 |
| |
|
Fiscal
Year Ended* |
|
|
|
|
|
|
Sept. 27,
2002 |
|
|
Sept.
28,
2001 |
|
|
Sept.
29,
2000 |
|
|
Sept.
24,
1999 |
|
|
Sept.
25,
1998 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Statements
of Operations Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commissions
and clearing fees |
|
$ |
252,526
|
|
$ |
269,384 |
|
$ |
389,742 |
|
$ |
188,082
|
|
$ |
84,509 |
|
Interest
revenue |
|
|
116,345
|
|
|
191,530 |
|
|
242,819 |
|
|
116,162
|
|
|
66,716 |
| |
Equity
income from investments |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
5,083 |
| |
Other |
|
|
74,182 |
|
|
37,763 |
|
|
21,890 |
|
|
10,213 |
|
|
5,956 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Total revenues |
|
|
443,053 |
|
|
498,677 |
|
|
654,451 |
|
|
314,457 |
|
|
162,264 |
| |
Client
interest expense |
|
|
12,260 |
|
|
43,947 |
|
|
74,019 |
|
|
42,435 |
|
|
28,373 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net revenues |
|
|
430,793 |
|
|
454,730 |
|
|
580,432 |
|
|
272,022 |
|
|
133,891 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee
compensation and benefits |
|
|
133,897 |
|
|
144,820 |
|
|
144,883 |
|
|
74,353
|
|
|
36,083 |
|
Communications |
|
|
36,091 |
|
|
39,896 |
|
|
36,394 |
|
|
18,591
|
|
|
12,926 |
| |
Occupancy
and equipment costs |
|
|
55,294 |
|
|
60,523 |
|
|
45,249 |
|
|
14,992 |
|
|
7,623 |
| |
Depreciation
and amortization |
|
|
27,945 |
|
|
36,033 |
|
|
21,624 |
|
|
6,753 |
|
|
3,362 |
| |
Professional
services |
|
|
36,512 |
|
|
54,992 |
|
|
71,478 |
|
|
40,644 |
|
|
11,530 |
| |
Interest
on borrowings |
|
|
5,110 |
|
|
11,067 |
|
|
16,412 |
|
|
4,463 |
|
|
905 |
| |
Other |
|
|
30,008 |
|
|
28,363 |
|
|
34,110 |
|
|
34,401 |
|
|
18,112 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Total operating
expenses |
|
|
324,857 |
|
|
375,694 |
|
|
370,150 |
|
|
194,197 |
|
|
90,541 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Operating
margin |
|
|
105,936 |
|
|
79,036 |
|
|
210,282 |
|
|
77,825 |
|
|
43,350 |
| Advertising |
|
|
61,047 |
|
|
134,770 |
|
|
225,820 |
|
|
59,717 |
|
|
43,614 |
| Gain on
sale of investments |
|
|
- |
|
|
(9,692 |
) |
|
- |
|
|
- |
|
|
(795) |
| Restructuring
and asset impairment charges |
|
|
63,406 |
|
|
38,268 |
|
|
4,726 |
|
|
- |
|
|
- |
| Debt conversion
expense |
|
|
- |
|
|
62,082 |
|
|
- |
|
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income
(loss) before income taxes |
|
|
(18,517) |
|
|
(146,392) |
|
|
(20,264) |
|
|
18,108 |
|
|
531 |
| Provision
for (benefit from) income taxes |
|
|
10,446 |
|
|
(55,215) |
|
|
(6,638) |
|
|
6,569 |
|
|
321 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income
(loss) |
|
$ |
(28,963) |
|
$ |
(91,177) |
|
$ |
(13,626) |
|
$ |
11,539 |
|
$ |
210 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic earnings
(loss) per share |
|
$ |
(0.13) |
|
$ |
(0.49) |
|
$ |
(0.08) |
|
$ |
0.07 |
|
$ |
0.00 |
| Diluted
earnings (loss) per share |
|
$ |
(0.13) |
|
$ |
(0.49) |
|
$ |
(0.08) |
|
$ |
0.07 |
|
$ |
0.00 |
| Weighted
average shares outstanding-basic |
|
|
227,327 |
|
|
185,830 |
|
|
175,025 |
|
|
175,342 |
|
|
174,188 |
| Weighted
average shares outstanding-diluted |
|
|
227,327 |
|
|
185,830 |
|
|
175,025 |
|
|
175,745 |
|
|
174,444 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Average
client trades per day |
|
|
83,890 |
|
|
101,998 |
|
|
114,332 |
|
|
49,305 |
|
|
18,407 |
| Number
of core accounts (1) |
|
|
2,842,000 |
|
|
1,794,000 |
|
|
1,233,000 |
|
|
560,000 |
|
|
306,000 |
| Assets
in client accounts (in billions) |
|
$ |
33.9 |
|
$ |
26.1 |
|
$ |
36.0 |
|
$ |
22.9 |
|
$ |
11.4 |
| Net revenue
per trade |
|
$ |
20.46 |
|
$ |
18.05 |
|
$ |
19.53 |
|
$ |
21.98 |
|
$ |
28.98 |
| Operating
expense per trade |
|
$ |
15.43 |
|
$ |
14.91 |
|
$ |
12.45 |
|
$ |
15.69 |
|
$ |
19.60 |
| Operating
margin percentage (2) |
|
|
25% |
|
|
17% |
|
|
36% |
|
|
29% |
|
|
32% |
| Return
on average equity (3) |
|
|
(5%) |
|
|
(38%) |
|
|
(6%) |
|
|
8% |
|
|
0% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
Includes
core brokerage account base only. Non-core accounts
(primarily clearing accounts, stock option administration
accounts and bank referral accounts) are not included. |
| (2) |
Operating
margin percentage is computed by dividing operating
margin by net revenues. |
| (3) |
Return
on average equity is computed by dividing net income
(loss) by stockholders' equity averaged on a quarterly
basis. |
| |
|
| *Fiscal
2000 was a 53-week year. All other periods presented
are 52-week years. |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
As of |
|
|
|
|
|
|
Sept. 27,
2002 |
|
|
Sept.
28,
2001 |
|
|
Sept.
29,
2000 |
|
|
Sept.
24,
1999 |
|
|
Sept.
25,
1998 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Consolidated
Balance Sheet Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash and
segregated investments |
|
$ |
5,863,507 |
|
$ |
2,068,391 |
|
$ |
338,307 |
|
$ |
1,019,370 |
|
$ |
527,982 |
| Receiveable
from clients and correspondents, net |
|
|
1,408,730 |
|
|
971,823 |
|
|
2,926,981 |
|
|
1,526,801 |
|
|
647,122 |
| Total assets |
|
|
9,800,841 |
|
|
3,653,871 |
|
|
3,798,236 |
|
|
3,037,083 |
|
|
1,290,402 |
| Payable
to clients and correspondents |
|
|
6,350,207 |
|
|
2,777,916 |
|
|
2,618,157 |
|
|
2,057.346 |
|
|
1,136,082 |
| Notes payable |
|
|
47,645 |
|
|
70,145 |
|
|
275,000 |
|
|
200,000 |
|
|
11,000 |
| Stockholders'
equity |
|
|
1,098,399 |
|
|
371,433 |
|
|
264,168 |
|
|
220,463 |
|
|
84,572 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
