Van der Moolen: Net Income of EUR 7.9 Million in the First Quarter of 2003.Business Editors AMSTERDAM Amsterdam, city, Netherlands Amsterdam (ăm`stərdăm', Dutch ämstərdäm`), city (1994 pop. 724,096), constitutional capital and largest city of the Kingdom of the Netherlands, North Holland prov. , Netherlands--(BUSINESS WIRE)--May 8, 2003 Van der Moolen Van der Moolen is a Dutch equity trading firm, with its headquarters located in Amsterdam. They are mainly active in the United States and in Europe, particularly in the Netherlands, France, Germany, Switzerland and the United Kingdom. (NYSE NYSE See: New York Stock Exchange :VDM See Virtual DOS Machine and CGM. 1. VDM - Vienna Definition Method 2. VDM - Virtual Device Metafile. ) (EURONEXT  Euronext N.V. is a pan-European stock exchange based in Paris[1] :VDMN), specialist, market maker
and proprietary trader In a financial institution, a proprietary trader ( also known as a securities trader ) is a trader who trades securities on the account of the institution he/she works for, not for client-based business. in the important American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of and European Europeanemanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. equity, option and fixed income markets, realized net income from ordinary activities in the first quarter of 2003 of EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 7.9 million, 55% less than in the first quarter of 2002 and 53% less than in the fourth quarter of 2002 (before the fourth quarter charge for impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. of intangible fixed assets fixed assets npl → activo sg fijo fixed assets npl → immobilisations fpl fixed assets fix npl → ). Included in net income is a net book profit of EUR 1.9 million resulting from the sale of our interest in Tullett Plc. Net income per common share from ordinary business activities amounted to EUR 0.19, a 58% decrease compared to the first quarter of 2002 and a 55% decrease compared to the fourth quarter of 2002 (before the fourth quarter charge for impairment of intangible fixed assets). Of the 63 trading days In Business, the trading day is the time span that a particular stock exchange is open. For example, the New York Stock Exchange is, as of 2006, open from 09:30AM to 4:00PM. Trading days never take place on weekends. in the first quarter of 2003, Van der Moolen was able to close 62 (98%) with a positive trading result.
Key Figures
------------------------------------------------
Euros millions 1st 1st 4th
quarter quarter quarter
2003 2002 2002
------------------------------------------------ ---------------------
Revenues 48.4 77.9 -38% 77.4 -37%
------------------------------------------------ ---------------------
Operating income 12.3 32.3 -62% 11.9 3%
------------------------------------------------ ---------------------
Net income from ordinary activities before
impairment charges 7.9 17.7 -55% 16.8 -53%
------------------------------------------------ ---------------------
Impairment charges after tax - - (10.1)
------------------------------------------------ ---------------------
Net income from ordinary activities 7.9 17.7 -55% 6.7 18%
------------------------------------------------ ---------------------
Guarantee capital 548.2 643.1 -15% 573.6 -4%
------------------------------------------------ ---------------------
Per common share (Euros)
------------------------------------------------ ---------------------
Net income from ordinary activities before
impairment charges 0.19 0.44 -58% 0.42 -55%
------------------------------------------------ ---------------------
Net income from ordinary activities 0.19 0.44 -58% 0.15 23%
------------------------------------------------ ---------------------
Cash earnings 0.28 0.53 -48% 0.48 -42%
------------------------------------------------ ---------------------
F.M.J. (Fred (Friendly Rollabout Engineered for Doctors) A mobile medical conferencing unit. See videoconferencing. 1. FRED - Robert Carr. Language used by Framework, Ashton-Tate. 2. ) Bottcher, 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. of Van der Moolen, remarked: "Despite the increase in share prices in April, we have seen no material improvement in the market environment for our trading operations. Our efforts remain concentrated on risk management and cost reduction. Given current market conditions, we have no comment to make about the outlook for the full year 2003." Results for the first quarter of 2003 In the first quarter of 2003, most exchanges continued to experience poor turnover, largely as a result of price weakness. Intraday Intraday Another way of saying "within the day." Notes: This term is often used for the new highs and lows of a security. For example, "a new intraday high" means a security reached a new all-time high throughout the trading day, but then fell by closing. volatility Volatility 1. A statistical measure of the tendency of a market or security to rise or fall sharply within a period of time. 2. A variable in option pricing formulas that denotes the extent to which the return of the underlying asset will fluctuate between now and the returned to the low levels seen in the first half of 2002. End-investors - both private individuals and institutions - were largely on the sidelines On the sidelines An investor who decides not to invest due to market uncertainty. on the sidelines Of or relating to investors who, having assessed the market, have decided to avoid committing their funds. , so that professional traders Traders Individuals who take positions in securities and their derivatives with the objective of making profits. Traders can make markets by trading the flow. When they do this, their objective is to earn the bid/ask spread. accounted for a disproportionate dis·pro·por·tion·ate adj. Out of proportion, as in size, shape, or amount. dis  pro·por share of trading activity. In this market environment,
our opportunities to trade profitably were limited.Revenues for the quarter came to EUR 48.4 million, a decrease of 38% compared with the first quarter of 2002. This decrease resulted from negative organic revenue development (-30%), the effect of acquisitions (+3%) and foreign exchange effects (-11%), largely resulting from the depreciation of the U.S. dollar relative to the euro. Compared with the fourth quarter of 2002, revenues were down 37%, of which -33% was organic development and -4% resulted from depreciation of the dollar. In the first quarter of 2003, 81% of total revenues were earned in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , compared with 82% in the first quarter and 83% in the fourth quarter of 2002. Revenues at VDM Specialists fell by 41% year on year and 37% compared with the fourth quarter of 2002. In U.S. dollar terms, these figures were 28% and 32%, respectively. VDM Specialists closed every day of the first quarter of 2003 with a positive trading result. Revenues from U.S. option trading activities amounted to EUR 0.2 million, an improvement compared with the first quarter of 2002 but a decrease relative to the fourth quarter. Revenues from European trading of equities, bonds and options declined by 27% compared with the first quarter of 2002 and 28% compared with the fourth quarter. Transaction costs Transaction Costs Costs incurred when buying or selling securities. These include brokers' commissions and spreads (the difference between the price the dealer paid for a security and the price they can sell it). declined 16% year on year and 28% from the preceding quarter. A lower level of trading activity at all our trading groups accounts for the decrease. Operating costs operating costs npl → gastos mpl operacionales dropped by 22% compared with the first quarter of 2002, especially as a result of lower variable compensation expenses, depreciation of the U.S. dollar and the effects of cost containment cost containment, n the features of a dental benefits program or of the administration of the program designed to reduce or eliminate certain charges to the plan. measures carried out over the course of 2002. Compared to the fourth quarter of 2002, operating costs fell by 15% (excluding the charge for impairment of intangible fixed assets taken during the fourth quarter). First quarter 2003 operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. before amortization of intangible fixed assets came to EUR 13.8 million, a 59% decrease from the first quarter of 2002 and a 62% decrease from the fourth quarter (before impairment of intangible fixed assets). Our operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: (operating income before amortization of intangibles Property that is a "right" such as a patent, Copyright, or trademark, or one that is lacking physical existence, such as good will. divided by total revenues) was 29% in the first quarter, compared with 44% the year before and 47% in the preceding quarter (before impairment of intangible fixed assets). The decrease is primarily the consequence of the sharp fall in revenues experienced during the quarter: all cost categories were stable or showed decreases in nominal Trifling, token, or slight; not real or substantial; in name only. Nominal capital, for example, refers to extremely small or negligible funds, the use of which in a particular business is incidental. NOMINAL. Relating to a name. terms. Amortization of intangible fixed assets was EUR 1.5 million. Profit on the sale of our interest in Tullett Plc contributed EUR 1.9 million to our net income. The effective tax rate on our income from ordinary activities, after deduction deduction, in logic, form of inference such that the conclusion must be true if the premises are true. For example, if we know that all men have two legs and that John is a man, it is then logical to deduce that John has two legs. of minority interests, was 10%, which compares with 23% in the first quarter of 2002 and 29% in the fourth quarter (before impairment of intangible fixed assets). The lower tax burden is largely explained by the relatively greater effect of our concern financing company and the fiscal deduction of goodwill amortization in the U.S. in a period of low pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta income. In addition, since the profit on sale of the interest in Tullett Plc was not taxable, the effective rate was reduced. Minority interests declined by 52% year on year and 45% compared with the preceding quarter. In both cases, the decline is primarily explained by the lower pre-tax income earned by VDM Specialists. Net income from ordinary activities, after minority interests, was EUR 7.9 million, a decrease of 55% compared with the first quarter of 2002 and 53% compared with the fourth quarter (before the fourth quarter charge of impairment of intangible fixed assets). Net income was reduced by EUR 1.5 million as a result of losses at our U.S. option trading activities. Net income per common share from ordinary activities, calculated using the average number of common shares outstanding during the quarter and less dividends on preferred financing shares, was EUR 0.19, compared with EUR 0.44 (-58%) in the first quarter of 2002 and EUR 0.44 in the fourth quarter of 2002 (-55% before impairment of intangible fixed assets). Cash earnings per common share were EUR 0.28 in the first quarter of 2003, a 48% decrease year on year and a 42% decrease compared with the preceding quarter. Cashflow and investment Cashflow from operating activities decreased by EUR 59.3 million to a negative EUR 58.3 million, primarily as a result of temporary changes in working capital. Cashflows from investing activities were positive at EUR 2.9 million, and were primarily the result of selling our interest in Tullett Plc. Positive cashflows from financing activities primarily resulted from an increase in short term borrowings, partially offset by the repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. of shares and changes in minority interests. Balance Sheet Our balance sheet total rose from EUR 1.5 billion on 31 December December: see month. , 2002 to EUR 1.8 billion on 31 March, 2003. The rise is primarily the result of increases in positions in the process of clearing, especially fixed income positions. Shareholders' Equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. on March 31, 2003 was EUR 301.4 million, compared with EUR 312.2 million at the end of 2002. The depreciation of the U.S. dollar with respect to the euro had a negative effect on Shareholders' Equity, as did share repurchases Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. . This was partially compensated compensated /com·pen·sat·ed/ (kom´pen-sa?tid) counterbalanced; offset. by positive net income in the first three months of the year. As of May 1, 2003 a total of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 650,000 shares had been repurchased under the previously-announced repurchase program. N.B.: Van der Moolen has arranged for an analysts' conference call today at 16:00 CET CET abbr. Central European Time CET Central European Time CET n abbr (= Central European Time) → hora de Europa central CET abbr . This will be broadcast over www.vandermoolen.com.
Van der Moolen Holding N.V.
Consolidated Profit and Loss Account
(Dutch GAAP, Unaudited)
(amounts in millions of
Euros, except per share) Q1 Q1 % Q4 %
2003 2002 2002
--------------------------- -------------------------- ---------
Revenues 48.4 77.9 -38% 77.4 -37%
Transaction costs 7.6 9.1 -16% 10.5 -28%
Net revenues 40.8 68.8 -41% 66.9 -39%
Fixed personnel expenses 12.3 13.9 12.5
Variable personnel expenses 3.8 8.4 6.7
Seat leases 4.3 4.6 4.3
Information and
communication expenses 1.3 1.6 1.8
Depreciation 0.7 0.7 0.8
Amortization of intangible
fixed assets 1.5 1.7 2.8
Impairment of intangible
fixed assets - - 21.5
General and administrative
expenses 4.6 5.6 4.6
Total operating expenses 28.5 36.5 -22% 55.0 -48%
Operating income 12.3 32.3 -62% 11.9 3%
Net interest income
(expense) (2.8) (3.8) (2.8)
Gain on disposal of
financial fixed assets 1.9 - -
Income from ordinary
activities before tax 11.4 28.5 -60% 9.1 25%
Taxation 0.9 5.4 (2.3)
Income from ordinary
activities after tax 10.5 23.1 -55% 11.4 -8%
Extraordinary income after
taxation - - -
Extraordinary expense after
taxation - - -
Group income after taxation 10.5 23.1 -55% 11.4 -8%
Minority interest 2.6 5.4 4.7
Net income 7.9 17.7 -55% 6.7 18%
--------------------------- -------------------------- ----------
Net income from ordinary
activities before
impairment charges 7.9 17.7 -55% 16.8 -53%
Impairment charges after
tax - - (10.1)
Net income from ordinary
activities 7.9 17.7 -55% 6.7 18%
Dividends on financing
preferred shares 0.7 0.7 0.8
Net income from ordinary
activities attributable to
holders of common shares 7.2 17.0 -58% 5.9 22%
Cash earnings attributable
to holders of common
shares 10.6 20.3 -48% 18.5 -43%
Average number of common
shares outstanding 1) 38,225,334 38,332,903 0% 38,410,863 0%
Diluted average number of
common shares outstanding
1) 38,225,334 38,684,943 -1% 38,475,369 -1%
Per share data:
Net income from ordinary
activities before
impairment charges per
common share 1) EUR 0.19 EUR 0.44 -58% EUR 0.42 -55%
Diluted net income from
ordinary activities before
impairment charges per
common share 1) EUR 0.19 EUR 0.44 -57% EUR 0.42 -55%
Net income from ordinary
activities per common
share 1) EUR 0.19 EUR 0.44 -58% EUR 0.15 23%
Diluted net income from
ordinary activities per
common share 1) EUR 0.19 EUR 0.44 -57% EUR 0.15 23%
Cash earnings per share
(Cash EPS) EUR 0.28 EUR 0.53 -48% EUR 0.48 -42%
Diluted Cash EPS per share EUR 0.28 EUR 0.52 -47% EUR 0.48 -42%
--------------------------- ------------------------- ----------------
1) (Diluted) average number of common shares outstanding and EPS
figures for first quarter 2002 have been adjusted for stock dividends
issued in April 2002.
Van der Moolen Holding N.V. Q1 Q1 Q4
Revenue breakdown in millions of Euros 2003 2002 % 2002 %
---------------------------------------- ----------------- -----------
VDM Specialists 38.0 64.9 59.9
Net gain on principal transactions 29.5 54.3 -46% 49.1 -40%
Commissions 7.0 8.1 -14% 7.8 -10%
Other 1.5 2.5 -40% 3.0 -50%
U.S. Option Business 0.2 (1.1)-118% 3.3 -94%
European Trading 8.5 11.6 -27% 11.8 -28%
Other activities 1.7 2.5 -32% 2.4 -29%
---------------------------------------- ----------------- -----------
Total revenues 48.4 77.9 -38% 77.4 -37%
---------------------------------------- ----------------- -----------
Van der Moolen Holding N.V.
Operating income before amortization and
before impairment of intangible fixed Q1 Q1 % Q4 %
assets, breakdown in millions of Euros 2003 2002 2002
---------------------------------------------------------- -----------
VDM Specialists 17.9 40.1 -55% 33.6 -47%
U.S. Option Business (2.5) (5.8) -57% -
European Trading 0.4 1.0 -60% 1.2 -67%
Other activities (2.0) (1.3) 54% 1.4 -243%
---------------------------------------- ----------------- -----------
Total operating income before
amortization and before impairment of
intangible fixed assets 13.8 34.0 -59% 36.2 -62%
---------------------------------------- ----------------- -----------
VDM Specialists (VDMS) Q1 Q1 Q4
Key figures (Dutch GAAP) 2003 2002 2002
---------------------------------------- ----------------- -----------
VDM Specialists revenues ($ million) 40.7 56.9 59.7
Net gain on principal transactions 31.6 47.7 49.0
Commissions 7.5 7.1 7.8
Other 1.6 2.1 2.9
Total value of trading on NYSE ($
billion) 2,173 2,591 2,410
Value of trading in VDMS assignments ($
billion) 238 233 255
VDMS market share in dollar value NYSE 11.0% 9.0% 10.6%
VDMS value of principal shares traded ($
billion) 76 81 88
Participation rate 31.7% 34.9% 34.4%
VDMS net gain on principal transactions
($ million) 31.6 47.7 49.0
Realization rate (basis points) 4.2 5.9 5.6
---------------------------------------- ----------------- -----------
Source: NYSE, Van der Moolen
Van der Moolen Holding N.V.
Consolidated Balance Sheet
(Dutch GAAP, unaudited)
(amounts in millions of Euros) March 31, 2003 December 31, 2002
----------------------------------------------------------------------
Assets
Fixed assets
Intangible fixed assets 155.6 163.2
Tangible fixed assets 8.7 9.3
Financial fixed assets 111.5 121.6
------ ------
275.8 294.1
Current assets
Long positions securities 528.0 457.0
Clearing organizations and professional
parties 632.7 398.1
Accrued income and other receivables 10.4 11.5
Cash and cash-equivalents 311.4 334.0
------ ------
1,482.5 1,200.6
----------------------------------------------------------------------
Total assets 1,758.3 1,494.7
----------------------------------------------------------------------
Shareholders' equity and liabilities
Shareholders' equity 301.4 312.2
Minority interest 58.7 62.0
------ ------
Group equity 360.1 374.2
Provisions
Deferred tax liabilities 9.6 10.3
Other provisions 2.0 2.0
------ ------
11.6 12.3
Long-term liabilities
Subordinated debt 188.1 199.4
Long-term debt 6.6 6.9
------ ------
194.7 206.3
Short-term liabilities
Short positions securities 487.4 691.3
Clearing organizations and professional
parties 577.1 123.8
Short-term loans 38.0 8.3
Advanced by clearing organizations 68.8 42.5
Accrued expenses and other liabilities 20.6 36.0
------ ------
1,191.9 901.9
----------------------------------------------------------------------
Total shareholders' equity and
liabilities 1,758.3 1,494.7
----------------------------------------------------------------------
----------------------------------------------------------------------
Guarantee capital 548.2 573.6
----------------------------------------------------------------------
Van der Moolen Holding N.V.
Consolidated statement of cash flow/Schedule of movements in
Shareholders' equity
(Dutch GAAP, unaudited)
Consolidated statement of cash flow
------------------------------------------
(Amounts in millions of Euros)
3 months 3 months
2003 2002
------------------------------------------ ------------- -------------
Cash flow from operating activities
Net income 7.9 17.7
Net gain on disposal of financial fixed
assets (1.9) -
Minority interest 2.6 5.4
Depreciation and amortization of fixed
assets 2.2 2.4
Change deferred taxation 1.4 1.0
Change in provisions - -
Change in working capital (70.5) (25.5)
------ ------
(58.3) 1.0
Cash flow from investing activities
Investments in tangible fixed assets (0.1) (1.0)
Disposals of tangible fixed assets - 0.8
Acquired group companies, less cash
received - (61.5)
Divestments and repayments of financial
fixed assets 3.0 0.6
------ ------
2.9 (61.1)
Cash flow from financing activities
Net change in subordinated debt and long-
term liabilities (0.3) 46.2
Net change of short-term loans 29.7 61.4
Issued shares - 1.2
Purchase of common shares (4.3) -
Dividend payment (0.7) (0.7)
Net change in minority interest (3.6) 0.2
------ ------
20.8 108.3
Currency exchange differences on cash and cash-
equivalents, net of amounts advanced by clearing
organizations (14.3) 1.5
Change in cash and cash-equivalents, net of
amounts advanced by clearing organizations (48.9) 49.7
Cash and cash-equivalents, net of amounts advanced
by clearing organizations at January 1, 291.5 257.5
------ ------
Cash and cash-equivalents, net of amounts advanced
by clearing organizations at March 31, 242.6 307.2
-------------------------------------------------------- -------------
Movements in Shareholders' equity
------------------------------------------
(Amounts in millions of euros)
3 months 3 months
2003 2002
------------------------------------------ ------------- -------------
Shareholders' equity at January 1 312.2 265.7
Exercise of options - 1.2
Issue of financing preferred shares - -
Cash dividend - -
Currency exchange differences (13.7) 1.8
Net income for the period January 1 -
March 31, 7.9 17.7
Preferred dividend for the period January
1 - March 31 (0.7) (0.7)
Purchase of common shares (4.3) -
Other - -
------ ------
(10.8) 20.0
------ ------
Shareholders' equity at March 31 301.4 285.7
------------------------------------------ ------------- -------------
Van der Moolen Holding N.V.
Net income and Shareholders' equity
(US GAAP, unaudited)
(amounts in millions of Euros)
Q1 Q1 % Q4 %
2003 2002 2002
-------------------------- -------------------------- ----------------
Net income in accordance
with Dutch GAAP 7.9 17.7 -55% 6.7 18%
Adjustments to reported
net income
Amortization of intangible
fixed assets (0.4) (0.6) 0.8
Impairment of intangible
fixed assets 0.0 0.0 (14.6)
Pensions - 0.4 (1.2)
Stock options (1.3) (1.4) (1.3)
Other (1.0) 0.0 (0.4)
Taxation (1.2) (2.6) 1.9
---------------------- -----------
Net income in accordance
with US GAAP 4.0 13.5 -70% (8.1)-149%
Dividend on financing
preferred shares (0.7) (0.7) (0.8)
Net income in accordance
with US GAAP attributable
to common shares 3.3 12.8 -74% (8.9)-137%
Average number of common
shares outstanding 38,225,334 38,332,903 38,410,863
Diluted average number of
common shares outstanding 38,225,334 38,684,943 38,475,369
--------------------------
(amounts in euros)
--------------------------
Net income from ordinary
activities per common
share in accordance with
Dutch GAAP 0.19 0.44 -58% 0.15 23%
Net income per common share
(including net
extraordinary income) in
accordance with Dutch GAAP 0.19 0.44 0.15
Basic earnings per common
share in accordance with
US GAAP 0.09 0.33 -74% -0.23 -137%
Diluted net income from
ordinary activities per
common share in accordance
with Dutch GAAP 0.19 0.44 -57% 0.15 23%
Diluted net income per
common share (including
net extraordinary income)
in accordance with Dutch
GAAP 0.19 0.44 0.15
Diluted earnings per
common share in
accordance with US GAAP 0.09 0.33 -74% -0.23 -137%
-------------------------- -------------------------- ----------------
(amounts in millions of Euros ) March 31, Dec. 31,
2003 2002
----------------------------------------------------------------------
Shareholders' equity in accordance with Dutch GAAP 301.4 312.2
Adjustments to reported shareholders' equity
Goodwill and specialist assignments 212.5 219.2
Pensions 7.9 7.9
Taxation (18.9) (17.5)
Other 0.5 1.5
----------------------------------------------------------------------
Shareholders' equity in accordance with US GAAP 503.4 523.3
----------------------------------------------------------------------
Van der Moolen trades on the leading US and European equity, option and fixed income exchanges. The group trades in open outcry Open Outcry A method of trading on a commodity exchange by making verbal bids and offers in the trading pits. Notes: A contract is made if one trader cries out that he wants to sell at a certain price and then another trader yells out that he will buy at that same price. and electronic markets in several time zones. On the NYSE, Van der Moolen currently has a market share of more than 10% of transaction volume for which it acts as specialist. Van der Moolen's traders worldwide execute To run a program, which causes the computer to carry out its instructions. See executable code, instruction and EXE file. execute - execution an average of 75,000 trades a day. Turnover and price volatility are the most important factors influencing its results. Van der Moolen's shares are listed on Euronext Amsterdam (VDMN.AS). American Depositary Receipts American Depositary Receipt (ADR) Certificates issued by a US depository bank, representing foreign shares held by the bank, usually by a branch or correspondent in the country of issue. (ADRs) representing Van der Moolen shares are listed on the NYSE (VDM). Disclaimer (networking) disclaimer - Statement ritually appended to many Usenet postings (sometimes automatically, by the posting software) reiterating the fact (which should be obvious, but is easily forgotten) that the article reflects its author's opinions and not necessarily those of the : Certain statements contained in this press release constitute "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. ". These statements, which contain the words "anticipate", "believe", "intend", "estimate", "expect" and words of similar meaning, reflect management's beliefs and expectations and are subject to risks and uncertainties that may cause actual results to differ materially. As a result, readers are cautioned not to place undue reliance on such forward-looking statements, and are referred to the documents filed by the Company with the US Securities and Exchange Commission, specifically the Company's most recent filing on Form 20-F, which identify important risk factors that could cause actual results to differ. The Company disclaims any obligation to update its view of such risks and uncertainties or to publicly announce the result of any revisions ReVisions is a 2004 anthology of alternate history short-stories. It is edited by Julie E. Czerneda and Isaac Szpindel. Contents Title Author The Resonance of Light James Alan Gardner Out of China Julie E. to the forward-looking statements made herein, except where it would be required to do so under applicable law. |
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