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Q1 2009 Earnings Announcement - Archived Conference Call April 23, 2009- 11AM ET - Click here for more info.
 


(in thousands, except per share data)

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              2009  
   
 
  First
Quarter
                   
 
             
 
                                       
Revenues:
                                       
Brokerage commissions and fees
  $ 32,935                        
                                         
Interest income
  995                
Brokerage interest expense
  -                
Net interest income
  995                
                                         
Subscription fees and other
  2,040                
Net revenues
  35,970                
 
                                       
Expenses:
                                       
Employee compensation and benefits
  10,499                
Clearing and execution
  8,848                
Data centers and communications
  2,762                
Marketing
  1,802                
Professional services
  848                
Occupancy and equipment
  737                
Depreciation and amortization
  1,129                
Other
  1,524                
Total expenses
  28,149                
 
                                       
Income before income taxes
  7,821                
Income tax provision
  3,141                
 
                                       
Net income
  $ 4,680                        
 
                                       
Earnings per share:
                                       
Basic
  $ 0.11                        
Diluted
  $ 0.11                        
 
                                       
Weighted average shares outstanding:
                                       
Basic
  42,202                
Diluted
  42,561                
 
                                       
   
 
 
    2008  
   
 
  First
Quarter
  Second
Quarter
  Third
Quarter
  Fourth
Quarter
    Full
Year
 
 
             
 
                                       
Revenues:
                                       
Brokerage commissions and fees
  $ 30,525   $ 28,228   $ 33,455   $ 37,096   $ 129,304
                                         
Interest income
  9,277   7,061   6,967   2,632   25,937
Brokerage interest expense
  1,224   848   682   412   3,166
Net interest income
  8,053   6,213   6,285   2,220   22,771
                                         
Subscription fees and other
  2,141   2,119   2,030   2,067   8,357
Net revenues
  40,719   36,560   41,770   41,383   160,432
 
                                       
Expenses:
                                       
Employee compensation and benefits
  9,219   10,827   9,852   10,268   40,166
Clearing and execution
  9,526   8,510   10,159   10,719   38,914
Data centers and communications
  2,391   2,369   2,171   2,285   9,216
Marketing
  1,305   1,483   1,535   1,482   5,805
Professional services
  1,629   159   643   1,022   3,453
Occupancy and equipment
  753   755   774   707   2,989
Depreciation and amortization
  950   1,081   1,076   1,111   4,218
Other
  1,450   1,352   1,553   1,277   5,632
Total expenses
  27,223   26,536   27,763   28,871   110,393
 
                                       
Income before income taxes
  13,496   10,024   14,007   12,512   50,039
Income tax provision
  5,240   3,937   5,328   4,897   19,402
 
                                       
Net income
  $ 8,256   $ 6,087   $ 8,679   $ 7,615   $ 30,637
 
                                       
Earnings per share:
                                       
Basic
  $ 0.19   $ 0.14   $ 0.20   $ 0.18   $ 0.71
Diluted
  $ 0.19   $ 0.14   $ 0.20   $ 0.18   $ 0.70
 
                                       
Weighted average shares outstanding:
                                       
Basic
  43,708   43,389   43,099   42,742   43,235
Diluted
  44,462   44,143   43,876   43,167   43,912
 
                                       
   
 

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