eTrade 1999 Annual Report Download - page 42

Download and view the complete annual report

Please find page 42 of the 1999 eTrade annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 74

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74

Years Ended September 30,
-----------------------------
1999 1998 1997
--------- -------- --------
Revenues:
Transaction revenues......................... $ 355,830 $162,097 $109,659
Global and institutional..................... 110,959 95,829 80,128
Interest--net of interest expense (A)........ 122,308 56,701 25,739
Other........................................ 32,305 21,129 18,602
--------- -------- --------
Net revenues............................... 621,402 335,756 234,128
--------- -------- --------
Cost of services............................... 283,869 138,942 95,933
--------- -------- --------
Operating expenses:
Selling and marketing........................ 301,658 117,283 67,281
Technology development....................... 76,878 33,699 13,547
General and administrative................... 85,095 41,752 27,098
Merger related expenses...................... 6,304 1,167 --
--------- -------- --------
Total operating expenses................... 469,935 193,901 107,926
--------- -------- --------
Total cost of services and operating
expenses.................................. 753,804 332,843 203,859
--------- -------- --------
Operating income (loss)........................ (132,402) 2,913 30,269
--------- -------- --------
Non-operating income (expense):
Gain on sale of investments.................. 49,957 -- --
Equity in losses of investments.............. (9,103) -- --
Gain (loss) on foreign exchange.............. 12 (762)
(946)
--------- -------- --------
Total non-operating income (expense)....... 40,866 (762)
(946)
--------- -------- --------
Pre-tax income (loss).......................... (91,536) 2,151 29,323
Income tax expense (benefit)................... (37,098) 224 10,130
--------- -------- --------
Net income (loss).............................. (54,438) 1,927 19,193
Preferred stock dividends...................... 222 240 240
--------- -------- --------
Income (loss) applicable to common stock..... $ (54,660) $ 1,687 $ 18,953
========= ======== ========
Income (loss) per share:
Basic........................................ $ (0.23) $ 0.01 $ 0.14
========= ======== ========
Diluted...................................... $ (0.23) $ 0.01 $ 0.13
========= ======== ========
Shares used in computation of income (loss) per
share:
Basic........................................ 235,926 173,906 133,572
Diluted...................................... 235,926 185,479 147,833
(A) Interest is presented net of interest expense of $73,367, $40,029 and $15,126 for fiscal years ended September 30, 1999, 1998 and
1997, respectively.
See notes to consolidated financial statements.
47
E*TRADE GROUP, INC. AND SUBSIDIARIES
2002. EDGAR Online, Inc.