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NDAQ » Topics » a) LJR

This excerpt taken from the NDAQ 8-K filed Jan 27, 2006.

a) LJR

 

On July 1, 2005, the Company sold LJR to The Bank of New York for $174 million in cash. The revenue and results of operations of the discontinued operation are summarized as follows:

 

     Year Ended December 31,
  
     2004
    2003
    2002
  

Revenue

    170,846    169,778    170,302  

Pre-tax income from discontinued operation

    22,413    23,286    (23,771 )

Income tax expense

    9,626    10,013    (10,120 )
    
  
  

Income from discontinued operations, net of tax

    12,787    13,273    (13,651 )
    
  
  

 

The Consolidated Statements of Financial Condition include assets of discontinued operations and liabilities of discontinued operations. The net balance of these items represents the adjusted book value of the discontinued operations in accordance with the sale of LJR. The major asset and liability classes included within these categories are as follows:

 

     Year Ended December 31,
     2004
    2003

Cash and cash equivalents

    $ 19,553    $ 24,080

Cash and securities segregated under federal regulations

      23,050      22,919

Receivable from broker-dealers

      5,386      3,706

Commissions and other receivable, net

      6,115      9,454

Fixed assets and leasehold improvements, net

      162      193

Deferred tax asset, net

      14,445      16,125

Other assets

      159      182
    
  

Assets of discontinued operations

      68,870      76,659
    
  

Accounts payable, accrued expenses and other liabilities

      40,498      45,881
    
  

Liabilities of discontinued operations

      40,498      45,881
    
  

 

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