For first-quarter 2003, NYSE specialists reported after-tax profits of $58 million, a 41.4 percent decrease from the year-ago quarter's $99 million. Total specialist revenue declined by 32.6 percent in first-quarter 2003, to $279 million, from $414 million in first-quarter 2002.
Comparative financial results are charted below:
| 1st Qtr 2003 | 1st Qtr. 2002 | 4th Qtr. 2002 | |
| Revenues | $35,070 | $38,546 | $35,509 |
| Expenses | 31,565 | 35,544 | 34,441 |
| After-Tax Profit/Loss | 2,278 | 1,951 | 695 |
| After-Tax Annualized Return on Capital | 6.3% | 5.2% | 1.9% |
| Assets | 2,762,667 | 2,784,150* | 2,647,372 |
| Capital & Subordinations | 146,684 | 149,677 | 144,573 |
| Commission Revenues | 5,702 | 7,041 | 6,691 |
| Number of Firms Reporting | 241 | 254 | 240 |
| Number of Profitable Firms | 150 | 181 | 137 |
| Aggregate Pre-Tax Earnings of Profitable Firms | 3,855 | 3,712 | 3,101 |
| Number of Unprofitable Firms | 91 | 73 | 103 |
| Aggregate Pre-Tax Loss of Unprofitable Firms | (351) | (710) | (2,032) |
| 1st Qtr 2003 | 1st Qtr. 2002 | 4th Qtr. 2002 | |
| Revenues | $279 | $414 | $407 |
| Expenses | 175 | 238 | 217 |
| After-Tax Profit/Loss | 58 | 99 | 106 |
| After-Tax Annualized Return on Capital | 5.2% | 9.2% | 9.6% |
* 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.
After-tax earnings for NYSE specialist units are based on an aggregate tax rate of 44 percent for federal and local taxes.
