eTrade 2002 Annual Report Download - page 187
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Table of Contents
Index to Financial Statements
STATEMENTS OF OPERATIONS
(in thousands)
Year Ended December31,
2002 Year Ended December31,
2001 ThreeMonths Ended
December31, 2000 Year Ended September30,
2000
Revenues:
Management fees from subsidiaries $ 266,429 $ 350,313 $ 118,318 $ 549,173
Other 3,004 15,799 6,734 22,500
Net revenues 269,433 366,112 125,052 571,673
Cost of services 123,662 190,983 51,528 164,966
Operating expenses:
Selling and marketing 7,408 8,656 309 14,296
Technology development 37,232 62,793 20,366 121,125
General and administrative 102,956 126,790 28,735 112,278
Amortization of goodwill — 6,361 4,456 16,167
Acquisition-related expenses 3,589 493 784 14,972
Facility restructuring and other exit charges 25,524 153,609 — —
Executive agreement loan settlement (23,485 ) 30,210 — —
Total operating expenses 153,224 388,912 54,650 278,838
Total cost of services and operating expenses 276,886 579,895 106,178 443,804
Operating income (loss) (7,453 ) (213,783 ) 18,874 127,869
Non-operating income (expense):
Corporate interest income 7,990 19,233 6,589 14,969
Corporate interest expense (46,197 ) (52,489 ) (11,008 ) (29,590 )
Gain (loss) on investments (8,356 ) (43,438 ) — 208,707
Fair value adjustments of financial
derivatives
— (3,736 ) 6,260 —
Equity in income (loss) of investments 9,932 (6,232 ) 523 (8,593 )
Unrealized losses on venture funds (9,683 ) (34,716 ) (6,158 ) (736 )
Gain on early extinguishment of debt 8,669 59,921
Other non-operating income (expense) (1,753 ) 7,268 (1,653 ) (68 )
Total non-operating income (loss) (39,398 ) (54,189 ) (5,447 ) 184,689
Pre-tax income (loss) (46,851 ) (267,972 ) 13,427 312,558
Income tax expense (benefit) (8,080 ) (51,390 ) 2,237 143,498
Income (loss) before cumulative effect of
accounting change
(38,771 ) (216,582 ) 11,190 169,060
Cumulative effect of accounting change, net (226,415 ) — — —
Equity in income (losses) of bank subsidiary 113,514 55,852 5,165 (5,546 )
Equity in losses of other consolidated
subsidiaries
(34,733 ) (80,802 ) (15,002 ) (144,362 )
Net income (loss) (186,405 ) (241,532 ) 1,353 19,152
Other comprehensive loss, net of tax (34,080 ) (139,475 ) (124,624 ) (91,171 )
2003. EDGAR Online, Inc.