NYSE Euronext (NYX) reported a GAAP net loss of (USD182) million, or (USD0.70) per diluted share, for the second quarter of 2009, compared to net income of USD195 million, or USD0.73 per diluted share for the second quarter of 2008.
Second quarter 2009 GAAP results include merger expenses and exit costs of (USD1.21) per diluted share, primarily related to severance and a one-time termination charge for NYSE Liffe Clearing. Second quarter 2008 GAAP results include a net (USD0.02) per diluted share negative impact from merger expenses and exit costs and the reversal of a litigation accrual. Pro forma non-GAAP diluted earnings per share excluding these items was USD0.51 in the second quarter of 2009, compared to USD0.75 in the second quarter of 2008.
In the second quarter, we reported higher pro forma net revenue, operating income and diluted earnings per share compared to the first quarter of 2009 and continued to make significant progress with our new business initiatives that will diversify our business model and drive future growth, says Duncan L. Niederauer, CEO, NYSE Euronext. While the severance and termination charges resulted in a GAAP loss for the quarter, the launch of NYSE Liffe Clearing in Europe earlier today is expected to generate revenues in excess of USD100 million annually and is anticipated to be accretive in 2009, and the staffing reductions we have made will result in significant future cost savings.
Additionally, we announced a joint venture with DTCC to establish a new, innovative and capital efficient approach to clearing interest rate derivatives and we completed the roll-out of speed enhancements for NYSE, reducing latency to an average of five milliseconds. As we move through the second half of 2009, we will continue to invest in future growth, while at the same time reducing our fixed-cost base.
The positive impact from our ongoing technology and non-technology cost saving initiatives continued in the second quarter with fixed costs down 6% year-over-year. Excluding the impact of foreign exchange rates and investment in new businesses, our underlying fixed expenses were down USD50 million, or 12%, compared to the second quarter of 2008. We now believe that we will exceed our cost savings targets for the year, says Michael S. Geltzeiler, group executive vice president and chief financial officer, NYSE Euronext.
L.D.