NEW YORK, March 29, 2004 -- New York Stock Exchange member firms that conduct business with the public reported fourth-quarter 2003 after-tax profits of $3.11 billion and revenues of $36.22 billion, compared to $695 million in after-tax profits on revenues of $35.51 billion in fourth-quarter 2002. In 2003, the firms reported after-tax profits of $10.89 billion on revenues of $144.51 billion, compared with $4.52 billion on revenues of $148.68 billion in 2002.
For fourth-quarter 2003, NYSE specialists reported after-tax losses of $135 million. During the same period last year the specialists reported $106 million in after-tax profits. Total specialist revenue in fourth-quarter 2003 was $213 million, compared to $407 million in fourth-quarter 2002. In 2003, specialists reported after-tax profits of $3 million on revenues of $987 million, compared to after-tax profits of $397 million on revenues of $1.64 billion in 2002.
Comparative financial results are charted below:
| 4th Qtr. 2003 | 4th Qtr. 2002 | 3rd Qtr. 2003 | Y-T-D 2003 | Y-T-D 2002 | |
| Revenues | $36,216 | $35,509 | $33,714 | $ 144,515 | $148,676 |
| Expenses | 31,425 | 34,441 | 30,706 | 127,765 |
141,727 |
| After-Tax Profit/Loss | 3,114 | 695 | 1,955 | 10,887 | 4,517 |
| After-Tax Annualized Return on Capital & Subordinations |
7.9% | 1.9% | 5.0% | 7.2% | 3.1% |
| Assets** | 3,174,801* | 2,647,372 | 3,046,989 | 3.174,801 | 2,647,372 |
| Capital & Subordinations | 156,613 | 144,573 | 157,837* | 156,613 | 144,573 |
| Commission Revenues | 6,774 | 6,691 | 6,535 | 25,659 | 27,571 |
| Number of Firms Reporting | 234 | 240 | 241 | 249 | 263 |
| Number of Profitable Firms | 155 | 137 | 170 | 179 | 166 |
| Aggregate Pre-Tax Earnings of Profitable Firms |
5,039 | 3,101 | 3,795 | 18,468 | 12,580 |
| Number of Unprofitable Firms | 79 | 103 | 71 | 70 | 97 |
| Aggregate Pre-Tax Loss of Unprofitable Firms |
(248) | (2,032) | (787) | (1,720) | (5,630) |
| 4th Qtr. 2003 | 4th Qtr. 2002 | 3rd Qtr. 2003 | Y-T-D 2003 | Y-T-D 2002 | |
| Revenues | $ 213 | $ 407 | $ 236 | $ 987 | $ 1,645 |
| Expenses | 465* | 217 | 173 | 992 | 939 |
| After-Tax Profit | (135)* | 106 | 36 | 3 | 397 |
| After-Tax Annualized Return on Capital |
-12.6% | 9.6% | 3.3% | 0.1% | 9.1% |
* 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.
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)
