Earnings per share were $15,072 compared with $833 in 2001. Operating revenue increased to $189.2 million in 2002 from $144.3 million during the prior year.
Clearing and transaction fees increased 35% during 2002 because of higher open outcry volume; a substantial increase in after-hours trading volume on the NYMEX ACCESS® electronic trading system; and the introduction of clearing services for off-exchange traded energy contracts.
During 2002, futures and options volume on the Exchange was a record 133.7 million, a nearly 30% increase over the 103 million contracts traded in 2001. Volume on the NYMEX Division was a record 116.1 million contracts, 32% higher than the 88.3 million contracts traded on the division in 2001. Total futures and options volume on the COMEX Division was a record 17.6 million contracts, a 19% increase over the 14.8 million contracts traded in 2001.
Among the Exchange's principal contract markets, light, sweet crude oil futures and options contract volume increased 26%, Henry Hub natural gas futures and options volume increased 57%, heating oil futures and options volume increased 13%, New York harbor unleaded gasoline futures and options volume increased 14%, gold futures and options volume increased 25%, silver futures and options volume increased 20%, and copper futures and options volume declined 2%.
Operating expenses totaled $162.4 million in 2002 compared with $139.8 million in 2001, primarily due to higher software amortization expenses and professional service fees, and the write-off of a significant component of capitalized software costs.
Other developments during the year included:
- NYMEX Holdings declared its first dividend, $6,127.45 per share to shareholders of record as of January 2, 2003.
- NYMEX Division seat values reached a record $1.3 million.
- The New York Board of Trade (NYBOT) signed a 10-year lease with the company for trading floor and office space in the company's headquarters building in Battery Park City.
- The company entered into a software licensing agreement with TradinGear.com during the fourth quarter for trade-matching software and support. The software became the basis for the NYMEX ClearPortsm trading initiative launched in January 2003.
