JW Genesis (JWG) - online trading in the future? Message Board

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Technology Stocks : JW Genesis (JWG) - online trading in the future?

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To: DavidCG who wrote (60)	6/2/1999 10:11:00 AM
From: William F. Wager, Jr.	of 78

BOCA RATON, Fla. (Dow Jones)--JWGenesis Financial Corp. (JWG) completed the sale of its JWGenesis Clearing Corp. unit o Fiserv Inc. (FISV) for $59 million cash. In a press release Wednesday, JWGenesis said it expects to report a pretax gain of about $25 million in the second quarter ending June 30. For the second quarter ended June 30, 1998, JWGenesis reported net income of $1.8 million, or 38 cents a diluted share, on revenue of $26.9 million. JWGenesis also expects to record an additional $15 million of deferred pretax gain which will be accreted into income over the next 10 years. JWGenesis said it also has contracted with Fiserv Correspondent Services Inc. to provide the retail securities operating subsidiaries of JWGenesis with back office clearing and transaction processing services. JWGenesis Clearing Corp. will continue to operate from its current Boca Raton location to ensure uninterrupted and consistent service. JWGenesis Clearing will continue to operate under its existing name for a transition period, but, will ultimately become an integrated part of the Fiserv Correspondent Services business. JWGenesis provides financial services.

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