NYSE Member Firms Report First-Quarter 2004 Results

New York Stock Exchange member firms that conduct business with the public reported first-quarter 2004 after-tax profits of $3.3 billion and revenues of $39.43 billion, compared to $2.28 billion in after-tax profits on revenues of $35.07 billion in first-quarter 2003.

For first-quarter 2004, NYSE specialists reported after-tax losses of $11 million. During the same period last year the specialists reported $58 million in after-tax profits. Total specialist revenue in first-quarter 2004 was $252 million, compared to $279 million in first-quarter 2003.

Comparative financial results are charted below:

Member Firms Dealing with the Public
($ in millions)

	1st Qtr. 2004	1st Qtr. 2003	4th Qtr. 2003
Revenues	$39,428	$35,070	$36,216
Expenses	34,349	31,565	31,425
After-Tax Profit/Loss	3,301	2,278	3,114
After-Tax Annualized Return on Capital & Subordinations	8.3%	6.3%	7.9%
Assets**	3,413,461*	2,762,667	3,174,801
Capital & Subordinations	162,337*	146,684	156,613
Commission Revenues	7,662	5,702	6,774
Number of Firms Reporting	236	241	234
Number of Profitable Firms	189	150	155
Aggregate Pre-Tax Earnings of Profitable Firms	5,319	3,855	5,039
Number of Unprofitable Firms	47	91	79
Aggregate Pre-Tax Loss of Unprofitable Firms	(240)	(351)	(248)

NYSE Specialists
($ in millions)

	1st Qtr. 2004	1st Qtr. 2003	4th Qtr. 2003
Revenues	$ 252	$ 279	$ 213
Expenses	265	175	465*
After-Tax Profit	(11)	58	(135)
After-Tax Annualized Return on Capital	-1.0%	5.2%	-12.6%

* 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)