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Montréal Exchange Inc. (MX) (TSX: MXX) announced today its financial results for the first quarter ended March 31, 2008.
Revenues for the first quarter 2008 amounted to $20.7 million, compared to $21.9 million for the first quarter 2007, a decrease of 6% that is due primarily to the decline in market trading volumes. Net earnings reached $8.4 million, or $0.27 per diluted share, up 50% compared to the first quarter 2007. Adjusted net earnings(1), excluding other items and unrealized gains on foreign exchange on temporary investments, totalled $8.0 million or $0.26 per diluted share for the first quarter 2008, compared to $7.6 million or $0.27 per diluted share for the first quarter 2007. The increase in adjusted net earnings compared to the first quarter 2007 is mainly due to a decline in operating expenses and a rise in investment income, which more than offset the revenue decrease. Expenses in the first quarter 2008 decreased by 4% compared to the first quarter 2007, excluding other items.
Revenues for the first quarter 2008, compared to those for the preceding quarter ended December 31, 2007, were up 6%. Net earnings rose 33% while adjusted net earnings increased by 14%.
“I am very pleased with MX’s first quarter earnings and with the 41% increase in combined trading activities on the Montréal Exchange and the Boston Options Exchange platforms,” commented MX President and Chief Executive Officer, Luc Bertrand. “We have benefited from the very strong performance of index and equity derivatives, up 35% and 22% respectively, and built on our operating efficiency to limit the impact on our results of weak trading volumes for interest rate derivatives. It is also encouraging to see that the BAX, the Three-Month Canadian Bankers' Acceptance Futures contract, also posted a 22% increase in average daily trading compared to the preceding quarter.”
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