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NASDAQ OMX Reports Record Fourth Quarter 2013 Results

  • Fourth quarter 2013 net revenues 1 were a record $520 million, up 23% from the prior year quarter. On an organic basis, assuming constant currency and excluding acquisitions, net revenues increased 5% year-over-year.
  • Achieved record fourth quarter non-GAAP diluted EPS of $0.69, which was 8% higher year-over-year. Fourth quarter 2013 GAAP diluted EPS was $0.81.
  • Achieved organic revenue growth year-over-year in all three non-trading business segments, Information Services, Technology Solutions, and Listing Services.
  • Non-transaction based revenues were 73% of our total fourth quarter 2013 net revenues, and increased 27% from the prior year quarter.
  • Both recent acquisitions of eSpeed and the IR, PR, and Multimedia businesses of Thomson Reuters are contributing earnings accretion and progress continues on delivering the synergy potential of both transactions.
  • The company paid down $98 million in debt in the period, and the deleveraging plan is on schedule to return NASDAQ OMX to its long-term leverage target by the end of the second quarter of 2014.

NEW YORK, Feb. 5, 2014 (GLOBE NEWSWIRE) -- The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) today reported results for the fourth quarter of 2013. Fourth quarter net revenues were $520 million, up from $422 million in the prior year period, driven by both acquisitions and organic growth in Technology Solutions, Information Services, and Listing Services. On an organic basis fourth quarter net revenues increased 5% year-over-year.

"I am encouraged by the performance of our business and further validation of the strategic approach we've taken to more broadly service the financial community while effectively balancing our mix of revenue and earnings streams," said Bob Greifeld, CEO, NASDAQ OMX. "With nearly three quarters of our revenue derived from recurring sources, derivatives and fixed income contributing more than 60 percent of our transaction revenues, and nearly all of our revenues coming from products where we enjoy #1 or #2 competitive positions, our business model puts this company on very strong footing."

Mr. Greifeld continued, "What is especially satisfying about this quarter is our record results were delivered while we continue to invest heavily in our future, through promising internal initiatives and initial investments into our acquired businesses. As we look at 2014, we are optimistic that our business model is well positioned for any potential improvement to the global business environment while the diversity of offerings provides the opportunity to more broadly service our customers across the investment community."

On a non-GAAP basis, fourth quarter 2013 operating expenses were $313 million, up 33% as compared to the prior year quarter, primarily due to the inclusion of expenses associated with the acquisitions of the Thomson Reuters IR, PR and Multimedia businesses and the eSpeed electronic fixed income platform. On an organic basis (constant currency and excluding acquisitions), fourth quarter non-GAAP operating expenses were up 6%.  GAAP operating expenses were $282 million in the fourth quarter of 2013, compared to $247 million in the prior year quarter.

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