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Article Excerpt
Financial Highlights
* Net income up 15.9% to $15.9 million
* GAAP diluted earnings per share of $0.39
* Proforma diluted earnings per share of $0.45, excluding costs related to the pending merger with Eurex
* Average daily trading volume up 20.7% to 2.9 million equity and index options contracts
* Revenues up 13.4% to $58.0 million and gross margin up 22.4% to $55.2 million for the options exchange
* GAAP pre-tax margin of 53.8% and proforma pre-tax margin of 57.7% for the options exchange
NEW YORK -- The International Securities Exchange Holdings, Inc. (NYSE:ISE) today reported that net income for the quarter ended June 30, 2007 increased 15.9% to $15.9 million, or $0.39 per share on a fully diluted basis. This compares to $13.7 million, or $0.35 per share on a fully diluted basis, in the same period in 2006. Included in the results for the quarter are expenses of $2.1 million, or $0.06 per diluted share, related to the pending merger with Eurex. Excluding these expenses, proforma net income for the quarter increased to $18.0 million, or $0.45 per share on a fully diluted basis.
Total consolidated revenues for the quarter increased 15.8% to $59.2 million from $51.1 million in the prior year. Gross margin, or total revenues less cost of revenues, increased 23.8% to $55.8 million from $45.1 million in the second quarter of 2006. Included in our consolidated results are revenues and expenses from the ISE Stock Exchange, our stock exchange business segment.
Total revenues for the quarter in our options exchange business segment increased 13.4% to $58.0 million. Gross margin, or total revenues less cost of revenues, increased 22.4% to $55.2 million. The average daily volume of equity and index options contracts traded increased 20.7% to 2.9 million contracts. Our stock exchange business segment recorded gross margin of $0.9 million, interest income of $0.4 million, total expenses of $4.0 million and minority interest of $2.7 million. Our stock exchange currently has no impact on our net income as losses are allocated solely to the minority owners. Please refer to the section titled "Segment Information" for further information.
"We are pleased to report our sixth consecutive quarter of record financial results for our options exchange business segment," said David Krell, ISE's President and Chief Executive Officer. "Our exceptional growth has been fueled by the...
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