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ITG Q1 profit falls

03 May 2007  |  1337 views  |  0 Source: Investment Technology Group

Investment Technology Group (NYSE: ITG), a leading provider of technology-based trading services and transaction research, today announced that for the first quarter ended March 31, 2007, ITG's total revenues were $168.9 million, 16 percent higher than total revenue of $146.2 million for the first quarter of 2006.

ITG's net income was $24.7 million, compared to net income of $26.4 million in the first quarter of 2006, when ITG had a one-time after-tax gain of $4.9 million. Earnings were $0.55 per diluted share, versus earnings of $0.60 per diluted share in the first quarter of last year.

Excluding the impact of non-recurring items in last year's results related to our previous ownership of two NYSE seats which were converted to NYSE Group stock, first quarter 2007 operating revenues of $168.9 million increased by 22 percent from first quarter 2006 operating revenues of $138.5 million. ITG's operating net income was $24.7 million, compared to operating net income of $21.5 million in the first quarter of 2006. In the first quarter of 2007, diluted operating earnings per share of $0.55 increased 12 percent versus operating earnings of $0.49 per diluted share in the first quarter of last year. Pro-forma pre-tax operating margins in the first quarter of 2007 were 25 percent, down from 26 percent in the first quarter of 2006.

"ITG continued to see revenue growth across all business lines in the first quarter of 2007," said Bob Gasser, ITG's Chief Executive Officer and President. "Our globalization strategy continues to be a key strategic priority for ITG and we saw strong positive momentum in our non-U.S. revenue growth in the first quarter of 2007."

ITG's non-U.S. revenues were a record $37.4 million in the first quarter of 2007, 34 percent higher than revenues of $28.0 million in the first quarter of 2006. Non-U.S. pre-tax income increased from $2.9 million in the first quarter of 2006 to $4.1 million in the first quarter of 2007.

"ITG's non-U.S. business had record revenues in the first quarter of 2007 as we continued the rollout of our Triton execution management system, broadened our base of regional algorithmic trading strategies, and introduced continuous matching in Europe. In advance of MiFID, ITG also built on its commanding position in the global transaction cost analysis market," said Mr. Gasser.

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