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- Diluted earnings per share of $0.26 on a GAAP basis, $0.27 excluding non-operating charges
- Net income increases 64.5% to $10.0 million
- Average daily volume of 2.1 million equity and index options contracts
- Revenues up 15.3% to $40.1 million
- Pre-tax margin of 46.7% on a GAAP basis, 48.2% excluding non-operating charges
The International Securities Exchange, Inc. (NYSE:ISE) today reported that net income for the quarter ended December 31, 2005 increased 64.5% to a record $10.0 million, or $0.26 per share on a fully diluted basis. This compares to $6.1 million, or $0.18 per share on a fully diluted basis, in the same period in 2004. Included in net income for the fourth quarters of 2005 and 2004 were non-operating charges of $0.6 million, or $0.01 per share, related to the Company's secondary offering and its reorganization into a holding company structure. Excluding these charges, ISE's operating net income increased 59.7% to $10.6 million, or $0.27 per share on a fully diluted basis. A full reconciliation of our non-operating items is included in this release.
Total revenues for the quarter increased 15.3% to $40.1 million versus $34.8 million in the prior year. The average daily volume of equity and index options contracts traded increased 29.5% to 2.1 million contracts as compared to 1.6 million contracts in the year-ago quarter.
"We posted record results across the board and traded more than two million contracts per day on average for the quarter," said David Krell, ISE's President and Chief Executive Officer. "Our core business continues to expand at double-digit rates as equity options and other derivative products are increasingly embraced by investors as integral components of their investment and risk management strategies. Our expertise in delivering unique products, as well as our price leadership and exceptional customer service, have once again made us the destination of choice for retail and institutional investors," said Krell.
"Our exceptional trading platform distinguishes us from the competition and has enabled us to remain the market leader in what is unquestionably the most dynamic and innovative segment of the financial services industry today," continued Krell. "As we look ahead in 2006, opportunities in the institutional sector of our business together with our initiatives in information-market data and index options will enable us to further leverage and grow our business."
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