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, 2008, net income was $33.0 million, up 34 percent from net income of $24.7 million in the first quarter of 2007.
Earnings were $0.75 per diluted share, an increase of 36 percent versus earnings of $0.55 per diluted share in the first quarter of last year. ITG's total revenue for the first quarter of 2008 was $204.3 million, 21 percent greater than total revenue of $168.9 million for the first quarter of 2007. Pre-tax margins in the first quarter were 28.9 percent in 2008, a significant increase over the 25.1 percent realized in 2007.
"ITG's revenues showed continued strength in the first quarter of 2008, as our geographical expansion and product diversification became key advantages for the firm," said Bob Gasser, ITG's Chief Executive Officer and President. "ITG's results clearly show that our business has built solid foundations both domestically and internationally and can thrive in various market conditions."
ITG's non-US revenues were $49.9 million in the first quarter of 2008, a 33 percent increase over revenues of $37.4 million in the first quarter of 2007. Non-US pre-tax income increased to $5.1 million in the first quarter of 2008 from $4.1 million in the first quarter of 2007.
"Despite the European and Asian market downturn, ITG continued to make progress on the expansion of its globalization strategy," said Mr. Gasser.
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