Net income for the quarter rose 9 percent to $16.2 million, compared with net income of $14.8 million in the first quarter of 2003. Operating income in the first quarter was $26.9 million, up from $25.7 million in the first quarter of 2003.
CBOT Chairman Charles P. Carey said, "The exchange's first quarter results demonstrate the sound financial position of the CBOT. The exchange and its customers have reaped tremendous benefits from the successful implementation of the CME/CBOT Common Clearing Link and the migration to a premier electronic trading platform. Both of these standard-setting systems have further improved upon an already transparent and liquid trading environment for customers, and at the same time, the new platform and CCL have fostered significant growth at the exchange."
CBOT President and CEO Bernard W. Dan said, "In addition to the CBOT 's new electronic trading platform and the Common Clearing Link, prudent fiscal management and the establishment of a new source of revenue in clearing fees were also significant contributors to the exchange's first quarter results. Clearly, the CBOT business model is one that works. I believe that this earnings report is another indication of the CBOT's preparedness to overcome challenges that present themselves, today and in the long-term."
Trading volume in the first quarter of this year was 136.6 million contracts, up 44 percent from 95.2 million contracts in the same period in 2003.
As of March 31, 2004, the CBOT had an unrestricted cash balance of $81.3 million, compared with $70.8 million on March 31, 2003.
