LaBranche & Co.- "LAB" Message Board

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Technology Stocks : LaBranche & Co.- "LAB"

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To: JakeStraw who wrote (28)	10/18/2002 11:43:35 AM
From: JakeStraw	of 29

LaBranche's 3rd-Quarter Net Soared 90% on 33% Boost in Revenue Friday October 18, 11:16 am ET biz.yahoo.com NEW YORK -- LaBranche & Co. said third-quarter earnings surged 90%, largely because of an accounting change related to goodwill amortization. LaBranche, one of the New York Stock Exchange's largest trading firms, on Friday reported net income of $21.4 million, or 33 cents a share, well above the 24 cents a share expected by analysts surveyed by Thomson First Call. In the year-earlier quarter, LaBranche had net income of $11.2 million, or 15 cents a share. Per-share earnings from both periods include the impact of preferred dividends. Revenue rose 33% to $118.3 million from $89.1 million. Results in the latest quarter reflect the implementation of a new accounting standard under which acquired goodwill and other intangible assets are no longer amortized quarterly. Had the rule been in effect for 2001, LaBranche said its earnings would have been $17 million, or 29 cents a share. "These results demonstrate the strength of LaBranche's position as our business continues to move to scale," Chairman and Chief Executive Michael LaBranche said in a written statement.

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