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This report contains forward-looking
statements within the meaning of the federal securities
laws. We intend these forward-looking statements
to be covered by the safe harbor provisions for
forward-looking statements in the federal securities
laws. In particular, the following statements contained
in this report are forward-looking statements: our
expectations regarding the significant trends that
will affect our financial condition and results
of operations; our plans for the integration of
Datek Online Holdings Corp. ("Datek")
and anticipated synergies resulting from the Datek
merger; our expectations regarding the effect of
our new pricing schedule on commissions and clearing
fees per trade and client attrition; our expectations
regarding the effect on our revenues and profitability
of restrictions by the National Association of Securities
Dealers ("NASD") on specified trading
in cash accounts; our expectations regarding growth
of net interest revenue; our estimation of annualized
operating cash flow savings resulting from the disposal
of TradeCast Inc. and its affiliates ("TradeCast");
our expectation of reductions in the number of employees
resulting from the Datek merger integration; our
expected amount of advertising expenses; our anticipated
capital and liquidity needs and our plans to finance
such needs; our expectations regarding the modification
and extension of our revolving credit agreement;
our expectations regarding our stock repurchase
program; and our expectations regarding the impact
of recently issued accounting pronouncements. These
statements only reflect our expectations and are
not guarantees of performance. These statements
involve risks, uncertainties and assumptions that
could cause actual results or performance to differ
materially from our expectations. Important factors
that could cause our actual results or performance
to differ materially from our expectations are set
forth under the heading "Risk Factors".
The forward-looking statements contained in this
report speak only as of the date on which the statements
were made. We undertake no obligation to publicly
update or revise these statements, whether as a
result of new information, future events or otherwise.
Our significant accounting policies are disclosed
in the Notes to Consolidated Financial Statements
for the fiscal year ended September 27, 2002. In
the opinion of management, we do not have any critical
accounting policies which routinely involve unusually
difficult, subjective or complex judgments. However,
we adopted Statement of Financial Accounting Standards
(SFAS) No. 142, Goodwill and Other Intangible Assets
on September 29, 2001. SFAS No. 142 requires annual
testing of goodwill and intangible assets for impairment.
Our impairment testing of goodwill and intangible
assets requires us to estimate the fair value of
tangible and intangible assets within our reporting
units. These estimates involve subjectivity due
to lack of observable market data at the reporting
unit level. We completed our transitional goodwill
impairment test during the second fiscal quarter
of 2002. No impairment charges resulted from the
transitional impairment test.
Unless otherwise indicated, references to "we",
"us" or "Company" in this report
mean Ameritrade Holding Corporation and its subsidiaries. |
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