Penson Worldwide, Inc. (PNSN)

Q2 2010 Earnings Conference Call

July 23, 2010 10:00 AM ET


Philip Pendergraft – CEO

Kevin McAleer – VP & CFO


Richard Repetto – Sandler O'Neil

Mike Vinciquerra – BMO

Howard Chen – Credit Suisse

Dave Capps – JPMorgan

David Scharf – JMP Securities

Jeff Graf – Springhouse Capital



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. Mr. Pendergraft, you may begin.

Philip Pendergraft

Thank you, and thank you for joining us. As usual I'm here with Kevin McAleer, our Chief Financial Officer. We have a presentation that accompanies our remarks today. It can be found on the Penson Investor Relations' page under the events calendar. Look for the PDF accompanying our conference call.

Last night we released our second quarter results. We reported net revenues of just over $71 million, and a net loss of approximately $7.4 million or $0.29 per share. This loss was compromise of three major components.

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