Consolidated revenues of IntercontinentalExchange(R), Inc. rose to a record USD232 million in the first quarter 2009, a 12% increase over first quarter 2008 revenues of USD207 million.
Consolidated net income for the first quarter of 2009 was USD72 million, a 22% decrease compared to USD92 million for the prior first quarter. Adjusted to exclude USD13 million in pre-tax charges related to ICE’s acquisition of The Clearing Corporation (TCC) and other restructuring charges, non-GAAP, or adjusted, net income for the quarter was USD80 million, a decrease of 13% compared to the first quarter of 2008.
Diluted earnings per share (EPS) in the first quarter were USD0.98. Adjusted to exclude the acquisition and other restructuring charges, diluted EPS for the quarter were USD1.09, down 16% compared to the prior year’s first quarter.
Volume in ICE’s futures segment, comprising ICE Futures Europe(R), ICE Futures U.S.(R) and ICE Futures Canada(R), reached a record 63 million contracts in the first quarter of 2009, a modest increase over the same period in 2008. In the first three months of 2009, average daily volume (ADV) for ICE Futures Europe was 638,055 contracts; ADV for ICE Futures U.S. and ICE Futures Canada was 360,909 contracts.
Average daily commissions (ADC) for ICE’s OTC energy markets during the first quarter of 2009 were USD1.1 million, a decline of 16% from the same period in 2008. Creditex Group Inc., ICE’s wholly-owned credit derivatives subsidiary, had brokerage revenues of USD36 million in the first quarter of 2009, which are also reflected in ICE’s OTC segment.
“ICE continues to dedicate significant resources to risk management services and execute on our strategic objectives globally, while remaining focused on our customers’ needs amid uncertainty in the broader financial markets,” says Jeffrey C. Sprecher, chairman and CEO, ICE.
“Despite the challenging environment, ICE has delivered the leading clearing solution to the credit derivatives market, as well as record OTC and ICE Futures Europe revenues. In addition to our robust futures markets, we are bringing leadership to the OTC markets with unparalleled capabilities in execution, processing and clearing.”
“Our consistently solid cash performance enables us to invest in growth opportunities that position us well for the eventual recovery of the financial markets,” says Scott Hill, CFO, ICE. ICE has a solid track record of prudent investment and delivering on acquisition synergies, and we’ve maintained this focus during the pronounced economic downturn over the past year, all while producing industry-leading growth.”
“The strong participation in our new credit facilities demonstrates confidence in our strategies and business model, and we believe it supports our ability to continue to act opportunistically.”
L.D.