NYSE Member Firms Report First-Half 2004 Results

New York Stock Exchange member firms that conduct business with the public reported second-quarter 2004 after-tax profits of $1.13 billion and revenues of $36.07 billion, compared to $3.54 billion in after-tax profits on revenues of $39.52 billion in second-quarter 2003. In the first six months of 2004, the firms reported after-tax profits of $4.43 billion on revenues of $75.50 billion, compared with after-tax profits of $5.82 billion on revenues of $74.59 billion in the first six months of 2003.

For second-quarter 2004, NYSE specialists reported after-tax profit of $25 million. During the same period last year the specialists reported $44 million in after-tax profits. Total specialist revenue in second-quarter 2004 was $222 million, compared to $259 million in second-quarter 2003. In the first six months of 2004, specialists reported after-tax profits of $15 million on revenues of $474 million, compared with after-tax profits of $102 million on revenues of $538 million in the first six months of 2003.

Comparative financial results are charted below:

**Member Firms Dealing with the Public**
($ in millions)
	2nd Qtr. 2004	2nd Qtr. 2003	1st Qtr. 2004	Y-T-D 2004	Y-T-D 2003
Revenues	$36,067	$39,515	$39,428	$ 75,495	$74,585
Expenses	34,332	34,069	34,349	68,681	65,634
After-Tax Profit/Loss	1,127	3,540	3,301	4,428	5,818
After-Tax Annualized Return on Capital & Subordinations	2.7%	9.4%	8.3%	5.5%	7.9%
Assets**	3,628,434*	3,145,872	3,413,461	3,628,434*	3,145,872
Capital & Subordinations	166,839*	152,992	162,337	166,839*	152,992
Commission Revenues	6,332	6,648	7,622	13,954	12,350
Number of Firms Reporting	232	238	236	239	241
Number of Profitable Firms	153	188	189	171	171
Aggregate Pre-Tax Earnings of Profitable Firms	3,237	5,779	5,319	8,556	9,634
Number of Unprofitable Firms	78	50	47	68	70
Aggregate Pre-Tax Loss of Unprofitable Firms	(1,503)	(334)	(240)	(1,743)	(685)

**NYSE Specialists**
($ in millions)
	4th Qtr. 2003	4th Qtr. 2002	3rd Qtr. 2003	Y-T-D 2003	Y-T-D 2002
Revenues	$ 222	$ 259	$ 252	$ 474	$ 538
Expenses	179	180	265	443	355
After-Tax Profit	25	44	(11)	15	102
After-Tax Annualized Return on Capital	2.5%	3.9%	-1.0%	0.7%	4.6%

* 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) (pdf format)

Statement of Income (Loss) and Expense Unconsolidated (pdf format)

Statement of Financial Condition (pdf format)