NYSE Member Firms Report Third-Quarter 2003 Results

New York Stock Exchange member firms that conduct business with the public reported third-quarter 2003 after-tax profits of $1.96 billion and revenues of $33.71 billion, compared to $564 million in after-tax profits on revenues of $35.62 billion in third-quarter 2002. In the first nine months of 2003, the firms reported after-tax profits of $7.77 billion on revenues of $108.30 billion, compared with $3.82 billion on revenues of $113.17 billion in the first nine months of 2002.

For third-quarter 2003, NYSE specialists reported after-tax profits of $36 million. During the same period last year the specialists reported $107 million in after-tax profits. Total specialist revenue in third-quarter 2003 was $236 million, compared to $440 million in third-quarter 2002. In the first nine months of 2003, specialists reported after-tax profits of $138 million on revenues of $774 million, compared to after-tax profits of $291 million on revenues of $1.2 billion in the first nine months of 2002. Comparative financial results are charted below:

Member Firms Dealing with the Public
($ in millions)

	3rd Qtr. 2003	3rd Qtr. 2002	2nd Qtr. 2003	Y-T-D 2003	Y-T-D 2002
Revenues	$33,714	$35,616	$39,515	$ 108,299	$113,167
Expenses	30,706	34,748	34,069	96,340	107,286
After-Tax Profit/Loss	1,955	564	3,540	7,773	3,822
After-Tax Annualized Return on Capital & Subordinations	5.0%	1.5%	9.4%	6.9%	3.4%
Assets**	3,046,989	2,717,779	3,145,872*	3,046,989	2,717,779
Capital & Subordinations	157,837*	145,791	152,992	157,837*	145,791
Commission Revenues	6,535	6,730	6,648	18,885	20,880
Number of Firms Reporting	241	244	238	249	260
Number of Profitable Firms	170	155	188	185	181
Aggregate Pre-Tax Earnings of Profitable Firms	3,795	2,273	5,779	13,429	9,479
Number of Unprofitable Firms	71	89	50	64	79
Aggregate Pre-Tax Loss of Unprofitable Firms	(787)	(1,406)	(334)	(1,472)	(3,598)

NYSE Specialists
($ in millions)

	3rd Qtr. 2003	3rd Qtr. 2002	2nd Qtr. 2003	Y-T-D 2003	Y-T-D 2002
Revenues	$ 236	$ 440	$ 259	$ 774	$ 1,238
Expenses	173	251	180	528	722
After-Tax Profit	36	107	44	138	291
After-Tax Annualized Return on Capital	3.3%	9.8%	3.9%	4.1%	8.9%

* 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.