First quarter 2006 total revenues of $276.5 million were double the
revenues generated in first quarter of 2005 JERSEY CITY, N.J.,
April 19 /PRNewswire-FirstCall/ -- Knight Capital Group, Inc.
(NASDAQ:NITE) today reported GAAP earnings of $49.1 million, or
$0.47 per diluted share, for the first quarter of 2006. For the
first quarter of 2006, the company recorded charges of $4.7
million, net of tax, or $0.05 per diluted share, relating to the
costs associated with excess real estate capacity in Jersey City,
N.J. Excluding this charge, first quarter 2006 operating earnings
for continuing operations were $53.8 million, or $0.52 per diluted
share. For the first quarter of 2005, the company reported GAAP
earnings of $5.8 million, or $0.05 per diluted share, and pre-tax
operating earnings from continuing operations of $10.3 million.
Loss from discontinued operations was $266,000, net of tax.
"Continuing operations" include the company's two operating
business segments, Global Markets and Asset Management. Continuing
operations also include a Corporate segment, encompassing corporate
investments and overhead expenses. Amounts reported as
"discontinued operations" include the company's former Derivative
Markets business segment, the sale of which was completed to
Citigroup at the close of business on December 9, 2004. Revenues
for the first quarter of 2006 were $276.5 million, compared to
$137.6 million for the first quarter of 2005. "Knight employees'
intense and concerted efforts over the last year implementing the
strategic changes to our business model made our outstanding
performance in the first quarter of 2006 possible," said Thomas M.
Joyce, Chairman and Chief Executive Officer of Knight Capital
Group. "Increasing automation in our broker-dealer operations since
mid-2005 led directly to consistent, solid results for three
consecutive quarters. However, it was in the market environment of
the first quarter of 2006 where we saw the real success and
potential of our efforts. By establishing greater operating
efficiencies, we have addressed the issues that affect us in the
down markets and are prepared to weather downturns and capitalize
on the upside." Q1 2006 Q1 2005 Revenues ($) 276,455,820
137,556,870 Net income from continuing operations ($) 49,132,041
6,019,979 Loss from discontinued operations, net of tax ($) -
(265,927) Net income ($) 49,132,041 5,754,052 Diluted EPS ($) 0.47
0.05 U.S. equity dollar value traded (in $ millions) 559,672
470,676 U.S. equity trades executed (in thousands) 61,019 52,849
Average daily U.S. equity trades (in thousands) 984 866 Nasdaq and
Listed equity shares traded (in millions) 27,861 29,099 OTC
Bulletin Board and Pink Sheet shares traded (in millions) 373,676
295,799 Average revenue capture per U.S. equity dollar value traded
(bps) 2.3 1.7 Average month-end balance of assets under management
(in $ millions) 2,946.2 3,478.9 Quarterly fund return to investors*
8.5% 0.8% * Quarterly fund return represents the blended quarterly
return across all assets under management in the Deephaven funds
"Knight's Global Markets businesses were very profitable across the
board in the first quarter," Mr. Joyce said. "The broker-dealer
business turned in its third solid quarter in a row and its best
performance since decimalization. Our increasingly automated
process both improved earnings and helped us maintain our
industry-leading execution quality. Revenues from our institutional
business are up more than 20% from the fourth quarter, due to a
combination of deeper account penetration and increased market
activity. Client interest is building around new offerings like
technical research and direct market access, as well as in our
newly acquired spot foreign exchange trading capabilities.
Meanwhile, our Asset Management business segment earned as much in
the first quarter of 2006 as it did in all of 2005." Mr. Joyce
continued, "Knight has delivered on our promises of a year ago. We
introduced significant improvements to the broker-dealer business
and grew the institutional business, where our unbundled offering
resonates with clients as more market participants call for greater
transparency on trade execution fees and commissions. We made
prudent acquisitions to expand our offering, and we will continue
to innovate as we provide our clients with more choices for market
access across asset classes." Global Markets During the first
quarter of 2006, the Global Markets business segment generated
total revenues of $187.9 million, compared to $108.0 million in the
first quarter of 2005. In the first quarter of 2006, the Global
Markets business segment reported pre-tax operating earnings of
$56.5 million, compared to a pre-tax operating loss of $700,000 in
the first quarter of 2005. Effective April 1, 2006, Knight
completed its acquisition of Hotspot FX, Inc., a privately held
firm, in an all-cash deal for $77.5 million. Hotspot provides
institutions and dealers with spot foreign exchange execution
through an advanced, fully electronic platform. The results of the
Hotspot division will be included within the Global Markets
business segment beginning with the second quarter of 2006. Asset
Management During the first quarter of 2006, the Asset Management
business segment, Deephaven Capital Management, generated $70.5
million in asset management fees, compared to $17.9 million in the
same period a year ago. In the first quarter of 2006, the Asset
Management business segment reported pre-tax operating earnings of
$26.8 million, compared to pre-tax operating earnings of $5.1
million in the first quarter of 2005. Asset Management had
approximately $3.0 billion under management at March 31, 2006, down
from the $3.5 billion under management at March 31, 2005, but
consistent with assets under management at December 31, 2005. On
February 9, 2006, the company filed an SEC Report on Form 8-K to
disclose that Deephaven had submitted an offer of settlement to the
staff of the Securities and Exchange Commission ("SEC" or
"Commission"), which the staff has agreed to recommend to the
Commission, to resolve a previously disclosed investigation
concerning trading activity associated with certain Private
Investments in Public Equities ("PIPEs"). The company has recorded
total charges relating to this matter of $5.7 million pre-tax,
including $2.0 million in the second quarter of 2005 and $3.7
million in the fourth quarter of 2005. The offer of settlement is
subject to final approval by the SEC. Corporate In the first
quarter of 2006, the Corporate segment reported pre-tax operating
income of $6.7 million, compared to pre-tax operating income of
$5.9 million in the first quarter of 2005. Included in the first
quarter 2005 results is a pre-tax gain of $9.6 million related to
the sale of a part of the company's original equity ownership in
the International Securities Exchange. The company's corporate
investment in the Deephaven funds earned $19.0 million pre-tax
during the first quarter of 2006, compared to a small pre-tax loss
of $172,000 during the first quarter of 2005. As of March 31, 2006,
the company had $209.8 million in cash and cash equivalents and a
$278.0 million corporate investment in funds managed by Deephaven.
The company had $885.9 million in stockholders' equity as of March
31, 2006, equivalent to a book value of approximately $8.51 per
diluted share. During the first quarter of 2006, the company did
not repurchase any additional shares under its $345 million stock
repurchase program. To date, the company has repurchased 37.6
million shares for $295.9 million. At its April 18, 2006 meeting,
the Board of Directors authorized a $150 million increase in the
size of its repurchase program to $495 million from $345 million.
The company cautions that there are no assurances that any further
repurchases may actually occur. Copies of this earnings release and
other information on the company can be obtained at the company's
website, http://www.knight.com/. The company will conduct its first
quarter 2006 earnings conference call for analysts, investors and
the media at 9:00 a.m. Eastern Daylight Time (EDT) today, April 19,
2006. To access Knight's earnings conference call, please dial
800.500.0311 for domestic callers or 719.457.2698 for international
callers. When prompted, provide the passcode, which is 1525848. The
conference call will be webcast live at 9:00 a.m. EDT for all
investors and interested parties on Knight's website. In addition,
the company will release its monthly volume statistics for March
2006 on its website before the start of trading today. About Knight
Knight Capital Group, Inc. (NASDAQ:NITE) is a leading financial
services firm that provides comprehensive trade execution solutions
and asset management services. Our Asset Management business,
Deephaven Capital Management, is a global multi-strategy
alternative investment manager focused on delivering attractive
risk-adjusted returns with low correlation to the broader markets
for institutions and private clients. Our Global Markets business
provides a broad range of customized trade execution products and
services across multiple asset classes for broker-dealers,
institutions and issuer companies. We continually apply knowledge
and innovation to the trading and asset management processes to
build lasting client partnerships through consistent performance
and superior client service. More information about Knight can be
found at http://www.knight.com/. Presentation of Information in
this Press Release In an effort to provide investors with
additional information regarding the Company's results as
determined by generally accepted accounting principles (GAAP), the
Company also discloses certain non-GAAP information which
management believes provides useful information to investors.
Within this press release, the Company has disclosed its pre-tax
operating income (loss) amounts for certain reporting periods
before charges, writedowns, lease loss accruals and discontinued
operations to assist the reader in understanding the impact of
these charges, writedowns and discontinued operations on the
Company's financial results, thereby facilitating more useful
period-to-period comparisons of the Company's businesses. Certain
statements contained herein constitute "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. These forward-looking statements are based on current
expectations, estimates and projections about the Company's
industry, management's beliefs and certain assumptions made by
management. Readers are cautioned that any such forward-looking
statements are not guarantees of future performance and are subject
to certain risks, uncertainties and assumptions that are difficult
to predict. Since such statements involve risks and uncertainties,
the actual results and performance of the Company may turn out to
be materially different from the results expressed or implied by
such forward-looking statements. Given these uncertainties, readers
are cautioned not to place undue reliance on such forward-looking
statements. Unless otherwise required by law, the Company also
disclaims any obligation to update its view of any such risks or
uncertainties or to announce publicly the result of any revisions
to the forward-looking statements made herein; however, readers
should carefully review reports or documents the Company files from
time to time with the Securities and Exchange Commission including,
without limitation, the risks and uncertainties detailed under the
headings "Certain Factors Affecting Results of Operations" and
"Risks Affecting our Business" in the Company's Annual Report on
Form 10-K. KNIGHT CAPITAL GROUP, INC. CONSOLIDATED STATEMENTS OF
OPERATIONS (Unaudited) For the three months ended March 31, 2006
2005 Revenues Commissions and fees $98,862,709 $70,116,011 Net
trading revenue 80,039,151 37,421,828 Asset management fees
70,511,043 17,880,667 Interest and dividends, net 3,313,976
2,339,800 Investment income and other 23,728,941 9,798,564 Total
revenues 276,455,820 137,556,870 Transaction-based expenses
Execution and clearance fees 28,924,406 23,546,783 Soft dollar and
commission recapture expense 17,707,700 15,484,575 Payments for
order flow and ECN rebates 9,873,398 7,404,075 Total
transaction-based expenses 56,505,504 46,435,433 Revenues, net of
transaction-based expenses 219,950,316 91,121,437 Other direct
expenses Employee compensation and benefits 99,556,170 56,857,441
Communications and data processing 7,638,143 7,813,959 Professional
fees 6,383,123 3,776,416 Depreciation and amortization 4,407,695
4,302,413 Occupancy and equipment rentals 3,352,487 4,122,656
Business development 2,122,317 1,293,336 Writedown of assets and
lease loss accrual 7,997,434 - Other 6,448,370 2,653,746 Total
other direct expenses 137,905,739 80,819,967 Income from continuing
operations before income taxes 82,044,577 10,301,470 Income tax
expense 32,912,536 4,281,491 Net income from continuing operations
49,132,041 6,019,979 Loss from discontinued operations, net of tax
- (265,927) Net income $49,132,041 $5,754,052 Basic earnings per
share from continuing operations $0.49 $0.06 Diluted earnings per
share from continuing operations $0.47 $0.05 Basic and diluted
earnings per share from discontinued operations $ - $ - Basic
earnings per share $0.49 $0.05 Diluted earnings per share $0.47
$0.05 Shares used in computation of basic earnings per share
100,422,995 108,858,845 Shares used in computation of diluted
earnings per share 104,129,560 112,409,158 KNIGHT CAPITAL GROUP,
INC. CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited)
March 31, 2006 December 31, 2005 ASSETS Cash and cash equivalents
$209,788,170 $230,591,067 Securities owned, held at clearing
brokers, at market value 521,627,396 380,366,778 Receivable from
brokers and dealers 373,697,872 229,828,734 Investment in Deephaven
sponsored funds 277,997,650 281,656,753 Fixed assets and leasehold
improvements at cost, less accumulated depreciation and
amortization 66,790,659 67,656,533 Strategic investments 45,144,858
31,896,425 Goodwill 49,182,880 47,682,880 Intangible assets, less
accumulated amortization 29,038,309 29,773,442 Other assets
151,728,350 116,563,732 Total assets $1,724,996,144 $1,416,016,344
LIABILITIES & STOCKHOLDERS' EQUITY Liabilities Securities sold,
not yet purchased, at market value $505,315,801 $345,457,499
Payable to brokers and dealers 121,810,022 35,102,415 Accrued
compensation expense 98,081,170 117,763,834 Accrued expenses and
other liabilities 113,866,013 94,244,447 Total liabilities
839,073,006 592,568,195 Stockholders' equity Class A common stock
1,408,278 1,397,457 Additional paid-in-capital 486,828,791
473,945,690 Retained earnings 702,645,732 653,513,691 Treasury
stock, at cost (297,194,792) (294,652,742) Accumulated other
comprehensive income, net of tax 16,558,690 10,350,387 Unamortized
stock-based compensation (24,323,561) (21,106,334) Total
stockholders' equity 885,923,138 823,448,149 Total liabilities and
stockholders' equity $1,724,996,144 $1,416,016,344 KNIGHT CAPITAL
GROUP, INC. PRE-TAX OPERATING EARNINGS BY BUSINESS SEGMENT* Amounts
in millions (Unaudited) For the three months ended March 31, 2006
March 31, 2005 Global Markets Revenues $187.9 $108.0 Operating
Expenses 131.4 108.7 Pre-Tax Operating Earnings 56.5 (0.7) Asset
Management Revenues 70.9 18.1 Operating Expenses 44.1 13.0 Pre-Tax
Operating Earnings 26.8 5.1 Corporate Revenues 17.7 11.5 Operating
Expenses 11.0 5.6 Pre-Tax Operating Earnings 6.7 5.9 Consolidated
Revenues 276.5 137.6 Operating Expenses 186.5 127.3 Pre-Tax
Operating Earnings $90.0 $10.3 * Totals may not add due to
rounding. KNIGHT CAPITAL GROUP, INC. RECONCILIATION OF TOTAL GAAP
EXPENSES AND PRE-TAX GAAP INCOME TO OPERATING EXPENSES AND PRE-TAX
OPERATING EARNINGS* Amounts in millions (Unaudited) TOTAL GAAP
EXPENSES TO OPERATING EXPENSES For the three months ended March 31,
2006 Global Asset Markets Management Corporate Total
Transaction-based expenses $56.5 $- $- $56.5 Other direct expenses
82.9 44.1 11.0 138.0 TOTAL GAAP EXPENSES 139.4 44.1 11.0 194.5
Writedown of assets and lease loss accrual (8.0) - - (8.0)
OPERATING EXPENSES $131.4 $44.1 $11.0 $186.5 For the three months
ended March 31, 2005 Global Asset Markets Management Corporate
Total Transaction-based expenses $46.4 $- $- $46.4 Other direct
expenses 62.3 13.0 5.6 80.9 TOTAL GAAP EXPENSES 108.7 13.0 5.6
127.3 Net impact of adjustments - - - - OPERATING EXPENSES $108.7
$13.0 $5.6 $127.3 PRE-TAX GAAP INCOME TO PRE-TAX OPERATING EARNINGS
For the three months ended March 31, 2006 Global Asset Markets
Management Corporate Total PRE-TAX GAAP INCOME FROM CONTINUING
OPERATIONS BEFORE INCOME TAXES $48.5 $26.8 $6.7 $82.0 Adjustment:
Writedown of assets and lease loss accrual 8.0 - - 8.0 PRE-TAX
OPERATING EARNINGS $56.5 $26.8 $6.7 $90.0 For the three months
ended March 31, 2005 Global Asset Markets Management Corporate
Total PRE-TAX GAAP INCOME FROM CONTINUING OPERATIONS BEFORE INCOME
TAXES $(0.7) $5.1 $5.9 $10.3 Adjustments: Net impact of adjustments
- - - - PRE-TAX OPERATING EARNINGS $(0.7) $5.1 $5.9 $10.3 * Totals
may not add due to rounding. DATASOURCE: Knight Capital Group, Inc.
CONTACT: Margaret Wyrwas, Senior Managing Director, Corporate
Communications & Investor Relations, +1-201-557-6954 or , or
Kara Fitzsimmons, Vice President, Corporate Communications,
+1-201-356-1523 or , or Greta Morley, Vice President, Marketing
Communications & Public Relations, +1-201-557-6948 or Web site:
http://www.knight.com/
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