In a period of high volatility and inconsistent volumes, Global
Markets' pre-tax earnings in the first quarter 2008 more than
doubled year-over-year to $78.9 million; Pre-tax margins rose to
36% in the first quarter 2008 from 21% in the first quarter 2007
JERSEY CITY, N.J., April 16 /PRNewswire-FirstCall/ -- Knight
Capital Group, Inc. (NASDAQ:NITE) today reported earnings of $32.5
million, or $0.35 per diluted share, and pre-tax income of $55.8
million, which included a minority interest expense of $1.5 million
for the first quarter of 2008. For the first quarter of 2007, the
company reported earnings from continuing operations of $33.2
million, or $0.32 per diluted share, and pre-tax income of $54.7
million. Including a loss from discontinued operations of $1.3
million, net of tax, or $0.01 per diluted share, earnings were
$31.9 million, or $0.31 per diluted share, for the first quarter of
2007. The loss was due to a regulatory charge related to Knight
Financial Products LLC, the options market-making business Knight
sold to Citigroup in 2004. Revenues for the first quarter of 2008
were $224.9 million, compared to $241.7 million for the first
quarter of 2007. "In the first quarter of 2008, Knight achieved
strong results despite the difficult events testing the liquidity
of the global capital markets," said Thomas M. Joyce, Chairman and
CEO, Knight Capital Group. "In Global Markets, we offer deep
liquidity in our virtual exchange and continue to demonstrate
strategic value to our clients in the trading process. I believe
we've created a base of sustainable results across market cycles.
In Asset Management, Deephaven performed respectably given the
environment and negative direction of certain asset class
strategies. I'm pleased to report that on a consolidated basis we
achieved pre-tax margins of 25 percent." Q1 2008 Q1 2007 Revenues
($) (in thousands) 224,851 241,651 Net income ($) (in thousands)
32,503 31,852 Diluted EPS ($) 0.35 0.31 U.S. equity dollar value
traded (in $ millions) 1,024,112 562,500 U.S. equity trades
executed (in thousands) 107,096 66,892 Average daily U.S. equity
trades (in thousands) 1,756 1,097 Nasdaq and Listed equity shares
traded (in millions) 33,657 23,761 OTC Bulletin Board and Pink
Sheet shares traded (in millions) 165,127 218,826 Average revenue
capture per U.S. equity dollar value traded (bps) 1.5 2.0 Average
month-end balance of assets under management (in $ millions)
3,577.6 4,071.5 Quarterly fund return to investors* -8.0% 4.9% *
Quarterly fund return represents the blended quarterly return
across all assets under management in the Deephaven funds. Global
Markets During the first quarter of 2008, Global Markets generated
total revenues of $218.8 million, compared to $172.6 million in the
first quarter of 2007. In the first quarter of 2008, Global Markets
reported pre-tax earnings of $78.9 million, compared to pre-tax
earnings of $36.1 million in the first quarter of 2007. "Global
Markets had another terrific quarter in terms of both revenues and
pre-tax earnings, aided by high volatility," said Mr. Joyce. "An
increase in net trading revenues, bolstered by further growth in
Listed volumes and a record quarter from our London-based team,
helped drive strong results. The acquisition and integration of
EdgeTrade plus the re-launch of Knight BondPoint, our fixed income
trading solution, represented important additions to Global
Markets' electronic market access and trade execution services."
Asset Management During the first quarter of 2008, the Asset
Management segment, Deephaven Capital Management, generated $15.2
million in asset management fees, compared to $60.7 million in the
same period a year ago. In the first quarter of 2008, Deephaven
reported a pre-tax loss of $4.1 million, compared to pre-tax
earnings of $18.9 million in the first quarter of 2007. The first
quarter 2008 pre-tax loss included a $1.5 million minority interest
expense relating to the first quarter's accrual for the one-year
minimum distribution to the Deephaven managers pursuant to the
Limited Liability Agreement for Deephaven Capital Management LLC,
which Knight filed with its Form 8-K on February 8, 2008.
"Deephaven experienced one of the more difficult quarters in its
fourteen- year history," said Mr. Joyce. "Blended fund performance
was down. Substantive macro-economic changes and a reduction in
event-driven activity, among other factors, led to the closing of
the Event Fund. Among the positives, the firm's senior managers
acquired a 49 percent stake in Deephaven. Additionally, the
European Event Fund and International Volatility Strategies Fund
performed above average within their peer groups." Deephaven had
approximately $3.5 billion under management at April 1, 2008, down
from the $3.9 billion under management at April 1, 2007. The
reduction in assets under management is primarily due to the
closing of the Event Fund which was announced in a Form 8-K filing
on January 31, 2008. Corporate In the first quarter of 2008, the
Corporate segment reported a pre-tax loss of $19.0 million,
compared to a pre-tax loss of $0.3 million in the first quarter of
2007. The company's corporate investment in the Deephaven funds
incurred a $7.0 million pre-tax loss during the first quarter of
2008, down from $8.0 million pre-tax earnings during the first
quarter of 2007. As of March 31, 2008, the company had $222.3
million in cash and cash equivalents and a $73.8 million corporate
investment in funds managed by Deephaven. "In the first quarter of
2008, we extended the revenue momentum generated in the previous
year," said Mr. Joyce. "By providing access to actionable market
intelligence and high-quality trade executions, Global Markets is
benefiting from a growing client base, strong volumes and increased
operational leverage. These achievements will serve us well over
the next several months as market volumes fluctuate and volatility
remains unpredictable. At the same time, we're making progress in
expanding our international presence in both Global Markets and
Asset Management." The company had $934.2 million in stockholders'
equity as of March 31, 2008, equivalent to a book value of $10.11
per diluted share. The company had a book value of $9.28 per
diluted share as of March 31, 2007. During the first quarter of
2008, the company repurchased 1.4 million shares for approximately
$22.8 million under the company's $1.0 billion stock repurchase
program. To date, the company has repurchased 60.6 million shares
for $649 million. The company has approximately $351 million
available to repurchase shares under the program. The company
cautions that there are no assurances that any further repurchases
may actually occur. Copies of this earnings release and other
company information can be obtained on Knight's website,
http://www.knight.com/. The company will conduct its first quarter
of 2008 earnings conference call for analysts, investors and the
media at 9:00 a.m. Eastern Daylight Time (EDT) today, April 16,
2008. To access Knight's earnings conference call, please dial
877.397.0300 for domestic callers or 719.325.4896 for international
callers. When prompted, provide the passcode, which is 3744100. 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
2008 on its website before the start of trading today at
http://www.knight.com/ourliquidity/volumestatistics.asp. About
Knight Knight Capital Group, Inc. (NASDAQ:NITE) is a leading
financial services firm that provides electronic and voice access
to the capital markets across multiple asset classes for buy-side,
sell-side and corporate clients, and asset management for
institutions and private clients. Our Global Markets business
provides market access and trade execution services in nearly every
U.S. equity security and a large number of international
securities, futures, options, foreign exchange and fixed income. We
offer high-quality trade executions through natural liquidity,
capital facilitation and trading technology, with comprehensive
products and services that support alpha creation and capital
formation. 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. More information about
Knight can be found at http://www.knight.com/. Certain statements
contained herein, and the documents incorporated by reference, may
constitute "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements are not historical facts and are based
on current expectations, estimates and projections about the
Company's industry, management's beliefs and certain assumptions
made by management, many of which, by their nature, are inherently
uncertain and beyond our control. Accordingly, 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
including, without limitation, risks associated with the costs,
integration, performance and operation of businesses recently
acquired, or that may be acquired in the future, by the Company.
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. Readers should
carefully review the risks and uncertainties disclosed in the
Company's reports with the U.S. Securities and Exchange Commission
(SEC), including, without limitation, those detailed under the
headings "Certain Factors Affecting Results of Operations" and
"Risk Factors" in the Company's Annual Report on Form 10-K for the
year- ended December 31, 2007, and in other reports or documents
the Company files with, or furnishes to, from time to time the SEC.
This information should also be read in conjunction with the
Company's Consolidated Financial Statements and the Notes thereto
contained in the Company's Annual Report on Form 10-K for the
year-ended December 31, 2007, and in other reports or documents the
Company files with, or furnishes to, from time to time the SEC.
KNIGHT CAPITAL GROUP, INC. CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited) For the three months ended March 31, 2008 2007 (In
thousands, except per share amounts) Revenues Commissions and fees
$110,992 $103,859 Net trading revenue 101,517 61,637 Asset
management fees 15,186 60,714 Interest, net 2,757 4,818 Investment
income and other, net (5,601) 10,623 Total revenues 224,851 241,651
Transaction-based expenses Execution and clearance fees 23,031
27,410 Soft dollar and commission recapture expense 18,876 14,537
Payments for order flow and ECN rebates 8,926 12,599 Total
transaction-based expenses 50,833 54,546 Revenues, net of
transaction-based expenses 174,018 187,105 Other direct expenses
Employee compensation and benefits 86,434 102,233 Communications
and data processing 10,128 8,699 Depreciation and amortization
5,746 5,402 Professional fees 5,086 5,489 Occupancy and equipment
rentals 4,012 3,455 Business development 3,915 3,779 Other 1,420
3,333 Total other direct expenses 116,741 132,390 Income from
continuing operations before income taxes and minority interest
57,277 54,715 Income tax expense 23,320 21,530 Income from
continuing operations before minority interest 33,957 33,185
Minority interest expense 1,454 - Income from continuing operations
32,503 33,185 Loss from discontinued operations, net of tax -
(1,333) Net income $32,503 $31,852 Basic earnings per share from
continuing operations $0.36 $0.33 Diluted earnings per share from
continuing operations $0.35 $0.32 Basic and diluted earnings per
share from discontinued operations $- $(0.01) Basic earnings per
share $0.36 $0.32 Diluted earnings per share $0.35 $0.31 Shares
used in computation of basic earnings per share 89,810 100,906
Shares used in computation of diluted earnings per share 92,445
104,335 "Continuing operations" include the company's two operating
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, which included the subsidiary Knight
Financial Products LLC, the sale of which was completed to
Citigroup at the close of business on December 9, 2004. KNIGHT
CAPITAL GROUP, INC. CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited) March 31, December 31, 2008 2007 (In thousands) ASSETS
Cash and cash equivalents $222,331 $222,435 Securities owned, held
at clearing brokers, at market value 451,313 412,565 Receivable
from brokers and dealers 322,378 382,544 Asset management fees
receivable 5,830 27,588 Investment in Deephaven sponsored funds
73,755 83,732 Fixed assets and leasehold improvements, at cost,
less accumulated depreciation and amortization 64,643 62,073
Strategic investments 83,047 73,704 Goodwill 184,218 132,832
Intangible assets, less accumulated amortization 73,367 57,845
Deferred compensation investments 102,112 85,504 Other assets
136,698 214,991 Total assets $1,719,692 $1,755,813 LIABILITIES
& STOCKHOLDERS' EQUITY Liabilities Securities sold, not yet
purchased, at market value $364,736 $335,280 Payable to brokers and
dealers 91,724 117,001 Accrued compensation expense 140,705 228,275
Accrued expenses and other liabilities 115,854 119,879 Long term
debt 70,000 70,000 Total liabilities 783,019 870,435 Minority
interest 2,454 - Stockholders' equity Class A common stock 1,529
1,509 Additional paid-in-capital 607,557 587,025 Retained earnings
966,602 934,099 Treasury stock, at cost (641,469) (637,255) Total
stockholders' equity 934,219 885,378 Total liabilities and
stockholders' equity $1,719,692 $1,755,813 KNIGHT CAPITAL GROUP,
INC. PRE-TAX EARNINGS FROM CONTINUING OPERATIONS BY BUSINESS
SEGMENT* Amounts in millions (Unaudited) For the three months ended
March 31, 2008 March 31, 2007 Global Markets Revenues $218.8 $172.6
Expenses 139.9 136.5 Pre-tax earnings 78.9 36.1 Asset Management
Revenues 15.2 61.2 Expenses 17.9 42.3 Pre-tax earnings (2.7) 18.9
Minority interest expense 1.5 - Pre-tax earnings after minority
interest expense (4.1) 18.9 Corporate Revenues (9.2) 7.8 Expenses
9.8 8.2 Pre-tax earnings (19.0) (0.3) Consolidated Revenues 224.9
241.7 Expenses 167.6 186.9 Pre-tax earnings 57.3 54.7 Minority
interest expense 1.5 - Pre-tax earnings after minority interest
expense $55.8 $54.7 * Totals may not add due to rounding.
DATASOURCE: Knight Capital Group, Inc. CONTACT: Margaret Wyrwas,
Senior Managing Director, Communications, Marketing & Investor
Relations, +1-201-557-6954, , or Kara Fitzsimmons, Director, Media
Relations, +1-201-356-1523, , or Jonathan Mairs Vice President,
Corporate Communications, +1-201-356-1529, , all of Knight Capital
Group, Inc. Web site: http://www.knight.com/
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