TradeStation 2nd-Quarter Net Rose More Than Sevenfold
Tuesday July 15, 11:53 am ET
PLANTATION, Fla. (Dow Jones)--TradeStation Group Inc. , citing its active and institutional trader business model, said second-quarter net income rose more than seven-fold, beating its own guidance.
In a press release Tuesday, the provider of branded real-time trading tools for the online trader also boosted its outlook for 2003.
The company reported second-quarter net income rose 737% to $2.9 million, or 7 cents a share, from $341,000, or 1 cent a share, in the year-ago second quarter.
On May 5, TradeStation had projected second-quarter net income of $1.9 million, or 4 cents a share.
In light of its second-quarter performance, TradeStation again raised its earnings forecast for 2003 by an additional 24% to 30 cents a share. On May 5, the company raised its earnings forecast by 25% to 25 cents a share.
TradeStation also raised its revenue projection for the full year to $62.5 million from its prior estimate of $60.1 million.
For the third quarter, the company now expects earnings of 8 cents a share, on revenue of $16.4 million. For the fourth quarter, TradeStation currently expects earnings of 10 cents a share on revenue of $17.8 million.
In May, TradeStation forecast third-quarter earnings of 7 cents a share on revenue of $15.7 million. For the last quarter of the year, the company had expected earnings of 8 cents a share on revenue of $16.9 million.
TradeStation also reported total revenue rose 22% to $15 million for the latest quarter. Brokerage revenue climbed 30% to $12.7 million from $9.8 million a year ago.
The company plans to begin self-clearing stock trades for its active trader accounts by Jan. 1.
TradeStation Securities reported 10,115 equities and futures brokerage accounts at June 30, up 98% from a year earlier.
TradeStation Group Inc. (NasdaqNM:TRAD - News) - Plantation, Fla.
2nd Quar June 30:
2003 2002
Revenue $14,969,456 $12,222,789
Net income 2,855,816 341,278
Avg shrs (diluted) 43,588,162 44,600,584
Shr earns
Net income .07 .01
Figures in parentheses are losses.
The latest quarter includes a one-time tax refund benefit and a one-time boost in the company's futures clearing cost rates by its former futures clearing firm.
In addition, average daily share volume in the second quarter for equities trades was 11.8 million shares, up 77% from a year ago. |
