eTrade 2003 Annual Report Download - page 120

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Table of Contents
Index to Financial Statements
STATEMENTS OF OPERATIONS
(in thousands)
106
Year Ended December 31,
2003
2002
2001
Revenues:
Management fees from subsidiaries
$
312,780
$
266,429
$
350,313
Other
167
3,004
15,799
Net revenues
312,947
269,433
366,112
Cost of services
115,614
123,662
190,983
Operating expenses:
Selling and marketing
10,988
7,408
8,656
Technology development
43,772
37,232
62,793
General and administrative
98,576
102,956
126,790
Amortization of goodwill
—
—
6,361
Acquisition
-
related expenses
317
3,589
493
Facility restructuring and other exit charges
115,412
25,524
153,609
Executive agreement and loan settlement
—
(
23,485
)
30,210
Total operating expenses
269,065
153,224
388,912
Total cost of services and operating expenses
384,679
276,886
579,895
Operating loss
(71,732
)
(7,453
)
(213,783
)
Non
-
operating income (expense):
Corporate interest income
1,445
7,990
19,233
Corporate interest expense
(44,468
)
(46,197
)
(52,489
)
Gain (loss) on investments
15,668
(8,356
)
(43,438
)
Equity in income (loss) of investments
14,584
9,932
(6,232
)
Unrealized losses on venture funds
(5,533
)
(9,683
)
(34,716
)
Fair value adjustments of financial derivatives
—
—
(
3,736
)
Gain on early extinguishment of debt
—
8,669
59,921
Other
348
(1,753
)
7,268
Total non
-
operating expense
(17,956
)
(39,398
)
(54,189
)
Pre
-
tax loss
(89,688
)
(46,851
)
(267,972
)
Income tax benefit
(57,821
)
(8,080
)
(51,390
)
Loss before cumulative effect of accounting change
(31,867
)
(38,771
)
(216,582
)
Cumulative effect of accounting change, net
—
(
226,415
)
—
Equity in income of Bank subsidiary
133,632
113,514
55,852
Equity in income (losses) of other consolidated subsidiaries
101,262
(34,733
)
(80,802
)
Net income (loss)
203,027
(186,405
)
(241,532
)
Other comprehensive income (loss), net of tax
141,480
(34,080
)
(139,475
)
Total comprehensive income (loss)
$
344,507
$
(220,485
)
$
(381,007
)