NDAQ » Topics » Operating Results

This excerpt taken from the NDAQ 10-Q filed May 10, 2006.

Operating Results

 

The following table shows a summary of our operating results:

 

    

Three Months Ended

March 31,


    Percentage
Change


 
     2006

    2005

   
     (in millions)        

Market Services

   $ 337.1     $ 125.1     #  

Issuer Services

     58.9       54.9     7.3 %

Other

     0.2       0.2     —    
    


 


     

Total revenues

     396.2       180.2     #  

Cost of revenues

     (234.2 )     (53.9 )   #  
    


 


     

Gross margin

     162.0       126.3     28.3 %
    


 


     

Total expenses

     120.2       103.5     16.1 %

Net income

   $ 18.0     $ 12.7     41.7 %
    


 


     

Basic earnings per share

   $ 0.20     $ 0.14     42.9 %

Diluted earnings per share

   $ 0.16     $ 0.13     23.1 %

# Denotes a variance greater than 100.0%.

 

Our first quarter 2006 results were primarily driven by increases in the gross margin of our Market Services segment, where we gained market share and trading volume, primarily due to the INET acquisition. First quarter 2006 results include the first full quarter of INET operations, following the acquisition on December 8, 2005. Market share increases were in Nasdaq-, NYSE- and Amex-listed securities and average daily share volume also increased. Beginning February 1, 2006, we harmonized the pricing for The Nasdaq Market Center and INET, which may negatively impact trading volumes on The Nasdaq Market Center going forward. Issuer Services revenues were positively impacted by our recent acquisitions of Carpenter Moore and Shareholder.com. Partially

 

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offsetting these increases was an increase in expenses related to the integration of INET and recent acquisitions. These current and prior year items are discussed in more detail below.

 

This excerpt taken from the NDAQ 10-Q filed Nov 8, 2005.

Operating Results

 

The following table sets forth total revenues by segment, cost of revenues and gross margin:

 

     Three Months Ended
September 30,


    Nine Months Ended
September 30,


 
         2005    

        2004    

        2005    

        2004    

 
     (in millions)  

Market Services

   $ 164.6     $ 73.3     $ 453.4     $ 218.4  

Issuer Services

     55.8       50.7       166.7       153.9  

Other

     —         —         0.2       0.1  
    


 


 


 


Total revenues

   $ 220.4     $ 124.0     $ 620.3     $ 372.4  

Liquidity rebates

     (64.8 )     (7.5 )     (169.4 )     (7.5 )

Brokerage, clearance and exchange fees

     (25.0 )     (1.7 )     (63.6 )     (1.7 )
    


 


 


 


Total cost of revenues

     (89.8 )     (9.2 )     (233.0 )     (9.2 )
    


 


 


 


Gross margin

   $ 130.6     $ 114.8     $ 387.3     $ 363.2  
    


 


 


 


 

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This excerpt taken from the NDAQ 10-Q filed Aug 9, 2005.

Operating Results

 

The following table sets forth total revenues by segment, cost of revenues and gross margin:

 

    

Three Months Ended

June 30,


   Six Months Ended
June 30,


     2005

    2004

   2005

    2004

     (in millions)

Market Services

   $ 163.6     $ 68.9    $ 288.7     $ 145.0

Issuer Services

     56.1       51.1      110.9       103.3

Other

     —         —        0.2       0.1
    


 

  


 

Total revenues

   $ 219.7     $ 120.0    $ 399.8     $ 248.4

Liquidity rebates

     (69.2 )     —        (104.5 )     —  

Brokerage, clearing and exchange fees

     (20.1 )     —        (38.6 )     —  
    


 

  


 

Total cost of revenues

     (89.3 )     —        (143.1 )     —  
    


 

  


 

Gross margin

   $ 130.4     $ 120.0    $ 256.7     $ 248.4
    


 

  


 

 

This excerpt taken from the NDAQ 10-Q filed May 13, 2005.

Operating Results

 

The following table sets forth total revenues by segment, cost of revenues and gross margin:

 

     Three Months Ended March 31,

         2005    

        2004    

     (in millions)

Market Services

   $ 125.1     $ 76.1

Issuer Services

     54.9       52.3

Other

     0.2       —  
    


 

Total revenues

     180.2       128.4

Cost of revenues

     (53.9 )     —  
    


 

Gross margin

   $ 126.3     $ 128.4
    


 

 

This excerpt taken from the NDAQ 10-Q filed May 10, 2005.

Operating Results

 

The following table sets forth total revenues by segment, cost of revenues and gross margin:

 

     Three Months Ended March 31,

         2005    

        2004    

     (in millions)

Market Services

   $ 125.1     $ 76.1

Issuer Services

     54.9       52.3

Other

     0.2       —  
    


 

Total revenues

     180.2       128.4

Cost of revenues

     (53.9 )     —  
    


 

Gross margin

   $ 126.3     $ 128.4
    


 

 

This excerpt taken from the NDAQ 10-K filed Mar 14, 2005.

Operating Results

 

The following table sets forth total revenues by segment, cost of revenues and gross margin:

 

     Year Ended December 31,

     2004

    2003

   2002

     (in millions)

Market Services

   $ 334.5     $ 383.7    $ 581.8

Issuer Services

     205.8       204.2      204.0

Other

     0.1       1.9      1.4
    


 

  

Total revenues

     540.4       589.8      787.2

Cost of revenues

     (55.8 )     —        —  
    


 

  

Gross margin

   $ 484.6     $ 589.8    $ 787.2
    


 

  

 

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"Operating Results" elsewhere:

KEMPER Corp (UTR)
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