 |
| For the years September
27, 2002, September 28, 2001 and September 29, 2000 |
| (In thousands, except
per share amounts) |
| |
|
|
2002 |
|
|
2001 |
|
|
2000 |
|
|
|
|
|
|
|
| Revenues: |
|
|
|
|
|
|
|
|
|
|
Commissions
and clearing fees |
|
$ |
252,526 |
|
$ |
269,384 |
|
$ |
389,742 |
| |
Interest
revenue |
|
|
116,345 |
|
|
191,530 |
|
|
242,819 |
| |
Other |
|
|
74,182 |
|
|
37,763 |
|
|
21,890 |
|
|
|
|
|
|
|
| |
|
Total revenues |
|
|
443,053 |
|
|
498,677 |
|
|
654,451 |
| |
Client
interest expense |
|
|
12,260 |
|
|
43,947 |
|
|
74,019 |
|
|
|
|
|
|
|
| |
|
Net revenues |
|
|
430,793 |
|
|
454,730 |
|
|
580,432 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
Employee
compensation and benefits |
|
|
133,897 |
|
|
144,820 |
|
|
144,883 |
| |
Communications |
|
|
36,091 |
|
|
39,896 |
|
|
36,394 |
| |
Occupancy
and equipment costs |
|
|
55,294 |
|
|
60,523 |
|
|
45,249 |
| |
Depreciation
and amortization |
|
|
27,945 |
|
|
36,033 |
|
|
21,624 |
| |
Professional
services |
|
|
36,512 |
|
|
54,992 |
|
|
71,478 |
| |
Interest
on borrowings |
|
|
5,110 |
|
|
11,067 |
|
|
16,412 |
| |
Other |
|
|
30,008 |
|
|
28,363 |
|
|
34,110 |
|
|
|
|
|
|
|
| |
|
Total operating expenses |
|
|
324,857 |
|
|
375,694 |
|
|
370,150 |
|
|
|
|
|
|
|
| |
|
Operating margin |
|
|
105,936 |
|
|
79,036 |
|
|
210,282 |
| Advertising |
|
|
61,047
|
|
|
134,770 |
|
|
225,820 |
| Gain on
sale of investment |
|
|
- |
|
|
(9,692) |
|
|
- |
| Restructuring
and asset impairment charges |
|
|
63,406 |
|
|
38,268 |
|
|
4,726 |
| Debt conversion
expense |
|
|
- |
|
|
62,082 |
|
|
- |
|
|
|
|
|
|
|
| Loss before
income taxes |
|
|
(18,517) |
|
|
(146,392) |
|
|
(20,264) |
| Provision
for (benefit from) income taxes |
|
|
10,446 |
|
|
(55,215) |
|
|
(6,638) |
|
|
|
|
|
|
|
| Net loss |
|
$ |
(28,963) |
|
$ |
(91,177) |
|
$ |
(13,626) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic and
diluted net loss per share |
|
$ |
(0.13) |
|
$ |
(0.49) |
|
$ |
(0.08) |
| Weighted
average shares outstanding |
|
|
227,327 |
|
|
185,830 |
|
|
175,025 |
| See notes
to consolidated financial statements. |
|
|
