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International Securities Exchange Holdings, Inc. Reports Record Earnings for Third Quarter 2007.

Article Excerpt
* 11(th) consecutive quarter of double-digit growth in volume, revenues and net income

* GAAP net income up 32.7% to a record $18.5 million; GAAP diluted earnings per share of $0.46

* Proforma net income of $25.0 million; proforma diluted earnings per share of $0.62, excluding costs related to the pending merger with Eurex

* Average daily trading volume up 53.0% to a record 3.4 million equity and index options contracts

* GAAP pre-tax margin of 47.9% and proforma pre-tax margin of 64.7% for the options exchange

* Revenues up 44.1% to a record $72.2 million and gross margin up 53.7% to a record $68.3 million for the options exchange

NEW YORK -- The International Securities Exchange Holdings, Inc. (NYSE:ISE) today reported record results for the quarter ended September 30, 2007. Net income for the quarter increased 32.7% to $18.5 million, or $0.46 per share on a fully diluted basis. This compares to $14.0 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 $11.4 million, or $0.16 per diluted share, of direct costs and associated accelerated stock-based compensation charges related to our pending merger with Eurex. Excluding these expenses, proforma net income for the quarter increased to $25.0 million, or $0.62 per share on a fully diluted basis.

Total consolidated revenues for the quarter increased 70.8% to $85.6 million from $50.1 million in the prior year. Gross margin increased 62.3% to $72.1 million from $44.5 million in the third 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 44.1% to $72.2 million. Gross margin, or total revenues less cost of revenues, increased 53.7% to $68.3 million. The average daily volume of equity and index options contracts traded increased 53.0% to a...

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