Business
Montreal Exchange records a strong increase in net earnings for its third quarter 2007
Montreal Exchange records a strong increase in net earnings for its third quarter 2007.
About this update from Stampede Drilling Inc.
[{"type":"text","content":"\n\n\n\nFinancial Highlights (Q3 2007 vs. Q3 2006)\n\n\n- Revenues of $20.1 million versus $19.9 million\n\n\n- Net earnings up 17% - adjusted net earnings up 34%\n\n\n- Adjusted net margin of 39% versus 30%\n\n\n- Adjusted diluted earnings of $0.26 per share, up 18%\n\n\n- Strong BOX contribution to Exchange earnings\n\n\n- Strong financial position - cash of $119 million\n\n\nNOTE TO EDITORS: ALL REFERENCES TO EARNINGS PER SHARE HAVE BEEN RESTATED\n\n\nTO REFLECT THE THREE-FOR-ONE STOCK SPLIT THAT THE EXCHANGE EFFECTED ON\n\n\nMARCH 15, 2007. ALL DOLLAR AMOUNTS IN THIS PRESS RELEASE ARE STATED IN\n\n\nCANADIAN DOLLARS.\n\n\nMONTREAL, Oct. 24 /CNW Telbec/ - Montreal Exchange Inc. (MX) (TSX: MXX)\nannounced today its financial results for the third quarter ended\nSeptember 30, 2007, including net earnings of $6.9 million, up 17% compared to\nthe same period of 2006, or 34% on an adjusted basis.\n\n\nRevenues for the third quarter 2007 amounted to $20.1 million compared to\nrevenues of $19.9 million in the same period of 2006. This was due mainly to\nthe 2% increase in the average daily volume to 161,516 contracts. The trading\nvolumes in index derivatives and equity derivatives posted excellent growth of\n32% and 26%, respectively. Trading conditions for the short-term interest rate\ncontract, the BAX, have remained difficult, resulting in a 24% decline in\nactivity for this contract, offset in part by a 16% increase in activity on\nthe 10-year government of Canada bond futures contract, the CGB.\n\n\nExpenses for the quarter amounted to $13.6 million compared with\n$12.6 million in the same period of 2006, including the payment of a\nnon-recurring termination fee of $1.3 million to a service supplier, ATOS\nEuronext, following MX's decision to develop its own trading platform,\nSOLA(R). Excluding these charges, expenses declined 3% compared to the third\nquarter 2006.\n\n\nThe contribution from the Boston Options Exchange (BOX) to the MX's\nearnings amounted to $1.1 million for the quarter. This contribution is mainly\nattributable to the 69% increase in the BOX's average daily volume, which\nreached 591,159 contracts during the third quarter 2007 compared with\n349,083 contracts for the same period of 2006.\n\n\nNet earnings therefore amounted to $6.9 million, up 17% versus the\n$5.9 million in net earnings in the third quarte...