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The 2003 fourth quarter results improved from a net loss of $112 million, or $(0.34) per share, for the fourth quarter of 2002, which included a $62 million restructuring charge and a net investment write-down of $20 million. Excluding these items and the related tax effect, the pro forma operating loss was $10 million, or $(0.03) per share for the fourth quarter of 2002. 1
For the year ended December 31, 2003, the net loss was $74 million or $(0.22) per share, compared to a net loss of $735 million, or $(2.71) per share for the year ended December 31, 2002.2 Excluding restructuring charges, intangible asset impairment charges, investment gains or losses and insurance recoveries, pro forma operating earnings per share for 2003 was $0.00 compared to a loss of $(0.03) in 2002.1
Edward J. Nicoll, Chief Executive Officer of Instinet Group, commented: "During the past quarter, we made steady progress in building our market share and overall trading volume relative to the previous quarter, and improved our financial performance from last year's fourth quarter. Perhaps most significantly, we remain focused on reaping the benefits of the worldwide trend towards greater efficiency and transparency in equities trading. More than ever, our customers are counting on our unconflicted, low-cost products and services."
1 See tables titled "Reconciliation of Pro Forma Operating Results for 4Q03".
2 Unless otherwise specified, financial results and statistical information referred to in this release include data for Inet Holding Company, Inc. (formerly Island Holding Company, Inc.) following the closing of our acquisition of Island on September 20, 2002
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