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SCHWAB REPORTS RECORD QUARTERLY RESULTS

 SAN FRANCISCO, April 15 /PRNewswire/ -- The Charles Schwab Corp. (NYSE: SCH) reported record quarterly net income of $35.4 million, or 90 cents per share, for the quarter ended March 31, 1993, compared with net income of $29.7 million, or 75 cents per share, for the same period in 1992.
 THE CHARLES SCHWAB CORP.
 Financial Highlights
 (In millions, except per-share amounts)
 Three Months Ended
 March 31, Percent
 1993 1992 Change
 Net revenues $236.3 $219.9 7
 Net income per share(A) 0.90 0.75 20
 (A) Amounts do not reflect three-for-two stock split declared March 25, 1993, to be distributed June 1, 1993.
 Net revenues for 1993's first quarter increased 7 percent over 1992's first quarter to a record $236.3 million. Commission revenues were $143.5 million, up 5 percent over last year's comparable period. Mutual fund service fees increased 54 percent to $20.6 million, primarily reflecting growth in Schwab's proprietary mutual fund balances and the No Transaction Fee (NTF) Mutual Fund Service introduced last July.
 Expenses excluding interest were $174.9 million for the first quarter of 1993, up 5 percent from the comparable period in 1992. A 43-percent increase in customer assets at Schwab, along with higher trading activity and record growth in the number of new accounts, resulted in greater expenditures during 1993's first quarter. The higher expenses were primarily related to additional staff, branch offices, marketing and product development to support the company's expansion, offset somewhat by lower depreciation and amortization expenses.
 "The company achieved record earnings and net revenues in the first quarter of 1993, and assets in client accounts grew more than 43 percent over the year-ago level to a record $73 billion," said Chairman Charles R. Schwab. "During the quarter, Schwab opened a record 183,000 new accounts, 29 percent more than those added during the same period last year, and assets in customer accounts increased by $7.4 billion during 1993's first quarter.
 "During the year-to-date, we have increased the quarterly cash dividend 25 percent to 7.5 cents per share, declared a three-for-two stock split, and opened five new offices, including our first European office located in London," he said. "Customer assets in Schwab's Mutual Fund Marketplace(R) and Schwab's equity and bond funds more than doubled from a year ago to $15.3 billion by March 31, 1993, including $3 billion in Schwab's No Transaction Fee Mutual Fund Service." The NTF program enables investors to buy over 90 mutual funds in 10 recognized fund families without a transaction fee. Schwab's IRA program attracted over $2.2 billion in customer assets and 61,000 new accounts during 1993's first quarter alone.
 The increased cash dividend is payable May 17, to stockholders of record May 3, 1993. The three-for-two stock split will be issued in the form of a 50-percent stock dividend to be distributed on June 1, 1993, to stockholders of record May 3, 1993.
 The Charles Schwab Corp., through its principal operating subsidiary, Charles Schwab and Co. Inc., is a leading provider of discount brokerage, no-fee IRAs, and no transaction fee mutual funds. Schwab serves 2.1 million active customers through 180 offices.
 THE CHARLES SCHWAB CORP.
 CONSOLIDATED STATEMENT OF INCOME
 (In millions, except per share amounts)
 Three Months Ended March 31: 1993 1992
 REVENUES
 Commissions $143.5 $137.3
 Interest 59.7 66.8
 Principal transactions 40.5 41.2
 Mutual fund service fees 20.6 13.4
 Other 5.7 6.3
 Total revenues 270.0 265.0
 Interest expense 33.7 45.1
 Net revenues 236.3 219.9
 EXPENSES EXCLUDING INTEREST
 Compensation and benefits 95.4 90.8
 Communications 22.1 19.3
 Occupancy and equipment 17.0 15.1
 Depreciation and amortization 9.5 13.1
 Advertising and market development 9.4 8.1
 Commissions, clearance and
 floor brokerage 10.7 9.6
 Professional services 2.8 3.0
 Other 8.0 8.0
 Total expenses excluding interest 174.9 167.0
 Income before taxes on income 61.4 52.9
 Taxes on income 26.0 23.2
 NET INCOME $ 35.4 $ 29.7
 Weighted average number of common
 and common equivalent shares(A) 39.3 39.4
 EARNINGS PER COMMON EQUIVALENT SHARE(A) $ 0.90 $ 0.75
 DIVIDENDS DECLARED PER COMMON SHARE(A) $ .060 $ .040
 (A) Amounts do not reflect three-for-two common stock split declared March 25, 1993.
 -0- 4/15/93
 /CONTACT: Hugo W. Quackenbush, chief finanical adviser, or Mark C. Thompson, of Charles Schwab, 415-627-7810/
 (SCH)


CO: The Charles Schwab Corp.; Charles Schwab & Co. Inc. ST: California IN: FIN SU: ERN

JW-LM -- SF011 -- 6128 04/15/93 10:34 EDT
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Date:Apr 15, 1993
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