Penson Worldwide, Inc. (PNSN)
Q1 2010 Earnings Call
May 7, 2010 10:00 am ET
Philip Pendergraft – CEO
Kevin McAleer – VP & CFO
Michael Vinciquerra - BMO Capital Markets
Howard Chen - Credit Suisse
Patrick O'Shaughnessy - Raymond James
Mark Lane - William Blair & Company
Chris Connors – Sandler O’Neill
Dave Capps - JPMorgan
Scott Applebee – Applebee Capital Incorporated
David Scharf - JMP Securities
William Matthews – Post Advisory Group
Good morning and welcome to the Penson Worldwide conference call. Before we begin, I would like to read Penson’s Safe Harbor statement.
Please note that this presentation contains certain forward-looking statements about management's goals, plans, and expectations which are subject to various risks and uncertainties outlined in the Risk Factors section of Penson Securities and Exchange Commission filings.
Actual results could differ materially from those currently anticipated and we disclaim any obligations to update information disclosed in this call as a result of developments which occur afterwards. (Operator Instructions) I would now like to turn the floor over to Mr. Philip Pendergraft, Chief Executive Officer.
Thank you for joining us here today. I’m here with Kevin McAleer, our Chief Financial Officer. Before I begin today’s presentation, I want to let you know that it is going to be a little bit heavier on numbers than normal, especially in the interest area. We want to make sure that we communicate clearly so please don’t hesitate to ask questions either now or later if we aren’t clear in some areas.
Last night we issued our first quarter news release. We reported revenues of $67.4 million, and net income of $140,000 or $0.01 per share. Excluding $1.3 million in expenses related to severance and the Broadridge transaction, net income would have been just under $1 million or $0.04 per share.