Anyone have any thoughts on adding NITE to the portfolio?
It ain't cheap, but this is a revenues generating monster. From recent quarterly:
Revenues for the first quarter of 1999 rose 188% to $182.7 million, compared to $63.5 million for the first quarter of 1998. Net income(A) for the first quarter of 1999 totaled $37.4 million, or $0.67 per share on a diluted basis, a 344% increase from $8.4 million, or $0.20 per share on a diluted basis for the same period a year ago. Return on equity for the first quarter of 1999, stated on an annualized basis, was 64%.
In addition to the improvements in year-over-year results, the Company also achieved sequential quarterly gains as revenues and net income for the first quarter of 1999 rose 53% and 113%, respectively, over the fourth quarter of 1998. The Company also achieved pre-tax margins of 35% in the first quarter of 1999, up from 25% in the fourth quarter of 1998.
.......''Achieving pre-tax margins of over 35% in the first quarter is testament to the success of our business model and the operating leverage we can achieve with our record-breaking volumes.''
Knight/Trimark Group executed over 306,000 trades per day on average during the first quarter of 1999, a 42% increase from the fourth quarter of 1998. Additionally, the Company executed 520,000 trades on April 19, 1999, a Company record.
First quarter revenues from the Company's institutional business grew 39% from the fourth quarter, and represented 17% of the Company's first quarter trading revenues. Additionally, the Company announced on April 14th that its new London-based subsidiary, Knight Securities International, Ltd., received regulatory approval from the Securities and Futures Authority in the United Kingdom. |
