Despite lower market volumes, the Global Markets segment was solid
with $27.5 million in pre-tax operating earnings in the third
quarter of 2006 JERSEY CITY, N.J., Oct. 18 /PRNewswire-FirstCall/
-- Knight Capital Group, Inc. (NASDAQ:NITE) today reported GAAP
earnings of $31.5 million, or $0.30 per diluted share, and pre-tax
operating earnings of $52.1 million for the third quarter of 2006.
For the third quarter of 2005, the company reported GAAP earnings
of $24.4 million, or $0.23 per diluted share, and pre-tax earnings
from continuing operations of $40.1 million. Results for the third
quarter of 2005 include a pre-tax charge of $5.5 million relating
to the costs associated with excess real estate capacity in Jersey
City. Excluding this charge, third quarter 2005 pre-tax operating
earnings from continuing operations were $45.6 million. Revenues
for the third quarter of 2006 were $210.0 million, compared to
$184.1 million for the third quarter of 2005. "Continuing
operations" include the company's two operating business segments,
Global Markets and Asset Management. Continuing operations also
include a Corporate segment, encompassing corporate investments and
overhead expenses. Amounts reported as "discontinued operations"
include the company's former Derivative Markets business segment,
the sale of which was completed to Citigroup at the close of
business in December 2004. "In a seasonally slow market
environment, Knight had another great quarter," said Thomas M.
Joyce, Chairman and Chief Executive Officer of Knight Capital
Group. "Clients have responded enthusiastically to our new and
enhanced fee-based businesses designed to leverage Knight as a
liquidity center. Our recently added electronic products -- like
our direct market access, ECN and electronic foreign exchange
offerings -- are providing clients with new choices. The
acquisition of ValuBond, our electronic fixed income platform
announced in July and closed just after the third quarter's end, is
just the latest addition. New clients came on board in all of our
Global Markets businesses, and we achieved greater account
penetration through cross-selling and an intense focus on client
service. Similarly, our Asset Management business outperformed its
peers and increased assets under management over 20% since the
second quarter with inflows from both new and existing clients." Q3
2006 Q3 2005 Revenues ($) 210,007,921 184,096,509 Net income from
continuing operations ($) 31,460,221 23,963,640 Income from
discontinued operations, net of tax ($) - 387,934 Net income ($)
31,460,221 24,351,574 Diluted EPS ($) 0.30 0.23 U.S. equity dollar
value traded (in $ millions) 410,525 467,658 U.S. equity trades
executed (in thousands) 46,591 50,780 Average daily U.S. equity
trades (in thousands) 745 793 Nasdaq and Listed equity shares
traded (in millions) 18,824 25,710 OTC Bulletin Board and Pink
Sheet shares traded (in millions) 223,830 131,690 Average revenue
capture per U.S. equity dollar value traded (bps) 2.2 2.0 Average
month-end balance of assets under management (in $ millions)
3,479.5 3,374.6 Quarterly fund return to investors* 4.9% 5.5% *
Quarterly fund return represents the blended quarterly return
across all assets under management in the Deephaven funds YTD 2006
YTD 2005 Revenues ($) 691,084,953 433,326,452 Net income from
continuing operations ($) 110,931,850 24,367,681 Income from
discontinued operations, net of tax ($) - 122,007 Net income ($)
110,931,850 24,489,688 Diluted EPS ($) 1.05 0.23 U.S. equity dollar
value traded (in $ millions) 1,536,421 1,384,141 U.S. equity trades
executed (in thousands) 166,832 151,780 Average daily U.S. equity
trades (in thousands) 890 803 Nasdaq and Listed equity shares
traded (in millions) 72,357 80,172 OTC Bulletin Board and Pink
Sheet shares traded (in millions) 902,500 581,539 Average revenue
capture per U.S. equity dollar value traded (bps) 2.2 1.7 Average
month-end balance of assets under management (in $ millions)
3,165.9 3,372.2 Year-to-date fund return to investors* 14.6% 5.2% *
Year-to-date fund return represents the blended return across all
assets under management in the Deephaven funds Global Markets
During the third quarter of 2006, the Global Markets business
segment generated total revenues of $145.6 million, compared to
$129.4 million in the third quarter of 2005. In the third quarter
of 2006, the Global Markets business segment reported pre-tax
operating earnings of $27.5 million, compared to pre-tax operating
earnings of $24.6 million in the third quarter of 2005. "Knight's
Global Markets performance was solid in a third quarter that was
not only seasonally weak, but historically weak," Mr. Joyce said.
"Dollar value traded was at its lowest since the third quarter of
2004. In fact, the overall market environment did little to inspire
trading, as demonstrated by steep declines in volume on the
exchanges. Given these poor trading dynamics, Knight's revenue
capture was aided by our automated trading systems. Fee and
commission revenues reflected the lower volumes, as expected, but
Knight's institutional commission rates remained steady. Our sales
traders continue to distinguish Knight from the competition in
their commitment and flexibility in working orders on behalf of
clients, without the proprietary trading that has become
commonplace in the industry." On October 2, 2006, the Company
announced the completion of its acquisition of ValuBond, Inc., a
privately held firm that provides electronic access and trade
execution products for the fixed income market, in an all-cash deal
for $18.2 million. The results of ValuBond will be included within
the Global Markets segment for the fourth quarter of 2006. Asset
Management During the third quarter of 2006, the Asset Management
business segment, Deephaven Capital Management, generated $50.5
million in asset management fees, compared to $42.0 million in the
same period a year ago. In the third quarter of 2006, Asset
Management reported pre-tax operating earnings of $18.4 million,
compared to pre-tax operating earnings of $15.7 million in the
third quarter of 2005. Asset Management had approximately $3.8
billion under management at September 30, 2006, up from the $3.4
billion under management at September 30, 2005. "Our Asset
Management segment had an exceptional third quarter," Mr. Joyce
continued. "Deephaven Capital Management's investment managers and
analysts successfully uncovered market opportunities, driving a
third quarter blended return that reversed flat second quarter
performance and was stronger than their market neutral peers. At
the same time, new investments in the Deephaven funds boosted
assets under management to the $3.8 billion mark. Knight continues
to negotiate with Deephaven's management. Their current employment
contracts expire on December 31, 2006." Corporate In the third
quarter of 2006, the Corporate segment reported pre-tax operating
earnings of $6.2 million, compared to pre-tax operating income of
$5.3 million in the third quarter of 2005. Included in the third
quarter 2006 results is a pre-tax gain of $7.2 million, or
approximately $0.04 per diluted share, related to the sale of a
part of the company's equity ownership in the International
Securities Exchange, Inc. The company's corporate investment in the
Deephaven funds earned $4.8 million pre-tax during the third
quarter of 2006, down from $14.6 million pre-tax during the third
quarter of 2005, reflecting the impact of the company's planned
reduction of its investment. As of September 30, 2006, the company
had $186.7 million in cash and cash equivalents and a $203.0
million corporate investment in funds managed by Deephaven. The
company had $955.0 million in stockholders' equity as of September
30, 2006, equivalent to a book value of approximately $8.97 per
diluted share. During the third quarter of 2006, the company
repurchased 585,000 shares for approximately $9.4 million under the
company's $495 million stock repurchase program. To date, the
company has repurchased 39.6 million shares for $329 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 third
quarter 2006 earnings conference call for analysts, investors and
the media at 9:00 a.m. Eastern Daylight Time (EDT) today, October
18, 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 3049760. 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
September 2006 on its website before the start of trading today. On
Thursday, November 2, 2006, Knight will provide a live webcast of
its annual meeting for Analysts and Institutional Investors. All
interested parties can access this event through Knight's website.
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 and its operating expenses for certain reporting
periods before charges, writedowns and lease loss accruals and
discontinued operations to assist the reader in understanding the
impact of these charges, writedowns and lease loss accruals 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 For the nine
months ended September 30, September 30, 2006 2005 2006 2005
Revenues Commissions and fees $95,739,820 $74,860,136 $308,790,246
$212,998,365 Net trading revenue 42,845,803 52,348,902 191,105,022
116,821,896 Asset management fees 50,535,992 41,983,284 135,122,744
67,900,813 Interest and dividends, net 5,175,455 1,763,330
11,264,764 6,319,167 Investment income and other 15,710,851
13,140,857 44,802,177 29,286,211 Total revenues 210,007,921
184,096,509 691,084,953 433,326,452 Transaction-based expenses
Execution and clearance fees 22,100,471 24,584,539 81,051,228
71,479,360 Soft dollar and commission recapture expense 16,430,944
15,902,532 51,493,959 46,036,887 Payments for order flow and ECN
rebates 9,662,643 3,857,048 31,662,062 14,843,211 Total
transaction- based expenses 48,194,058 44,344,119 164,207,249
132,359,458 Revenues, net of transaction- based expenses
161,813,863 139,752,390 526,877,704 300,966,994 Other direct
expenses Employee compensation and benefits 82,546,389 68,267,912
246,718,114 173,319,157 Communications and data processing
8,483,788 7,969,419 24,525,721 23,934,639 Professional fees
3,737,064 6,056,274 15,212,425 14,388,019 Depreciation and
amortization 5,446,285 4,209,028 15,178,859 12,245,859 Occupancy
and equipment rentals 3,163,697 3,238,952 9,914,296 10,186,066
Business development 3,371,117 1,616,485 8,627,797 4,617,599
Writedown of assets and lease loss accrual - 5,509,360 8,479,703
10,055,252 Regulatory charges and related matters - - - 2,000,000
Other 2,924,751 2,784,784 13,269,731 8,864,251 Total other direct
expenses 109,673,091 99,652,214 341,926,646 259,610,842 Income from
continuing operations before income taxes 52,140,772 40,100,176
184,951,058 41,356,152 Income tax expense 20,680,551 16,136,536
74,019,208 16,988,471 Net income from continuing operations
31,460,221 23,963,640 110,931,850 24,367,681 Income from
discontinued operations, net of tax - 387,934 - 122,007 Net income
$31,460,221 $24,351,574 $110,931,850 $24,489,688 Basic earnings per
share from continuing operations $0.31 $0.24 $1.10 $0.23 Diluted
earnings per share from continuing operations $0.30 $0.23 $1.05
$0.23 Basic and diluted earnings per share from discontinued
operations $ - $ - $ - $ - Basic earnings per share $0.31 $0.24
$1.10 $0.23 Diluted earnings per share $0.30 $0.23 $1.05 $0.23
Shares used in computation of basic earnings per share 102,199,516
101,264,048 101,286,562 104,791,642 Shares used in computation of
diluted earnings per share 106,469,308 103,724,202 105,951,813
107,955,922 KNIGHT CAPITAL GROUP, INC. CONSOLIDATED STATEMENTS OF
FINANCIAL CONDITION (Unaudited) September 30, December 31, 2006
2005 ASSETS Cash and cash equivalents $186,734,507 $230,591,067
Securities owned, held at clearing brokers, at market value
551,598,006 380,366,778 Receivable from brokers and dealers
410,866,093 229,828,734 Investment in Deephaven sponsored funds
203,008,086 281,656,753 Fixed assets and leasehold improvements at
cost, less accumulated depreciation and amortization 67,000,963
67,656,533 Strategic investments 38,393,130 31,896,425 Goodwill
118,084,040 47,682,880 Intangible assets, less accumulated
amortization 61,408,907 29,773,442 Other assets 153,029,080
116,563,732 Total assets $1,790,122,812 $1,416,016,344 LIABILITIES
& STOCKHOLDERS' EQUITY Liabilities Securities sold, not yet
purchased, at market value $524,896,966 $345,457,499 Payable to
brokers and dealers 69,314,171 35,102,415 Accrued compensation
expense 163,878,236 117,763,834 Accrued expenses and other
liabilities 77,030,897 94,244,447 Total liabilities 835,120,270
592,568,195 Stockholders' equity Class A common stock 1,447,692
1,397,457 Additional paid-in-capital 512,714,027 452,839,356
Retained earnings 764,445,541 653,513,691 Treasury stock, at cost
(332,310,837) (294,652,742) Accumulated other comprehensive income,
net of tax 8,706,119 10,350,387 Total stockholders' equity
955,002,542 823,448,149 Total liabilities and stockholders' equity
$1,790,122,812 $1,416,016,344 KNIGHT CAPITAL GROUP, INC. PRE-TAX
OPERATING EARNINGS BY BUSINESS SEGMENT* Amounts in millions
(Unaudited) For the three months ended For the nine months ended
September 30, September 30, September 30, September 30, 2006 2005
2006 2005 Global Markets Revenues $145.6 $129.4 $515.6 $335.9
Operating Expenses 118.1 104.8 382.1 313.8 Pre-Tax Operating
Earnings 27.5 24.6 133.5 22.1 Asset Management Revenues 50.8 42.3
135.8 68.3 Operating Expenses 32.4 26.5 88.3 48.3 Pre-Tax Operating
Earnings 18.4 15.7 47.5 20.0 Corporate Revenues 13.6 12.4 39.7 29.2
Operating Expenses 7.4 7.1 27.2 17.8 Pre-Tax Operating Earnings 6.2
5.3 12.5 11.3 Consolidated Revenues 210.0 184.1 691.1 433.3
Operating Expenses 157.9 138.5 497.7 379.9 Pre-Tax Operating
Earnings $52.1 $45.6 $193.4 $53.4 * 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 September
30, 2006 Global Asset Markets Management Corporate Total
Transaction-based expenses $48.2 $ - $ - $48.2 Other direct
expenses 69.9 32.4 7.4 109.7 TOTAL GAAP EXPENSES 118.1 32.4 7.4
157.9 Net impact of adjustments - - - - OPERATING EXPENSES $118.1
$32.4 $7.4 $157.9 For the three months ended September 30, 2005
Global Asset Markets Management Corporate Total Transaction-based
expenses $44.3 $ - $ - $44.3 Other direct expenses 66.0 26.5 7.1
99.7 TOTAL GAAP EXPENSES 110.3 26.5 7.1 144.0 Adjustments:
Writedown of assets and lease loss accrual (5.5) - - (5.5)
OPERATING EXPENSES $104.8 $26.5 $7.1 $138.5 PRE-TAX GAAP INCOME TO
PRE-TAX OPERATING EARNINGS For the three months ended September 30,
2006 Global Asset Markets Management Corporate Total PRE-TAX GAAP
INCOME FROM CONTINUING OPERATIONS $27.5 $18.4 $6.2 $52.1
Adjustment: Net impact of adjustments - - - - PRE-TAX OPERATING
EARNINGS $27.5 $18.4 $6.2 $52.1 For the three months ended
September 30, 2005 Global Asset Markets Management Corporate Total
PRE-TAX GAAP INCOME FROM CONTINUING OPERATIONS $19.1 $15.7 $5.3
$40.1 Adjustments: Writedown of assets and lease loss accrual 5.5 -
- 5.5 PRE-TAX OPERATING EARNINGS $24.6 $15.7 $5.3 $45.6 * 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 nine months ended September 30, 2006 Global Asset Markets
Management Corporate Total Transaction-based expenses $164.2 $ - $
- $164.2 Other direct expenses 226.4 88.3 27.2 341.9 TOTAL GAAP
EXPENSES 390.6 88.3 27.2 506.1 Adjustment: Writedown of assets and
lease loss accrual (8.5) - - (8.5) OPERATING EXPENSES $382.1 $88.3
$27.2 $497.7 For the nine months ended September 30, 2005 Global
Asset Markets Management Corporate Total Transaction-based expenses
$132.4 $ - $ - $132.4 Other direct expenses 191.4 50.4 17.8 259.6
TOTAL GAAP EXPENSES 323.8 50.4 17.8 392.0 Adjustments: Writedown of
assets and lease loss accrual (10.0) - - (10.0) Regulatory charges
and related matters - (2.0) - (2.0) OPERATING EXPENSES $313.8 $48.3
$17.8 $379.9 PRE-TAX GAAP INCOME TO PRE-TAX OPERATING EARNINGS For
the nine months ended September 30, 2006 Global Asset Markets
Management Corporate Total PRE-TAX GAAP INCOME FROM CONTINUING
OPERATIONS $125.0 $47.5 $12.5 $185.0 Adjustment: Writedown of
assets and lease loss accrual 8.5 - - 8.5 PRE-TAX OPERATING
EARNINGS $133.5 $47.5 $12.5 $193.4 For the nine months ended
September 30, 2005 Global Asset Markets Management Corporate Total
PRE-TAX GAAP INCOME FROM CONTINUING OPERATIONS $12.1 $17.9 $11.3
$41.4 Adjustments: Writedown of assets and lease loss accrual 10.0
- - 10.0 Regulatory charges and related matters - 2.0 - 2.0 PRE-TAX
OPERATING EARNINGS $22.1 $20.0 $11.3 $53.4 * 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 Kara Fitzsimmons,
Vice President, Corporate Communications, +1-201-356-1523, , or
Greta Morley, Vice President, Marketing Communications & Public
Relations, +1-201-557-6948, , all of Knight Capital Group, Inc. Web
site: http://www.knight.com/
Copyright
Nightstar Therapeutics Plc ADS (NASDAQ:NITE)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Nightstar Therapeutics Plc ADS (NASDAQ:NITE)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024