This excerpt taken from the NDAQ 8-K filed Aug 6, 2008.
NASDAQ OMX ANNOUNCES SECOND QUARTER RESULTS
NET INCOME IS $101.6 MILLION ($56.1 MILLION IN Q207)
-$0.48 DILUTED EPS ($0.39 DILUTED EPS IN Q207)-
New York, N.Y.The NASDAQ OMX Group (NASDAQ OMX®; NASDAQ: NDAQ), today reported second quarter 2008 net income of $101.6 million, or $0.48 per diluted share, an increase of $45.5 million from $56.1 million, or $0.39 per diluted share, in the second quarter of 2007.
For comparison purposes net income and dilutive earnings per share for the second quarter of 2008 are presented on a non-GAAP basis and exclude merger expenses and gains from foreign currency contracts. Net income and dilutive earnings per share for earlier periods are presented on a pro-forma, non-GAAP basis that reflect the financial results of both NASDAQ and OMX as if they were a combined company for the periods presented and exclude merger expenses, gains (losses) from foreign currency contracts, and capital gains from shares in equity investments. For the second quarter of 2008 net income on a non-GAAP basis was $101.8 million, or $0.48 per diluted share, an increase when compared to pro forma non-GAAP net income of $77.2 million, or $0.38 per diluted share, for the second quarter of 2007. Second quarter 2008 non-GAAP net income also increased when compared to pro forma non-GAAP net income of $96.7 million, or $0.45 per diluted share, for the first quarter of 2008. The remaining results are presented on a pro forma basis unless otherwise noted.
Total revenues were $821.5 million in the second quarter of 2008. Revenues less liquidity rebates, brokerage, clearance and exchange fees (net exchange revenues) were $380.2 million for the second quarter of 2008, an increase of $43.9 million, or 13.1%, from the second quarter of 2007, and a slight decrease of $1.3 million, or 0.3% from the first quarter of 2008.
NASDAQ OMX delivered solid results during the quarter on the strength of our diversified business model, commented Bob Greifeld, Chief Executive Officer for NASDAQ OMX. Weve made excellent progress on the integration of OMX and now expect this transaction to accrete in first quarter of 2009, significantly ahead of schedule. Driving this acceleration is our confidence in realizing the $100 million expense synergy target by the first anniversary of closing the deal. And the integration of our most recent acquisition, the Philadelphia Stock Exchange, is also well underway and is expected to accrete to our shareholders by the end of 2008. As always, we will continue to follow our long-standing operating philosophy of leveraging massive scale against the extreme efficiency of our core technology.