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Non-Tech : Knight/Trimark Group, Inc. -- Ignore unavailable to you. Want to Upgrade?

To: Sir Francis Drake who wrote (2493)	7/19/1999 12:23:00 PM
From: Chi-X	Read Replies (2) \| Respond to of 10027

NITE Blowout Earnings? Read this YHOO post by a CPA... -------------------------------- EPS = $.62!!!!! Here's the calculation by: jwiersch 54052 of 54077 I know I'm going out on a limb here, this is a high number, but I've done the math to support this figure using all the available trade info to date and the last 2 quarters results. You're welcome to critique. I am a CPA and feel I have a decent understanding of how a large portion of NITE's costs are fixed and how the increased volume has, and will continue to largely fall to the bottom line. Here it is: 4th Qtr 98 Total Shares Traded: 12,017,814,616 Total Trades: 13,796,127 Revenues: $119,278,424 Revenue per trade: $8.65 EPS: .17 1st Qtr 99 Total Shares Traded: 15,943,152,289 Total Trades: 18,691,368 Revenues: $182,664,136 Revenue per trade: $9.77 EPS: .34 NOTE the following increases from 4th Qtr 98 to 1st Qtr 99: Total Shares traded: +32.66% Total Trades: +35.48% Revenue per trade: +13.03% Revenues: +53.14% EPS: +100% Note that NITE volume (shares traded/total trades) increased only about 33%, yet, due to the fact that many of NITEs costs are fixed, revenues increased 53%, and EPS 100%. Now, lets look at the projections for 2nd Qtr of 99: Shares traded: NASDAQ: 6,171,293,757 (+8.23% from 1st qtr) OTBCC: 6,725,808,274 (+80.67% from 1st qtr) Other: 7,496,354,665 (my estimate,based on +15% from 1st Qtr, consistent with the market) Total Shares Traded: 20,393,456,969 (+27.91% from 1st Qtr) Revenues per trade: $11.00 (my estimate, up approx 13%, similar to last quarter (Note that Merrill has said NITEs pre-tax margins for the year will be about 33%, up from 25% in '98) Revenues: $262,987,132 (up 43.97% from 1st Qtr) EPS: $.62 (the equivalent of a 53.14% increase in revenues last quarter equalling a 100% increase in EPS last quarter, from .17 to .34) One thing this calculation doesn't take into account is whether NITE will store some $$ away in some over-accruals of estimated expenses, etc., to make up any 3rd quarter shortfalls. I think they would be silly not to. With that in mind, I expect them to actually report somewhere between $.55 and $.60 per share. Hope I'm close. Can't wait for Wednesday. Go NITE Go!!!