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NDAQ » Topics » NASDAQ ANNOUNCES PRELIMINARY FOURTH QUARTER AND 2004 RESULTS

This excerpt taken from the NDAQ 8-K filed Jan 25, 2005.

NASDAQ ANNOUNCES PRELIMINARY FOURTH QUARTER AND 2004 RESULTS

- Targeted 2005 Earnings Growth to be Driven by Improved Operating Efficiencies -

 

New York, N.Y.—The NASDAQ Stock Market, Inc. (NASDAQ®; OTCBB: NDAQ), announced today its preliminary results for the fourth quarter and full year 2004.

 

Based upon preliminary, unaudited information, NASDAQ expects net income for the fourth quarter 2004 to be in the range of $5 million to $9 million. Net income for the full year 2004 is expected to be in the range of $9 million to $13 million.

 

Net (loss) income available to common stockholders for the fourth quarter 2004 is expected to be in the range of ($1) million to a profit of $3 million. Full year net (loss) income available to common stockholders is expected to be in the range of ($4) million to breakeven. The net (loss) income per share on a basic and diluted basis is expected to be in the range of ($0.01) to a profit of $0.04 for the fourth quarter and in the range of ($0.05) to $0.00 for the full year.

 

Gross margin (revenues less cost of revenues) for the fourth quarter is expected to be in the range of $120 million to $123 million. Gross margin for the full year 2004 is expected to be in the range of $483 million to $486 million.

 

Total expenses are expected to be in the range of $120 million to $123 million for the fourth quarter and $475 million to $478 million for the full year 2004.

 

Included in both the 2004 fourth quarter and full year results are the following:

 

  •   A one-time non-cash charge to retained earnings of approximately $4 million associated with the exchange of all of NASDAQ’s outstanding shares of Series A Cumulative Preferred Stock for newly issued shares of Series C Cumulative Preferred Stock.

 

  •   Pre-tax charges in total expenses of approximately $26 million in the fourth quarter and approximately $63 million for the full year associated with NASDAQ’s continuing efforts to improve efficiencies and reduce operating expenses.

 

  •   A pre-tax gain in discontinued operations of approximately $15 million related to the release of a reserve for potential claims established in December 2003 in conjunction with the transfer of NASDAQ’s ownership of NASDAQ Europe.

 

The items listed above in total are estimated to reduce earnings per share by $0.13 for the fourth quarter and $0.41 for the full year 2004.

 

These preliminary results are subject to an annual audit. Following the completion of the audit NASDAQ will announce final audited results.

 

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