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(This is from the Wall Street Journal interactive edition):
April 7, 1998
E*Trade's Quarterly Profit Doubles
As Company Adds 80,000 Accounts
Dow Jones Newswires
NEW YORK -- E*Trade Group Inc., which operates electronic brokerage
services and offers stock market data over the Internet, late Tuesday
reported its fiscal second-quarter net income doubled from a year ago.
Net income for the Palo Alto, Calif.-based company rose to $6.1 million,
or 15 cents a share, compared with year-ago earnings of $3.1 million, or
nine cents a share.
The company's surging profit for the quarter ended March 31 was driven
by a 55% rise in revenue to $37.8 million from $24.4 million. E*Trade
also said it added 80,000 new accounts in the latest quarter and that
assets held in customer accounts now exceed $10 billion.
Separately, the company said it has entered four licensing pacts in an
effort to expand its services in Europe and Asia. The company didn't
provide additional details.
The news came after domestic markets closed Tuesday. E*Trade shares
finished the session at $26.9375, up $1.1875.
E*Trade signed four master licensing agreements that it expects will
extend the E*Trade brand to more than 25 countries when fully
implemented. Terms weren't disclosed. E*Trade said has taken a minority
interest in each of the master licensee companies, which it did not
name. The agreements envision the eventual formation of operations in
Asia, France, Germany and Israel, and will encompass jurisdictions
throughout Europe and Asia.
The company launched its first international alliance in Canada with
partner Versus Technologies. E*Trade Australia will launch retail
on-line investing services in the third quarter through Nova Pacific
Capital.
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