NYSE Member Firms Report First-Quarter 2002 Results

New York Stock Exchange member firms that conduct business with the public reported first-quarter 2002 after-tax profits of $1.95 billion and revenues of $38.55 billion, a 27.5 percent and 33.6 percent decline, respectively, compared to $2.69 billion in after-tax profits on revenues of $58.06 billion in first-quarter 2001.

For first-quarter 2002, NYSE specialists reported after-tax profits of $92 million, a 36.6 percent decline from the year-ago quarter's $145 million. Total specialist revenue dropped by 21.0 percent in first-quarter 2002, to $414 million, from $524 million in first-quarter 2001.

Comparative financial results are charted below:

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

	1st Quarter 2002	1st Quarter 2001	4th Quarter 2001
Revenues	$38,546	$58,060	$42,291
Expenses	35,544	53,921	39,468
After-Tax Profit/Loss	1,951	2,690	1,835
After-Tax Annualized Return on Capital	5.2%	7.5%	4.9%
Assets^**	2,784,150*	2,383,423	2,718,199
Capital & Subordinations	149,677	145,122	148,924
Commission Revenues	7,041	7,485	6,618
Number of Firms Reporting	254	266	261
Number of Profitable Firms	181	198	153
Aggregate Pre-Tax Earnings of Profitable Firms	3,712	4,681	4,643
Number of Unprofitable Firms	73	68	108
Aggregate Pre-Tax Earnings of Profitable Firms	(710)	(542)	(1,820)

* Record level

NYSE Specialists
($ in millions)

	1st Quarter 2002	1st Quarter 2001	4th Quarter 2001
Revenues	$414	$524	$454
Expense	252	274	266
After-Tax Profit	92	145	104
After-Tax Annualized Return on Capital	9.0%	18.4%	11.3%

* Record level

** Regulatory Requirements Amended June 2001

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.

After-tax earnings for NYSE specialist units are based on an aggregate tax rate of 43 percent for federal and local taxes.

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)