NYSE Member Firms Report Fourth-Quarter And Full-Year 2004 Results

New York Stock Exchange member firms that conduct business with the public reported fourth-quarter 2004 after-tax profits of $3.06 billion and revenues of $47.0 billion, compared to $3.11 billion in after-tax profits on revenues of $36.22 billion in fourth-quarter 2003. In 2004, the firms reported after-tax profits of $8.92 billion on revenues of $160.25 billion, compared with after-tax profits of $10.89 billion on revenues of $144.52 billion in 2003.

For fourth-quarter 2004, NYSE specialists reported an after-tax loss of $41 million. During the same period last year, specialists reported $135 million in after-tax losses. Total specialist revenue in fourth-quarter 2004 was $236 million, compared to $213 million in fourth-quarter 2003. In 2004, specialists reported after-tax losses of $38 million on revenues of $902 million, compared with after-tax profits of $3 million on revenues of $987 million in 2003.

Comparative financial results are charted below:

Member Firms Dealing with the Public
($ in millions)

	4th Qtr. 2004	4th Qtr. 2003	3rd Qtr. 2004	Full Year 2004	Full Year 2003
Revenues	$46,999	$36,216	$37,755	$ 160,249	$144,515
Expenses	42,291	31,425	35,559	146,531	127,765
After-Tax Profit/Loss	3,060	3,114	1,428	8,917	10,887
After-Tax Annualized Return on Capital & Subordinations	7.1%	7.9%	3.4%	5.4%	7.2%
Assets	3,841,156*	3,174,801	3,681,450	3,841,156*	3,174,801
Capital & Subordinations	173,580*	156,613	170,359	173,580*	156,613
Commission Revenues	6,740	6,774	5,692	26,386	25,659
Number of Firms Reporting	229	234	232	243	249
Number of Profitable Firms	156	155	129	165	179
Aggregate Pre-Tax Earnings of Profitable Firms	5,274	5,039	3,722	17,552	18,468
Number of Unprofitable Firms	73	79	103	78	70
Aggregate Pre-Tax Loss of Unprofitable Firms	(566)	(248)	(1,525)	(3,834)	(1,720)

NYSE Specialists
($ in millions)

	4th Qtr. 2004	4th Qtr. 2003	3rd Qtr. 2004	Full Year 2004	Full Year 2003
Revenues	$ 236	$ 213	$ 192	$ 902	$ 987
Expenses	286	465*	214	943	992
After-Tax Profit/Loss	(41)	(135)	(12)	(38)	3
After-Tax Annualized Return on Capital	-4.0%	-12.6%	-1.1%	0.9%	0.1%

* Record level

Note: For member firms dealing with the public, the data collected by the NYSE includes 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)