitability by focusing on the execution of our business plan. Gross margin increased for the 10th consecutive quarter and operating income reached the highest level ever recorded at NASDAQ. Share volume matched in our systems reached record highs and NASDAQ had its strongest performance in IPO listings since the height of the market in 2000. We are extremely confident in our ability to continue to grow our business and remain excited about the future.”

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