This excerpt taken from the NDAQ 8-K filed Jan 25, 2005.
Outlook for 2005
For 2005, NASDAQ expects net income to be in the range of $35 million to $42 million for the year, or approximately $0.35 to $0.43 per common share. Additionally, gross margin is projected to be approximately $480 million to $490 million. Total expenses are projected to
decline to a range of $415 million to $425 million. Similar benefits are expected in future periods, with total expenses anticipated to decline 10% to 12% annually for the subsequent two years.
Included in the 2005 projections are approximately $22 million to $25 million of pre-tax charges associated with NASDAQs continuing efforts to improve efficiencies and reduce operating expenses. These charges include:
The items listed above are expected to reduce earnings per share in the range of $0.17 to $0.19.
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Cautionary Note Regarding Forward-Looking Statements
Statements about future results made in this release, including the projections, constitute forward-looking statements that are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. The Nasdaq Stock Market, Inc. (the Company) cautions that these statements are not guarantees of future performance. Actual results may differ materially from those expressed or implied in the forward-looking statements.
Such forward-looking statements include projections, which have not been reviewed by independent auditors of the Company. Forward-looking statements involve a number of risks, uncertainties or other factors beyond the control of the Company. These factors include, but are not limited to, the Companys ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk, U.S. and global competition, and other factors detailed in the Companys filings with the U.S. Securities and Exchange Commission (the SEC). In addition, these statements are based on a number of assumptions that are subject to change. For example, these projections assume that Regulation NMS, which is a proposal currently before the SEC, would, if adopted, not have a material impact on the Company. We cannot say with certainty what, if any, rule the SEC will eventually adopt in this area, and accordingly, cannot predict with certainty the ultimate impact Regulation NMS will have on the Company. Accordingly, actual results may be materially higher or lower than those projected. The inclusion of such projections herein should not be regarded as a representation by the Company that the projections will prove to be correct. We undertake no obligation to release any revisions to any forward-looking statements.