OptionsXpress 4Q profit rises 24 percent |
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Wed, 31 Jan 2007 15:22
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CHICAGO (AFX) - OptionsXpress Holdings Inc., which operates online brokerage and broker dealer services, on Wednesday said its fourth-quarter profit rose 24 percent, as greater trading activity offset a slowdown in account growth and a decline in average commissions.Quarterly earnings increased to $19.4 million, or 31 cents per share, from $15.6 million, or 25 cents per share, during the same period in 2005.Analysts polled by Thomson Financial forecast a profit of 29 cents per share.Revenue improved 24 percent to $49.3 million from $39.9 million during the same period a year earlier. Analysts expected revenue of $48.8 million.The company said daily average revenue trades in the quarter rose 11 percent to 26,900, compared with 24,400 during the same period in 2005. Trades per account fell to 34 trades from 39 trades, and the average commission per trade fell to $18.16 from $18.84.While total account growth slowed in the quarter, OptionsXpress surpassed the 200,000 mark to finish the year with 204,600, up 26 percent year over year.Annual earnings rose 47 percent to $71.7 million, or $1.15 per share, from $48.7 million, or 79 cents per share, in 2005. Revenue grew 45 percent to $186.9 million from $129 million.Shares of OptionsXpress rose 26 cents to $22.90 in premarket trading, having closed Tuesday at $22.64 on the Nasdaq.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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