The second quarter 2005 results included $25 million in net investment gains, $16 million in severance charges, $5 million in advisory fees and $1 million in asset write-offs. Excluding these items and the related tax effects, pro forma net income from continuing operations for the second quarter of 2005 was $5 million, or $0.02 per diluted share compared to pro forma net income from continuing operations of $9 million or $0.03 per diluted share for the second quarter of 2004 and pro forma net income from continuing operations of $9 million, or $0.03 per diluted share for the first quarter of 2005.
Edward J. Nicoll, Chief Executive Officer of Instinet Group, commented, "This quarter, Instinet Group posted its sixth consecutive profitable quarter, once more doing so in a challenging and difficult business environment. Our progress, in the face of strong competitive pressures, is a testimony to our singular focus on serving our global customers through a commitment to value, transparency, and independence. With regard to our recently announced merger with Nasdaq, we continue to work closely with the appropriate regulatory authorities to meet all requests and provide requested information."
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