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MarketAxess Reports Third Quarter 2013 Revenues Of $61.1 Million, Pre-Tax Income Of $26.4 Million And Diluted EPS From Continuing Operations Of $0.48

Stocks in this article: MKTX

Third Quarter Financial and Operating Highlights *

  • Revenues of $61.1 million, up 31.7%
  • Pre-tax income of $26.4 million, up 22.7%
  • Diluted EPS from continuing operations of $0.48, up from $0.37
  • Total trading volume of $174.4 billion, up 26.6%
  • Record estimated U.S. high grade market share of 14.9%

*All comparisons versus third quarter 2012.

NEW YORK, Oct. 23, 2013 (GLOBE NEWSWIRE) -- MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, and the provider of market data and post-trade services for the global fixed-income markets, today announced results for the third quarter ended September 2013.

"We are pleased to report a strong quarter with investor order flow driving an acceleration in market share gains. Our investments in Open Trading and CDS are beginning to show traction with an  increase in all-to-all trading activity and our temporary registration by the CFTC to operate a Swap Execution Facility," said Richard M. McVey, Chairman and Chief Executive Officer of MarketAxess. "We are delighted to have recently made two important board appointments with Lesley Daniels Webster and Jane Chwick bringing extensive risk management and technology expertise to our independent board."

Third Quarter Results

Total revenues for the third quarter of 2013 increased 31.7% to a $61.1 million, compared to $46.4 million for the third quarter of 2012. Pre-tax income was $26.4 million, compared to $21.5 million for the third quarter of 2012, an increase of 22.7%. Pre-tax margin was 43.2%, compared to 46.3% for the third quarter of 2012. Net income from continuing operations totaled $18.3 million, or $0.48 per share on a diluted basis, compared to $13.7 million, or $0.37 per share on a diluted basis, for the third quarter of 2012.

On September 30, 2013, the Company executed a stock purchase agreement to sell 100% of the outstanding shares of Greenline Financial Technologies, Inc. ("Greenline"), a wholly-owned subsidiary of the Company, to CameronTec Intressenter AB. The transaction closed on October 8, 2013. The aggregate purchase price was $11.0 million in cash, subject to a post-closing working capital adjustment. Greenline's operating results have been classified as discontinued operations in the Consolidated Statement of Operations for all periods presented and, accordingly, are not included in the period to period comparisons of continuing operations.

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