| FISCAL 2003: | Q1 2004: |
| - 21% increase in volume | - 28% increase in volume |
| - 18% growth in revenues | - Launching of BOX on the US market |
| - Net earnings of $6.5 million |
For the year ended December 31, 2003, the Montréal Exchange reported $38.6 million in revenues, a rise of 18.4% compared to the previous year, internally generated funds of $8.8 million and operating earnings of $5.4 million. Net earnings for the year stood at $6.5 million compared to $61,000 in 2002.
"Our development efforts translated into a 21% increase in trading activity on the Montréal Exchange in 2003, explained Luc Bertrand, President and Chief Executive Officer. This growth led to excellent financial results and demonstrate the solid performance of the Montréal Exchange's business model."
"In the first quarter of 2004, investors traded 28% more derivative contracts than in the same period one year earlier, thus setting new records for volume. The Montréal Exchange also launched the Boston Options Exchange (BOX) on February 6, 2004. Phase I of the implementation of the new US equity options exchange-whose technical operations are ensured by the Montréal Exchange-will be completed during the month of April. BOX will then offer a total of 250 classes of options, representing approximately 70% of the US market activity."
A solid performance on the transformation of the Montréal Exchange from 1999 to 2003
- Daily average volume increased by 83%;
- Open Interest increased by 112%;
- Shareholders' equity increased by 91% to reach $48 million;
- The Montréal Exchange has established itself as a major stakeholder in the US.
The Montréal Exchange held its Annual General meeting today, on April 6, 2004. Its 2003 annual report is available on its Web site at www.m-x.ca. To view the report, select "Publications" from the "Main Navigation" heading and click on "2003" under the section "Annual Reports."
