Instinet Group Incorporated (Nasdaq: INGP) today announced net income of $14 million or $0.04 per diluted share for the first quarter of 2005 compared to net income of
$22 million or $0.06 per diluted share for the first quarter of 2004 and net income of $9 million or $0.03 per diluted share for the fourth quarter of 2004. The first quarter 2005 results included $3 million in net investment gains, $1 million reversal of previously recognized severance expense and $1 million in deal related advisory fees. Excluding these items and the related tax effect, pro forma net income for the first quarter of 2005 was $12 million, or $0.03 per diluted share compared to pro forma net income of $16
million or $0.05 per diluted share for the first quarter of 2004 and pro forma net income of $20 million, or $0.06 per diluted share for the fourth quarter of 2004.1 (All periods presented have been restated to incorporate Bridge Trading Company, which was acquired on March 31, 2005.)
Edward J. Nicoll, Chief Executive Officer of Instinet Group, commented, “This quarter, Instinet Group posted its fifth consecutive profitable quarter, despite challenging business conditions and an increasingly competitive landscape. Furthermore, as we announced last week, Instinet Group has signed a merger agreement with The NASDAQ Stock Market, Inc., and one result will be the purchase of Instinet, The Institutional Broker, from NASDAQ by a group led by Silver Lake Partners and Instinet senior management. The new owners and operators of Instinet will remain dedicated to offering institutional customers around the world technologically sophisticated trading products and services.”
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