The New York Stock Exchange today reported a net loss of $1.6 million for the third quarter of 2004, compared with net income of $6.9 million in the year-ago quarter. An increase in listing-related fees and other income contributed to a 0.6% increase in revenues to $264.3 million from $262.7 million in the third quarter of 2003. Expenses for the quarter rose 8% to $268.8 million compared to $248.8 million in third quarter of 2003 primarily due to a rise in legal expenses. The Exchange also incurred certain expenses as a result of investments in NYSE corporate governance initiatives, and a one-time contribution to the New York City Economic Development Corp. for the downtown New York “Streetscape” project, a joint effort with the Lower Manhattan Development Corp. and other organizations designed to make lower Manhattan safer and more attractive. Changes in revenue and expenses led to a pre-tax loss of $4.5 million in third-quarter 2004, down from pre-tax income of $13.9 million in third quarter 2003.
Average daily trading volume in third-quarter 2004 was 1.33 billion shares, valued at $41.1 billion, compared with 1.36 billion shares valued at $38.7 billion in the third quarter of 2003. The NYSE’s global market capitalization in the nine months ended Sept. 30 increased to $17.8 trillion, up 20% from the comparable period in 2003. In third-quarter 2004, the Exchange maintained market share of 82.9% in its listed stocks during NYSE trading hours compared to 81.6% in the year-ago quarter.
Click here to view NYSE's consolidated statement of net income.
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