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Belzberg slips to Q3 loss

06 November 2008  |  1815 views  |  0 Source: Belzberg Technologies

Belzberg Technologies (TSX -BLZ), a provider of technology-based equity and options trading services, announced today that in the third quarter ended September 30, 2008 the net loss was $0.3 million including a previously announced unusual pre-tax trading error of $0.8 million.

Net earnings in the same quarter last year were $1.8 million.

Total revenue for the third quarter increased 13% to $11.0 million versus $9.7 million in the same year-ago period. Diluted loss per share for the third quarter was ($0.02) per share as compared to earnings of $0.12 per share in the same year-ago period.

The Company's financial position at September 30, 2008 included cash and cash equivalents of $18.5 million and working capital of $28.3 million.

"At the end of the third quarter we were approved by the regulators for full clearing services. Expenses associated with the new clearing and sales initiatives have resulted in a number of signed clients which are in various stages of implementation. We expect to see the revenue benefit from these clients in future quarters", stated Sid Belzberg, Chief Executive Officer of Belzberg Technologies.

Transaction Based Revenues

Total revenue from option contracts traded both electronically and non-electronically was $4.3 million in the third quarter of 2008 compared to $4.1 million in the same year-ago quarter. Average total daily volume of electronic equity and index options contracts traded both electronically and non-electronically on the floor of the CBOE and on other exchanges was 300,000 contracts per day in the third quarter of 2008 compared to 280,000 contracts per day in the same year-ago quarter.

Total revenue from equity order flow was $4.5 million in the third quarter of 2008 compared to $3.4 million in the same year-ago quarter.

Read the full statement here:

» Download the document now 51.4 kb (PDF File)

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