BHC Financial reports record third quarter earnings; Earnings per share up 58% on record net income.PHILADELPHIA--(BUSINESS WIRE)--Oct. 19, 1995--BHC Financial Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BHCF BHCF Bedford Hills Correctional Facility (New York) BHCF Brighton Heights Citizens Federation (Pittsburgh, PA) ) Thursday Thursday: see week. reported its results for the third quarter and nine months ended Sept. 29, 1995. Net income for the third quarter of 1995 totaled a record $3,729,000 on net revenues of $17,108,000 compared to $2,485,000 in net income on net revenues of $13,966,000 for the same 1994 quarter, a 50% increase in net income. Net income per common share for the third quarter of 1995 was 52 cents compared to 33 cents, or a 58% increase, for the same period in 1994. Net revenues for the third quarter of 1995 increased 22% over the same period in 1994. This increase was due to a 31% increase in transactions processed and a 68% increase in commission income. Other income ancillary Subordinate; aiding. A legal proceeding that is not the primary dispute but which aids the judgment rendered in or the outcome of the main action. A descriptive term that denotes a legal claim, the existence of which is dependent upon or reasonably linked to a main claim. to the brokerage processing function increased 59%. Clearing and execution fees totaled $7.5 million for the 1995 third quarter, an 8% increase over the third quarter last year, while net interest income totaled $3.4 million for the third quarter 1995, compared to $3.2 million for the 1994 third quarter. The third quarter of 1994 had 7 more interest days than the third quarter of 1995. Expenses for the third quarter of 1995, excluding interest, increased $1,012,000, or 10%, over the 1994 third quarter. The increase in expenses were related to direct costs associated with the increased volume and to additional personnel hired principally in the last four months of 1994 to maintain quality service levels and support growth through investments in technology. For the first nine months of 1995, net income was $10,102,000 versus $7,695,000 for the same 1994 period and net revenues were $48,203,000 compared to $41,710,000 for the 1994 nine month period. Net income per common share was $1.40 for the first nine months of 1995 compared to $1.01 for the same nine month period in 1994, a 39% increase. The 1995 net income per common share was based on 5% fewer shares outstanding reflecting the companies' stock buy back program. Commenting on the third quarter, William William, crown prince of Germany William or Frederick William, 1882–1951, crown prince of Germany, son of William II. In World War I he commanded (1914) an army on the Western Front and was nominal commander in the German attack T. Spane v. t. 1. To wean. , chairman, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , said, "Our record quarter is the result of continuing good expense control during a period of solid growth in transaction and other processing volume. The strong sales registered by our network of clients is especially impressive because in past years, we have seen a seasonal slowing in the third quarter. "With respect to new business, the two large clients, announced in July, brokerage affiliates of Republic National Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. and New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Life, are just beginning to come on line. We added two additional Clients this quarter. "In September, through our subsidiary TradeStar Investments Inc., we completed the recently announced purchase of a discount brokerage A discount brokerage is a business that charges clients significantly lower fees than traditional brokerages, typically offering comparatively fewer services and/or advice. unit from one of our current Clients. "This acquisition presents TradeStar with an opportunity to serve thousands of new retail accounts introduced through a large network of community banks. We are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that this acquisition will have a positive impact on TradeStars' operations in future periods." BHC BHC benzene hexachloride. BHC, ?-BHC see benzene hexachloride. Financial Inc., through its principal business unit BHC Securities Inc., is a leading national third-party provider of integrated processing and support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services to securities brokerage affiliates of banks and other financial institutions. -0-
BHC FINANCIAL, INC.
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(unaudited)
THIRD QUARTER NINE MONTHS ENDED
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1995 1994 1995 1994
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(IN THOUSANDS, EXCEPT
PER SHARE AMOUNTS)
NET REVENUE $ 17,108 $ 13,966 $ 48,203 $ 41,710 NET INCOME $ 3,729 $ 2,485 $ 10,102 $ 7,695 FULLY DILUTED EARNINGS PER SHARE $ .52 $ .33 $ 1.40 $ 1.01 FULLY DILUTED AVERAGE SHARES OUTSTANDING 7,163,000 7,606,000 7,207,000 7,621,000
SELECTED STATISTICAL INFORMATION
--------------------------------
(unaudited)
THIRD QUARTER NINE MONTHS ENDED
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1995 1994 1995 1994
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TOTAL TRANSACTIONS
PROCESSED 428,400 327,900 1,215,100 1,045,900
DAILY AVERAGE TRANSACTIONS PROCESSED 6,800 4,822 6,429 5,534 PROCESSING DAYS IN PERIOD 63 68 189 189 NUMBER OF CALENDAR DAYS 91 98 272 273 DAILY AVERAGE MARGIN DEBIT BALANCES (IN THOUSANDS) $ 309,363 $ 320,834 $ 321,880 $ 315,396 NUMBER OF ACTIVE ACCOUNTS 985,000 875,000 985,000 875,000 CONTACT: BHC Financial Inc., Philadelphia Larry Donato, 215/636-3005 Rick Bare, 215/636-3807 |
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