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Article Excerpt
CHICAGO, Feb. 21 /PRNewswire-FirstCall/ -- Terra Nova Financial Group, Inc. (BULLETIN BOARD: TNFG) , a specialized financial services company providing trading, technology and brokerage services, today announced preliminary unaudited results for the three and twelve months ended December 31, 2007, including revenues of $11.7 million and $49.7 million and operating income of $1.5 million and $5.3 million, respectively.
"Our broker-dealer business posted its strongest quarter since the merger in May, 2006, generating $2.9 million in operating income for the fourth quarter of 2007," said Michael Nolan, CEO. He added, "While our technology and cost infrastructure continues to improve we have realigned our sales and support resources to focus on the company's more profitable professional and institutional client base."
During the fourth quarter the Company had a non-recurring item relating to the departure of our Chief Financial Officer, which resulted in expenses of approximately $500,000, of which $200,000 was non-cash acceleration of equity compensation expense. In addition, we recorded $500,000 of deferred tax expense which is the result of the utilization of the Company's net operating loss carryforward and reduction in the Company's deferred tax asset. The Company's income tax provision for the year ended December 31, 2007 was $2.4 million of which $1.9 million is current tax expense and $500,000 is deferred tax expense. Actual income taxes that have been or will be paid in cash for 2007 will be $1.9 million.
GAAP and Non-GAAP financial highlights include: -- Net income per share for the three and twelve months ended December 31, 2007 was $0.02 and $0.10, respectively. -- Net income for the three and twelve months ended December 31, 2007 was approximately $460,000 and $2.8 million, respectively. As stated above, the Company incurred approximately $1 million in non-recurring expenses during the fourth quarter of 2007, of which $700,000 is non-cash. -- Total revenues for the three months ended December 31, 2007 decreased 20% to $11.7 million from $14.7...
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