This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Penson Worldwide, Inc. Q1 2010 Earnings Call Transcript

Penson Worldwide, Inc. (PNSN)

Q1 2010 Earnings Call

May 7, 2010 10:00 am ET

Executives

Philip Pendergraft – CEO

Kevin McAleer – VP & CFO

Analysts

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


Presentation

Ope rator

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.

Phil ip Pendergraft

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.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,136.72 +4.75 0.03%
S&P 500 1,999.75 +0.77 0.04%
NASDAQ 4,559.8590 +7.10 0.16%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs