eTrade 2004 Annual Report Download - page 136

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Table of Contents
Index to Financial Statements
STATEMENTS OF OPERATIONS
(in thousands)
126
Year Ended December 31,
2004
2003
2002
Revenues:
Management fees from subsidiaries
$
318,772
$
312,780
$
266,429
Other
—
167
3,004
Net revenues
318,772
312,947
269,433
Expenses excluding interest:
Compensation and benefits
124,208
107,391
92,262
Occupancy and equipment
32,335
29,543
28,053
Communications
17,949
19,090
22,557
Depreciation and amortization
54,664
57,776
72,875
Professional services
30,445
22,563
21,812
Commissions, clearance and floor brokerage
(1,062
)
2,347
333
Advertising and market development
6,154
3,308
2,379
Acquisition related expenses
—
317
3,589
Facility restructuring and other exit charges
14,478
115,412
25,524
Executive agreement
—
—
(
23,485
)
Other
2,829
27,091
31,334
Total expenses excluding interest
282,000
384,838
277,233
Income (loss) before other income, income taxes and cumulative effect of accounting change
36,772
(71,891
)
(7,800
)
Other income (loss)
Corporate interest income
740
1,445
7,990
Corporate interest expense
(45,775
)
(44,468
)
(46,197
)
Gain (loss) on sale and impairment of investments
1,427
16,175
(9,763
)
Gain (loss) on early extinguishment of debt
(19,443
)
—
8,669
Equity in income of investment and venture funds
4,858
9,051
250
Total other loss
(58,193
)
(17,797
)
(39,051
)
Pre
-
tax loss
(21,421
)
(89,688
)
(46,851
)
Income tax benefit
(42,007
)
(57,821
)
(8,080
)
Income (loss) before cumulative effect of accounting change
20,586
(31,867
)
(38,771
)
Cumulative effect of accounting change
—
—
(
226,415
)
Equity in income of Bank subsidiary
215,614
133,632
113,514
Equity in income (losses) of other consolidated subsidiaries
144,283
101,262
(34,733
)
Net income (loss)
380,483
203,027
(186,405
)
Other comprehensive income (loss), net of tax
(51,222
)
141,480
(34,080
)
Total comprehensive income (loss)
$
329,261
$
344,507
$
(220,485
)