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


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.

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