NYSE Group Inc. reported net income of US$45.5 million for the three months ended December 31, 2006, compared to a US$20.3 million loss for the quarter last year.
Fourth quarter 2006 results include the quarterly results from the operations of NYSE Arca. The merger between NYSE Inc. and Archipelago Holdings Inc. closed on March 7, 2006. Fiscal 2005 results include only the operations of the New York Stock Exchange.
Included in the fourth quarter 2006 results are US$34.1 million in merger expenses and exit costs consisting of a restructuring charge in connection with a workforce reduction of more than 500 positions (US$29.2 million), the acceleration of certain fixed asset useful lives (US$2.8 million), and other professional fees incurred in connection with both the acquisition of Archipelago Holdings, Inc. and the pending combination with Euronext N.V. (US$2.1 million).
For the year ended December 31, 2006, net income was US$205.0 million, up from US$40.7 million the previous year.
“NYSE Group experienced an extraordinary year in 2006. Beginning with the close of the Archipelago transaction and subsequent secondary offering which established the NYSE Group as a public company, we are successfully transforming the NYSE,” said NYSE Group chief financial officer and executive vice president, Nelson Chai.
“Our recently announced agreement to acquire 5% of the National Stock Exchange, India’s largest financial marketplace, and our strategic alliance with the Tokyo Stock Exchange are a strong start to the new year,” Chai added. “In 2007, we will finalize the roll out of our Hybrid Market, deliver against the integration targets in conjunction with the Archipelago transaction and complete the Euronext transaction. We will continue to improve our business model and lead the global transformation of the exchange landscape in order to benefit our investors, listed companies and market professionals.”
NYSE Group swings to profit in Q4
- By: IE Staff
- February 2, 2007 February 2, 2007
- 10:40