Knight Trading Group Announces GAAP Earnings Of $0.26 Per Diluted
Share for First Quarter 2004, Compared to Loss of $0.09 Per Diluted
Share for First Quarter 2003 Results fueled by strong performance
in core market-making businesses, benefiting from greater
penetration of institutional client base and favorable market
conditions JERSEY CITY, N.J., April 21 /PRNewswire-FirstCall/ --
Knight Trading Group, Inc. today reported GAAP earnings of $31.8
million for the first quarter of 2004, or $0.26 per diluted share.
For the first quarter of 2003, the company reported a GAAP loss of
$9.8 million, or a loss of $0.09 per diluted share. The results for
the first quarter of 2003 included $11.3 million, net of tax, or
$0.10 per diluted share, related to charges for writedown of assets
and lease loss accruals, and a loss from discontinued operations.
Excluding these items, the firm had earnings from operations of
$1.5 million, or $0.01 per diluted share, for the first quarter of
2003. Revenues for the first quarter of 2004 were $239.8 million,
compared to $126.3 million for the first quarter of 2003. "Over the
last year, Knight has become a firm that has consistently produced
improving quarterly results, a marked contrast to an unprofitable
company struggling with how to manage through an unfavorable
market," said Thomas M. Joyce, Chief Executive Officer and
President of Knight Trading Group. "Quarter over quarter, Knight's
core market-making businesses were at the heart of our earnings
growth. Both Equity Markets and Derivative Markets benefited from a
healthy market environment. In particular, Knight's Equity Markets
segment accounted for the bulk of our revenues and earnings in the
first quarter due to strong volume growth and new business efforts,
especially among institutional clients. Asset Management, a larger
contributor to earnings in past quarters when the market was
negatively affecting our core businesses, was a lesser influence in
the first quarter as returns from the market-neutral Deephaven
funds were in line with our forecasted guidance. Together, results
from all three segments led Knight to its best quarterly revenues
and earnings since the fourth quarter of 2000." Q1 2004 Q1 2003
Revenues ($) 239,843,596 126,335,832 Income/(loss) from continuing
operations ($) 31,814,456 (8,779,399) Loss from discontinued
operations ($) 0 (1,055,934) Net income/(loss) ($) 31,814,456
(9,835,333) Diluted EPS from continuing operations ($) 0.26 (0.08)
Diluted EPS from discontinued operations ($) 0.00 (0.01) Diluted
EPS ($) 0.26 (0.09) U.S. equity dollar value traded (in $ millions)
493,714 271,560 U.S. equity trades executed (in thousands) 59,309
34,170 Average daily U.S. equity trades (in thousands) 957 560
Nasdaq and Listed equity shares traded (in millions) 40,362 26,366
OTC Bulletin Board and Pink Sheet shares traded (in millions)
320,555 40,000 U.S. options contracts traded (in thousands) 21,530
12,876 Equity Markets During the first quarter of 2004, the Equity
Markets business segment, which principally consists of domestic
equity market-making and institutional sales operations, generated
total revenues of $170.8 million versus $73.6 million during the
first quarter of 2003. Derivative Markets During the first quarter
of 2004, the company's Derivative Markets business segment, which
principally consists of options market-making and option specialist
operations, generated total revenues of $50.2 million versus $32.2
million during the first quarter of 2003. Asset Management The
company's Asset Management business segment generated $13.9 million
in asset management fees during the first quarter of 2004, compared
to $14.2 million in the same period a year ago. The decrease
reflects lower returns, but higher assets under management. Asset
Management had approximately $2.2 billion under management at March
31, 2004 versus $1.2 billion at March 31, 2003. On April 1, 2004,
assets under management further increased to $2.5 billion. The
company earned $4.8 million during the first quarter of 2004 on its
investment in the Deephaven funds, down from $6.1 million in the
first quarter of 2003. The company had 933 employees at the end of
the first quarter 2004, compared to 939 at the end of 2003. Mr.
Joyce said, "Knight's strong performance in the first quarter is
evidence that the company is effectively meeting the business
objectives we outlined last year. We said we wanted to build a
bigger institutional business from our strong trading platform, and
we are. We continue to strive to make our broker-dealer operations
increasingly more efficient, as promised. While operating a
derivatives business in a constantly changing market structure
continues to be a challenge, we began making markets in new
products as well as leveraging our infrastructure in a market
characterized by expanding volumes. Finally, Deephaven management
concentrated efforts on raising assets under management and were
rewarded with inflows in the first quarter while maintaining
performance with peer funds. "Knight has increased and diversified
its client base -- and increased revenues in tandem -- as the
company has consistently delivered on its commitment to meet client
demands," Mr. Joyce continued. "What was once just a philosophy to
focus on clients has become our custom for doing business, with
real results. Our institutional relationship-building efforts have
been successful. At the same time, introductions of several
offerings from Knight, like soft dollar and commission recapture
programs through Donaldson & Co., are being well-received.
Knight continues to review businesses, like Donaldson's, that may
complement our current execution services. And with a cash position
that remains robust, Knight has an easily accessible means for
exploring new products and services in the marketplace." Annual
Guidance Range Update Today Knight announced an updated earnings
per share annual guidance range for 2004 of $0.75 to $0.95. At its
Analyst and Institutional Investor Meeting held November 10, 2003,
Knight had announced annual earnings per share guidance of $0.65 to
$0.85 for 2004. Knight will hold its spring Analyst and
Institutional Investor Meeting on May 10, 2004. A live Webcast can
be accessed on the day of the event through Knight's corporate Web
site. Liquidity and Stock Repurchase Plan The company had $824.9
million in stockholders' equity as of March 31, 2004, equivalent to
a book value of $7.10 per share. As of March 31, 2004, the company
had $228.7 million in cash and cash equivalents and a $227.4
million investment in funds managed by its Deephaven subsidiary.
During the first quarter of 2004, the company repurchased 501,700
shares. To date, the company has repurchased 14,816,900 shares for
$80.7 million under the program. At its April 20, 2004 meeting, the
Board of Directors authorized a $15 million increase in the size of
its repurchase program to $110 million from $95 million. The
company cautions that there are no assurances that any further
repurchases may actually occur. Knight Trading Group had
approximately 116.2 million shares of common stock outstanding as
of March 31, 2004. Knight is focused on meeting the needs of
institutional and broker-dealer clients by providing comprehensive
trade execution services in equities and derivatives. A leading
execution specialist, Knight offers capital commitment and access
to a deep pool of liquidity across the depth and breadth of the
equity market. Knight also operates an asset management business
for institutions and high net worth individuals. To be a valued
partner, Knight strives to provide superior client service and will
continue to tailor its offering to meet the needs of its clients.
More information about Knight can be obtained at
http://www.knighttradinggroup.com/. Copies of this earnings release
and other information on the company can be obtained via the
Internet at the company's Web site, or by calling the company's
toll-free investor information line at 1-877-INFO-NITE. The company
will conduct its first quarter earnings conference call for
analysts, investors and the media at 9:00 a.m. (EST) today, April
21, 2004. The conference call will be Webcast live at 9:00 a.m.
(EST) for all investors and interested parties on Knight's Web
site. In addition, the company will release its volume statistics
for March 2004 before the start of trading today on Knight's Web
site. 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 net income (loss) amounts for certain reporting
periods before writedowns and discontinued operations to assist the
reader in understanding the impact of these 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. KNIGHT
TRADING GROUP, INC. CONSOLIDATED STATEMENTS OF OPERATIONS* For the
three months ended March 31, 2004 2003 REVENUES Net trading revenue
$176,448,375 $91,100,434 Commissions and fees 45,994,455 11,781,412
Asset management fees 13,932,132 14,225,722 Interest and dividends,
net (2,858,133) 1,770,364 Investment income and other 6,326,767
7,457,900 Total revenues 239,843,596 126,335,832 EXPENSES Employee
compensation and benefits 79,848,954 54,017,973 Execution and
clearance fees 44,292,329 29,217,624 Payments for order flow
19,511,497 10,912,792 Soft dollar and commission recapture expense
15,775,915 667,473 Communications and data processing 7,777,425
8,734,307 Depreciation and amortization 5,791,378 8,115,637
Occupancy and equipment rentals 4,821,175 4,435,630 Professional
fees 3,590,875 3,792,164 Business development 2,142,799 1,949,906
Writedown of assets and lease loss accrual -- 17,412,066 Other
2,961,937 2,664,557 Total expenses 186,514,284 141,920,129
Income/(loss) before income taxes and discontinued operations
53,329,312 (15,584,297) Income tax expense/(benefit) 21,514,856
(6,804,898) Net income/(loss) from continuing operations 31,814,456
(8,779,399) Loss from discontinued operations, net of tax --
(1,055,934) Net income/(loss) $31,814,456 $(9,835,333) Basic
earnings per share from continuing operations $0.28 $(0.08) Diluted
earnings per share from continuing operations $0.26 $(0.08) Basic
and diluted earnings per share from discontinued operations $-
$(0.01) Basic earnings per share $0.28 $(0.09) Diluted earnings per
share $0.26 $(0.09) Shares used in computation of basic earnings
per share 113,473,360 114,050,350 Shares used in computation of
diluted earnings per share 121,988,464 114,050,350 * Certain prior
period amounts have been reclassified to conform to the current
year presentation. KNIGHT TRADING GROUP, INC. CONSOLIDATED
STATEMENTS OF FINANCIAL CONDITION March 31, 2004 December 31, 2003
ASSETS Cash and cash equivalents $228,735,532 $262,200,309
Securities owned, held at clearing brokers, at market value
3,459,400,308 3,025,120,511 Receivable from brokers and dealers
312,054,120 269,815,897 Investment in Deephaven sponsored funds
227,435,643 197,605,068 Fixed assets and leasehold improvements at
cost, less accumulated depreciation and amortization 36,060,918
37,557,829 Strategic investments 25,098,984 20,516,876 Goodwill
23,438,150 21,109,518 Intangible assets, less accumulated
amortization 13,478,980 14,696,175 Other assets 112,351,947
109,196,325 Total assets $4,438,054,582 $3,957,818,508 LIABILITIES
& STOCKHOLDERS' EQUITY Liabilities Securities sold, not yet
purchased, at market value $2,800,622,358 $2,658,090,718 Payable to
brokers and dealers 657,382,833 313,744,175 Accrued compensation
expense 68,149,185 116,668,586 Accounts payable, accrued expenses
and other liabilities 86,968,555 79,183,251 Total liabilities
3,613,122,931 3,167,686,730 Stockholders' equity Class A common
shares 1,298,329 1,281,871 Additional paid-in-capital 391,274,385
370,897,405 Retained earnings 530,871,211 499,056,756 Treasury
stock, at cost (75,027,891) (68,795,258) Unamortized stock-based
compensation (23,484,383) (12,308,996) Total stockholders' equity
824,931,651 790,131,778 Total liabilities and stockholders' equity
$4,438,054,582 $3,957,818,508 KNIGHT TRADING GROUP, INC.
RECONCILIATION OF GAAP TO NON-GAAP DISCLOSURES For the three months
ended March 31, 2004 2003 GAAP NET INCOME (LOSS) $31,814,456
$(9,835,333) Adjustments, net of tax: Writedown of assets and lease
loss accrual -- 10,274,827 Loss from discontinued operations --
1,055,934 Net impact of writedowns and charges -- 11,330,761
EARNINGS FROM OPERATIONS $31,814,456 $1,495,428 GAAP NET INCOME
(LOSS) PER DILUTED SHARE $0.26 $(0.09) Adjustments, net of tax:
Writedown of assets and lease loss accrual -- 0.09 Loss from
discontinued operations -- 0.01 Net impact of writedowns and
charges -- 0.10 EARNINGS (LOSS) FROM OPERATIONS PER DILUTED SHARE
$0.26 $0.01 DATASOURCE: Knight Trading 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 ,
Judy Pirro, Vice President, Investor & Shareholder Relations,
+1-201-356-1548, or , or Greta Morley, Assistant Vice President,
Marketing Communications & Public Relations, +1-201-557-6948,
or , all of Knight Trading Group, Inc. Web site:
http://www.knighttradinggroup.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