eTrade 2005 Annual Report Download - page 204

Table of Contents
STATEMENTS OF INCOME
(in thousands)
Year Ended December31,
2005
2004
2003
Revenues:
Management fees from subsidiaries
$
224,894
$
318,772
$
312,947
Net revenues
224,894
318,772
312,947
Expenses excluding interest:
Compensation and benefits
130,081
124,208
107,391
Occupancy and equipment
25,036
32,335
29,543
Communications
18,973
17,949
19,090
Depreciation and amortization
50,528
54,664
57,776
Professional services
27,647
30,445
22,563
Commissions, clearance and floor brokerage
206
(1,062
)
2,347
Advertising and market development
13,498
6,154
3,308
Facility restructuring and other exit activities
2,991
14,478
115,412
Intercompany allocations and charges
(120,598
)
(30,260
)
3,529
Other
17,545
33,089
23,879
Total expenses excluding interest
165,907
282,000
384,838
Income (loss) before other loss, income taxes and cumulative effect of accounting
change
58,987
36,772
(71,891
)
Other loss:
Corporate interest income
2,265
740
1,445
Corporate interest expense
(71,510
)
(45,775
)
(44,468
)
Gain on sale and impairment of investments
982
1,427
16,175
Loss on early extinguishment of debt
—
(19,443
)
—
Equity in income of investment and venture funds
6,247
4,858
9,051
Total other loss
(62,016
)
(58,193
)
(17,797
)
Pre-tax loss
(3,029
)
(21,421
)
(89,688
)
Income tax benefit
(10,806
)
(42,007
)
(57,821
)
Income (loss) before cumulative effect of accounting change
7,777
20,586
(31,867
)
Cumulative effect of accounting change
1,646
—
—
Equity in income of Bank subsidiary
284,987
215,614
133,632
Equity in income of other consolidated subsidiaries
136,002
144,283
101,262
Net income
430,412
380,483
203,027
Other comprehensive income (loss), net of tax
(34,513
)
(51,222
)
141,480
Total comprehensive income
$
395,899
$
329,261
$
344,507
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