eTrade 2001 Annual Report Download - page 136
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(1) Realized gains of $15.7 million and losses of $1.2 million from the sales and other than temporary impairments of securities held
by the Bank are included in gains on bank loans held for sale and other securities—net; other gains and losses are included in
non-operating income (expense). Gross realized gains and losses from the sales of available-for-sale securities held by the Bank
in the three months ended December 31, 2000 and in the fiscal years ended September 30, 2000 and 1999 were not material.
(2) In the second quarter of fiscal 2001, the Company determined there had been an other than temporary decline in the value of its
technology stocks given market conditions combined with a sustained decline in the value of some of its publicly traded equities
in technology companies during the six months ended June30, 2001. As a result, the Company wrote down the related
investments to their fair market value at June 30, 2001, recognizing pre-tax losses of approximately $9.3 million in the three
months ended June 30, 2001. Also included in the impairment charges are other than temporary declines in the value of a
Bank-held investment security of $13.4 million, included in gains on bank loans held for sale and other securities.
Equity Method and Other Investments
Equity method and other investments consist of (in thousands):
December31, 2001 September30, 2000
Equity method investments:
Joint ventures $ 28,664 $ 30,492
Venture capital funds 17,553 50,974
Archipelago 25,274 25,658
Other investments 11,253 12,793
Total equity method and other investments $ 82,744 $ 119,917
119
Table of Contents
Equity in the net income (loss) of equity method investees and unrealized loss on venture capital funds consists of (in thousands):
Year Ended
December31, 2001
Three MonthsEnded
December31, 2000 Year Ended
September30, 2000 Year Ended
September30, 1999
Joint ventures:
E*TRADE Japan K.K. $ 1,543 $ 523 $ 3,404 $ 761
eAdvisor (1,755 ) (338 ) (1,700 ) —
E*OFFERING/Soundview Technology
Group,Inc.
(6,646 ) — (6,391 ) (8,609 )
Other 684 (246 ) (6,826 ) (990 )
Equity in losses of investments $ (6,174 ) $ (61 ) $ (11,513 ) $ (8,838 )
2002. EDGAR Online, Inc.