Quarterly Information
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QUARTERLY INFORMATION 

(in thousands of dollars except per share amounts) 


Dec.
31 /05

Sept
30 /05

June
30/05

Mar.
31 /05

Dec.
31 /04

Sept
30 /04

June
30 /04

Mar.
31 /04

Revenue

$ 76,264

$ 75,333

$ 68,621

$ 69,746

$ 63,786

$ 59,472

$ 59,342

$ 60,830
Net Income
27,813
28,717
23,748
23,075
18,600
15,587
16,187
18,116
Earnings per share:
Basic
0.41
0.42
0.35
0.34
0.27
0.23
0.24
0.27
Diluted
0.40
0.42
0.35
0.34
0.27
0.23
0.24
0.26

2004

  • In the second quarter of 2004, revenue and net income were lower compared with revenue and net income in the first quarter of 2004 due to reduced trading activity. 
  • Net income for the third quarter of 2004 declined when compared with net income for both the first and second quarters of 2004 primarily due to higher general and administrative costs. Trading activity increased in September, 2004 and continued into the fourth quarter, resulting in significantly increased trading revenue. 
  • Net income for the fourth quarter of 2004 increased compared with net income for each of the first three quarters of 2004 primarily due to increased revenue related to increased listing activity and lower general and administrative costs. 

2005

  • Revenue in the first quarter of 2005 improved over revenue in the fourth quarter of 2004 due to higher trading, listing and market data revenue related to market activity. This increased revenue was the primary driver of the increase in net income for the first quarter of 2005 compared with net income for the fourth quarter of 2004. 
  • Revenue in the second quarter of 2005 declined slightly from revenue in the first quarter of 2005 primarily due to lower trading revenue.  Net income for the second quarter of 2005 improved over net income for the first quarter of 2005 primarily due to lower compensation and benefits expenses. 
  • Revenue in the third quarter of 2005 improved over the revenue in the second quarter of 2005 primarily due to higher trading, listing and market data revenue.  Net income for the third quarter of 2005 improved over net income for the second quarter of 2005 primarily due to increased revenue combined with lower general and administrative expenses. 
  • Revenue in the fourth quarter of 2005 improved over revenue in the third quarter of 2005 primarily due to higher listing and market data revenue somewhat offset by lower trading revenue. Net income for the fourth quarter of 2005 declined over net income from the third quarter of 2005 primarily due to higher expenses.