TMX Group Inc., formerly TSX Group Inc., (TSX:X) announced results for the second quarter and first half ended June 30, 2008. On May 1, 2008, TMX Group and Montréal Exchange Inc. (MX) combined their businesses and, accordingly, the results of operations of MX are included in TMX Group's consolidated results of operations from May 1, 2008.
Certain comparative figures have been reclassified in order to conform with the financial presentation adopted in the current year.
Net income for 1H/08 was reduced due to a payment of $15.2 million to ISE Ventures, LLC (ISE Ventures), a wholly-owned subsidiary of International Securities Exchange Holdings, Inc. (ISE), related to terminating our previously announced derivatives joint venture.
Thomas Kloet, Chief Executive Officer of TMX Group said, "I am very pleased to be a part of TMX Group and to be able to report to you on the many accomplishments achieved by our team. Of great importance is the closing of the transaction to combine forces with the Montreal Exchange Inc. during this quarter. I am confident that as we integrate the Montreal Exchange within TMX Group, we will be uniquely positioned to deliver tremendous value to our many customers and shareholders. In the second half of 2008, we look forward to beginning to realize the benefits of the integration and to providing new solutions for customers."
Michael Ptasznik, Chief Financial Officer of TMX Group said, "We were pleased to report solid results for the second quarter of 2008 despite a tough market environment. We continued to see strong growth in both the market data and energy parts of our business and our results reflect a positive revenue contribution from MX, following the May 1, 2008 combination."
Revenue in Q2/08 was $130.1 million, up $23.7 million, or 22% as compared with $106.4 million in Q2/07 primarily reflecting $13.9 million in revenue related to the business operations of MX, which were combined with TMX Group on May 1, 2008 and increased issuer services and market data revenue. Revenue in Q2/08 also includes $3.9 million in revenue from The Equicom Group Inc. (Equicom), acquired on June 1, 2007 compared with $1.1 million in Q2/07. -- www.cnxmarketlink.com
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