NYSE Member Firms Report 3rd Quarter 2004 Results

New York Stock Exchange member firms that conduct business with the public reported third-quarter 2004 after-tax profits of $1.43 billion and revenues of $37.76 billion, compared to $1.96 billion in after-tax profits on revenues of $33.71 billion in third-quarter 2003. In the first nine months of 2004, the firms reported after-tax profits of $5.86 billion on revenues of $113.25 billion, compared with after-tax profits of $7.77 billion on revenues of $108.30 billion in the first nine months of 2003.

For third-quarter 2004, NYSE specialists reported an after-tax loss of $12 million. During the same period last year the specialists reported $36 million in after-tax profits. Total specialist revenue in third-quarter 2004 was $192 million, compared to $236 million in third-quarter 2003. In the first nine months of 2004, specialists reported after-tax profits of $3 million on revenues of $666 million, compared with after-tax profits of $138 million on revenues of $774 million in the first nine months of 2003.

Comparative financial results are charted below

Member Firms Dealing with the Public ($ in millions) :

	3rd Qtr. 2004	3rd Qtr. 2003	2nd Qtr. 2004	Y-T-D 2004	Y-T-D 2003
Revenues	$37,755	$33,714	$36,067	$ 113,250	$108,299
Expenses	35,559	30,706	34,332	104,240	96,340
After-Tax Profit/Loss	1,428	1,955	1,127	5,856	7,773
After-Tax Annualized Return on Capital & Subordinations	3.4%	5.0%	2.7%	4.8%	6.9%
Assets**	3,681,450*	3,046,989	3,628,434	3,681,450*	3,046,989
Capital & Subordinations	170,359*	157,837	166,839	170,359*	157,837
Commission Revenues	5,692	6,535	6,332	19,646	18,885
Number of Firms Reporting	232	241	232	241	249
Number of Profitable Firms	129	170	153	159	185
Aggregate Pre-Tax Earnings of Profitable Firms	3,722	3,795	3,237	12,278	13,429
Number of Unprofitable Firms	103	71	78	82	64
Aggregate Pre-Tax Loss of Unprofitable Firms	(1,525)	(787)	(1,503)	(3,268)	(1,472)

NYSE Specialists ($ in millions)

	3rd Qtr. 2004	3rd Qtr. 2003	2nd Qtr. 2004	Y-T-D 2004	Y-T-D 2003
Revenues	$ 192	$ 236	$ 222	$ 666	$ 774
Expenses	214	173	179	657	528
After-Tax Profit	(12)	36	25	3	138
After-Tax Annualized Return on Capital	-1.1%	3.3%	2.5%	0.1%	4.1%

* Record level

Note: For member firms dealing with the public, the figures collected by the NYSE include revenue from all sources, including trading, interest and commission income. Since the NYSE member firm community is made up of corporations and partnerships, after-tax earnings are presented on a pro-forma basis assuming a regular corporate tax rate or credit of 35 percent.
The category of member firms dealing with the public generally excludes specialists, but includes firms that primarily trade for their own account, rather than doing a public business.

NYSE Member Firms Dealing with Public (Financial Summary)

Statement of Income (Loss) and Expense Unconsolidated

Statement of Financial Condition