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Revenue Increases 45 Percent, Operating Margin Expands 20 Percentage Points
CHICAGO, Oct. 17 /PRNewswire-FirstCall/ -- CBOT Holdings, Inc., holding company for the Chicago Board of Trade (CBOT(R)), announced today that revenue for the third quarter 2006 increased 45 percent to $163.0 million compared with $112.2 million in the third quarter of 2005. Net income for the quarter more than doubled, hitting a new high of $48.8 million versus $19.8 million for the comparable period last year. Third quarter 2006 earnings per diluted share were $0.92 compared to $0.40 in last year's third quarter. These record-setting results were driven by trading volume growth across all product categories, higher average exchange fee rates and tight cost controls.
Exchange and clearing revenue for the third quarter 2006 increased 49 percent to $123.2 million from $82.7 million in the third quarter of 2005. In addition, market data revenue rose 30 percent to $23.7 million in the quarter, up from $18.3 million in the third quarter of 2005. Third quarter operating income was $80.8 million, up from $32.9 million in the same period last year.
"This was another strong quarter for the CBOT, as we continued to build on our positive momentum and make significant progress on our global expansion strategy. During the third quarter we launched several important initiatives, strengthening our business model and better positioning CBOT for continued growth. We focused on meeting the needs of our diverse customer base, introducing electronic trading of our Agricultural futures during daytime trading hours, launching our new joint venture, JADE, which offers Asian-based commodities and continuing to enhance our Metals complex and capture greater market share," said Bernard W. Dan, President and Chief Executive Officer of CBOT.
"Today, we also announced that a landmark agreement has been reached between CME and CBOT to merge the two organizations to create the world's most diverse, global derivatives exchange. Moving forward, we are committed to working with CME's leadership to close this transaction and unlock the tremendous potential we believe the combined company will deliver to customers and shareholders. I firmly believe that together we will be better positioned to compete globally and leverage the unique strengths of each organization to drive long-term growth," said Dan.
Third quarter revenue growth was fueled by higher trading volume, an increase in the average rate per contract, and the positive impact of a market data price increase implemented January 1, 2006. The average rate per contract rose 23 percent compared with the same quarter a year ago primarily due to pricing changes implemented on July 1, 2006. Additionally, the average rate per contract was positively impacted by increased electronic trading resulting from the electronic trading of Agricultural futures during daytime trading hours beginning August 1, 2006. The average rate per contract represents total exchange and clearing fee revenue divided by total reported trading volume.
Trading volume for the third quarter was 199.3 million contracts, an increase of 21 percent compared with 165.2 million contracts traded during last year's third quarter. Average daily volume (ADV) in the third quarter this year was 3.2 million contracts, up 23 percent compared with ADV of 2.6 million in the 2005 third quarter. In addition, ADV on the CBOT's e-cbot(R) electronic trading platform, rose to 71 percent of total exchange ADV, up from 66 percent in the third quarter of 2005, reflecting the successful introduction and strong adaptation to the side-by-side trading of Agricultural futures.
Total operating expenses of $82.2 million were up 4 percent over the prior year's third quarter. Volume-based expenses of $20.4 million rose 18 percent, in line with the growth in trading volume. Baseline and other costs, or non- volume based expenses, remained relatively flat at $61.7 million this quarter compared to $61.9 million in the third quarter of 2005, contributing to a significant boost in operating margin. The third quarter operating margin expanded by more than 20 percentage points to 49.6 percent from 29.3 percent in the same period last year.
Key Financial Metrics (in millions, except rate per contract)
Quarter Ended Sept. 30 Sept. 30 June 30
2006 2005 2006
Average Daily Volume 3.2 2.6 3.3
Reported Trading Volume 199.3 165.2 208.0
Average Rate per Contract $0.618 $0.501 $0.564
Revenue $163.0 $112.2 $158.5
Operating Income $80.8 $32.9 $72.8
Operating Margin 49.6% 29.3% 45.9%
Net Income $48.8 $19.8 $43.5
Depreciation & Amortization $13.7 $13.1 $14.8
Non-Cash Stock Compensation $.543 $0 $1.3
Capital Expenditures $8.7 $7.8 $6.7
CBOT Third Quarter 2006 Operational Highlights
-- Introduced electronically-traded Binary options on the Target Federal
Funds rate with much success, expanding its short-term interest rate
product set.
-- Introduced a new Global Developing Markets Program, furthering its
strategy to expand global access to the CBOT's markets.
-- Experienced strong results in Five-and Ten-Year Swap futures following
launch of market maker program with Citigroup and Goldman Sachs on
July 3, 2006. ADV for September 2006 was three times greater than
August 2006 and open interest had quadrupled at quarter end compared
to July 3, 2006.
-- Successfully launched Agricultural futures on the CBOT electronic
trading platform during daytime trading hours on August 1, 2006.
Following the launch of side-by-side trading of CBOT Agricultural
products, the complex hit a new daily record for trading volume as
well as reaching records for electronic trading.
-- Announced new process and delivery enhancements to its Metals complex,
creating a more flexible trading environment.
-- Announced plan to list Metal options in CBOT open auction markets,
side-by-side electronic trading of the contracts in the fourth
quarter.
-- Announced plan to launch a new Dow Jones-AIG Excess Return Commodity
Index futures contract. The contract was introduced on October 2,
2006.
-- Announced a joint marketing initiative between Reuters and CBOT to
promote access to CBOT markets via Reuters terminals.
-- Announced changes to CBOT pricing and membership structure effective
October 1, 2006. The changes focused on rewarding liquidity providers
and further segmenting the fee structure.
-- Launched JADE, a joint venture between the CBOT and SGX, on September
25, 2006, with a Natural Rubber futures contract, its first Asian-
based commodity derivatives product traded on the all electronic
Exchange.
-- Accounted for 52 percent of all listed Metals futures traded in North
America, for the month of September, up from only 7 percent in
September 2005 and 40 percent in June 2006.
Outlook
Given current market conditions and what is known today, CBOT Holdings currently expects the following for the fourth quarter of 2006:
-- Baseline and other expenses, which equal total operating
expenses less volume-based expenses, of $62 million to $65 million,
including about $500 to $600 thousand of non-cash stock based
compensation expense, but excluding incremental expenses expected to
be incurred in connection with the merger.
-- Diluted shares outstanding of approximately 52.9 million.
-- Volume based expenses which include clearing costs and contracted
license fees of around $0.103 per reported contract.
-- An increase in the overall rate per contract from the current rate of
about 3 to 6 percent.
The company does not provide an outlook for trading volume or revenue but does report the trading volume daily on its website at http://www.cbot.com/cbot/pub/page/0,3181,370,00.html .
3Q 2Q 1Q 4Q 3Q 2Q 1Q
2006 2006 2006 2005 2005 2005 2005
Trading Days 63 63 62 63 64 64 61
AVERAGE RATE
PER CONTRACT 3Q 2Q 1Q 4Q 3Q 2Q 1Q
PRODUCT: 2006 2006 2006 2005 2005 2005 2005
Interest Rate 0.568 0.523 0.517 0.537 0.469 0.467 0.482
Agriculture 0.790 0.680 0.673 0.666 0.631 0.643 0.641
Equity Index 0.779 0.712 0.760 0.789 0.672 0.630 0.578
Metals, Energy
& Other 1.048 0.986 1.312 1.559 1.360 1.312 0.855
Overall
average rate
per contract 0.618 0.564 0.552 0.570 0.501 0.499 0.507
VENUE:
Open-Auction 0.524 0.515 0.515 0.507 0.485 0.483 0.491
Electronic 0.562 0.503 0.495 0.506 0.411 0.397 0.400
Off-Exchange 3.172 2.564 2.296 2.299 2.117 2.404 2.131
Overall
average rate
per contract 0.618 0.564 0.552 0.570 0.501 0.499 0.507
AVERAGE DAILY VOLUME (Round Turns, in thousands)
3Q 2Q 1Q 4Q 3Q 2Q 1Q
PRODUCT: 2006 2006 2006 2005 2005 2005 2005
Interest Rate 2,507 2,588 2,561 1,951 2,123 2,368 2,356
Agriculture 490 529 412 331 350 404 373
Equity Index 110 131 113 112 103 115 105
Metals, Energy
& Other 56 54 22 9 5 3 4
Total 3,163 3,302 3,108 2,404 2,582 2,889 2,838
VENUE:
Open-Auction 850 990 887 685 773 940 940
Electronic 2,232 2,220 2,132 1,633 1,707 1,843 1,772
Off-Exchange 81 91 88 86 102 106 126
Total 3,163 3,302 3,108 2,404 2,582 2,889 2,838
TRANSACTION FEES (in thousands)
3Q 2Q 1Q 4Q 3Q 2Q 1Q
PRODUCT: 2006 2006 2006 2005 2005 2005 2005
Interest Rate $89,673 $85,339 $82,032 $65,994 $63,741 $70,733 $69,327
Agriculture 24,378 22,664 17,176 13,869 14,150 16,604 14,598
Equity Index 5,416 5,859 5,337 5,588 4,439 4,627 3,687
Metals, Energy
& Other 3,699 3,360 1,805 908 393 252 184
Total $123,166 $117,221 $106,351 $86,360 $82,722 $92,216 $87,796
VENUE:
Open-Auction $28,060 $32,136 $28,356 $21,885 $23,979 $29,085 $28,185
Electronic 79,000 70,341 65,442 52,013 44,872 46,883 43,285
Off-Exchange 16,106 14,745 12,552 12,462 13,871 16,247 16,325
Total $123,166 $117,221 $106,351 $86,360 $82,722 $92,216 $87,796
Merger Announcement Conference Call
Executives of CBOT Holdings, Inc. will host a conference call with executives of CME to review the merger agreement today, October 17, 2006, at 8:30 am ET / 7:30 am CT. The conference call and any accompanying slides will be publicly available via live webcast from the investor relations section of the CBOT Holdings website at http://www.cbot.com/ . The webcast will be available for replay at the same address approximately two hours following its conclusion. Those wishing to listen to the live conference via telephone should dial 800.659.2032 (U.S. callers) and 617.614.2712 (International callers) at least 10 minutes before the call begins. The verbal passcode for the call is "CBOT Holdings." To listen to an archived recording after the call, please dial 888.286.8010 (U.S. callers) and 617.801.6888 (International callers). The passcode for the replay is 24590429.
Earnings Conference Call
In lieu of an earnings conference call, CBOT Holdings, Inc. has posted a written review of its third quarter earnings on its website. Please go to the investor relation's section of cbot.com to access this document.
About the CBOT
As one of the leading global derivative exchanges, the Chicago Board of Trade provides a diverse mix of financial, equity, and commodity futures and options-on-futures products. Building on its 158-year history, the CBOT continues to advance into the future using the strength of deep liquidity, market integrity and member-trader expertise. Using superior trading technology in both electronic and open-auction trading platforms, the CBOT provides premier customer service to risk managers and investors worldwide. For more information visit our website at http://www.cbot.com/ .
Forward-Looking Statements
Certain statements in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and includes any use of the words "may," "should," "could," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential" or "continue". These statements are based on management's current expectations and involve assumptions that may be subject to change or risks and uncertainties that could cause actual results to differ materially from those set forth in the statements. Accordingly, actual outcomes and results may differ materially from what is expressed or implied in any forward-looking statement contained in this press release. The factors that may affect our performance may be found in the Annual Report on Form 10-K and other periodic reports filed by CBOT Holdings, Inc. with the U.S. Securities and Exchange Commission ("SEC"). These filings can be obtained at the SEC's website at http://www.sec.gov/ . We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
CBOT Holdings, Inc. and Subsidiaries
Consolidated Statements of Financial Condition
(unaudited, in thousands)
09/30/05 12/31/05 03/31/06 06/30/06 09/30/06
ASSETS
Current assets:
Cash and cash
equivalents:
Unrestricted $73,436 $99,575 $99,882 $60,629 $92,950
Held under deposit and
membership transfers 862 1,746 4,966 5,279 2,790
Total cash and cash
equivalents 74,298 101,321 104,848 65,908 95,740
Restricted cash 17,254 14,031 29,203 9,182 9,220
Short term investments 64,199 239,888 253,979 327,956 338,426
Accounts receivable -
net of allowance 38,310 33,671 50,962 55,959 60,099
Deferred income taxes 2,974 1,962 1,921 2,240 2,489
Prepaid expenses 21,114 18,410 23,233 20,778 19,020
Total current assets 218,149 409,283 464,146 482,023 524,994
Property and equipment:
Land 34,234 34,234 34,234 34,234 34,234
Buildings and equipment 328,992 333,014 335,415 340,113 341,171
Furnishings and
fixtures 197,054 198,083 189,188 180,813 184,098
Computer software and
systems 84,112 93,636 93,719 93,294 93,987
Construction in
progress 11,440 5,577 4,469 4,145 4,853
Total property and
equipment 655,832 664,544 657,025 652,599 658,343
Less accumulated
depreciation and
amortization 400,110 409,789 412,108 415,691 426,282
Property and equipment
- net 255,722 254,755 244,917 236,908 232,061
Other assets - net 19,252 21,829 21,229 23,403 23,304
Total assets $493,123 $685,867 $730,292 $742,334 $780,359
LIABILITIES AND
STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $14,960 $20,455 $12,965 $12,291 $13,125
Accrued clearing
services 12,630 11,286 15,023 16,490 15,670
Accrued real estate
taxes 9,595 7,730 6,078 8,108 5,605
Accrued payroll costs 5,568 6,351 2,966 4,931 7,739
Accrued exchange fee
rebates 2,278 1,200 659 400 450
Accrued employee
termination 302 3,063 1,755 1,141 786
Accrued liabilities 7,625 7,395 7,241 10,672 10,935
Funds held for deposit
and membership
transfers 17,230 14,821 33,220 13,532 11,088
Current portion of
long-term debt 19,588 19,366 19,455 20,014 11,877
Income tax payable 1,764 5,751 24,425 6,001 10,325
Other current
liabilities 322 5,183 432 412 278
Total current
liabilities 91,862 102,601 124,219 93,992 87,878
Long-term liabilities:
Deferred income tax
liabilities 23,468 17,204 14,872 12,200 8,680
Long-term debt 11,810 10,716 - - -
Other liabilities 13,412 13,584 13,837 14,080 12,371
Total long-term
liabilities 48,690 41,504 28,709 26,280 21,051
Total liabilities 140,552 144,105 152,928 120,272 108,929
Stockholders' equity:
Common stock 49 53 53 53 53
Additional paid-in
capital 315,500 486,990 487,404 488,651 489,195
Retained earnings 37,022 54,719 89,821 133,281 182,094
Accumulated other
comprehensive income - - 86 77 88
Total stockholders'
equity 352,571 541,762 577,364 622,062 671,430
Total liabilities and
stockholders' equity $493,123 $685,867 $730,292 $742,334 $780,359
CBOT Holdings, Inc. and Subsidiaries
Consolidated Statements of Income
(unaudited, in thousands, except per share data)
QUARTER ENDED
12/31/05 03/31/06 06/30/06 09/30/06 09/30/05
Revenues:
Exchange fees $68,086 $83,120 $91,855 $93,901 $62,696
Clearing fees 18,274 23,231 25,366 29,265 20,027
Market data 18,765 23,643 26,286 23,709 18,289
Building 5,479 5,505 5,910 5,768 5,595
Services 3,852 4,236 4,299 4,431 4,230
Interest 2,612 3,483 4,363 5,382 1,073
Other 293 351 407 550 258
Total revenues 117,361 143,569 158,486 163,006 112,168
Expenses:
Clearing services 14,286 18,023 19,490 18,671 15,630
Contracted license fees 1,733 1,738 1,914 1,771 1,718
Salaries and benefits 20,488 19,102 19,028 18,955 18,127
Depreciation and
amortization 13,732 14,086 14,789 13,671 13,144
Professional services 6,424 3,939 4,558 3,661 4,979
General and administrative
expenses 6,059 5,076 4,546 3,885 5,427
Building operating costs 6,006 6,603 6,002 5,406 6,542
Information technology
services 11,870 12,230 11,885 13,282 10,660
Programs 3,104 2,627 3,086 2,497 2,306
Interest 607 585 388 304 633
Litigation - - - - -
Severance and related costs 3,032 1,036 (22) 67 113
Operating expenses 87,341 85,045 85,664 82,170 79,279
Income from operations 30,020 58,524 72,822 80,836 32,889
Income taxes
Current 17,481 25,466 32,168 35,460 15,586
Deferred (5,252) (2,291) (3,042) (3,777) (2,521)
Total income taxes 12,229 23,175 29,126 31,683 13,065
Income before equity in
unconsolidated subsidiary 17,791 35,349 43,696 49,153 19,824
Equity in loss of
unconsolidated subsidiary -
net of tax (94) (246) (237) (340) -
Net income $17,697 $35,103 $43,459 $48,813 $19,824
Earnings per share: (1)
Basic $0.34 $0.66 $0.82 $0.92 $0.40
Diluted $0.34 $0.66 $0.82 $0.92 $0.40
Weighted average number of
common stock shares: (2)(3)
Basic 52,079 52,787 52,792 52,794 49,360
Diluted 52,116 52,840 52,848 52,865 49,360
(1) Income used in the calculation of earnings per share, only includes
earnings allocated to each reported period after April 22, 2005, the
date the CBOT demutualized and became a stock, for-profit company.
The amount of income allocated to the period before April 22, 2005 and
not included in the calculation of earnings per share was $21,824 for
the nine months ended September 30, 2005.
(2) CBOT members received an aggregate of 49,360 shares of Class A common
stock of CBOT Holdings as a result of the demutualization. Weighted
average number of shares used in the calculation is based on the
average number of shares outstanding after April 22, 2005 rather than
the entire reporting period.
(3) On October 24, 2005, CBOT Holdings closed an initial public offering
of its Class A common stock. The number of shares of Class A common
stock outstanding immediately after this offering was 52,787 shares.
Operating expense makeup:
Volume-based 16,019 19,761 21,404 20,442 17,348
Baseline 68,290 64,248 64,282 61,661 61,818
Other 3,032 1,036 (22) 67 113
Total 87,341 85,045 85,664 82,170 79,279
YTD
09/30/06 09/30/05
Revenues:
Exchange fees $268,876 $198,871
Clearing fees 77,862 63,863
Market data 73,638 55,117
Building 17,183 16,682
Services 12,966 11,444
Interest 13,228 2,488
Other 1,308 747
Total revenues 465,061 349,212
Expenses:
Clearing services 56,184 49,524
Contracted license fees 5,423 5,123
Salaries and benefits 57,085 54,662
Depreciation and amortization 42,546 41,189
Professional services 12,158 14,129
General and administrative expenses 13,507 15,516
Building operating costs 18,011 19,694
Information technology services 37,397 32,729
Programs 8,210 7,411
Interest 1,277 2,351
Litigation - 4,000
Severance and related costs 1,081 277
Operating expenses 252,879 246,605
Income from operations 212,182 102,607
Income taxes
Current 93,094 49,165
Deferred (9,110) (5,771)
Total income taxes 83,984 43,394
Income before equity in
unconsolidated subsidiary 128,198 59,213
Equity in loss of unconsolidated
subsidiary - net of tax (823) (367)
Net income $127,375 $58,846
Earnings per share: (1)
Basic $2.41 $0.75
Diluted $2.41 $0.75
Weighted average number of common
stock shares: (2)(3)
Basic 52,791 49,360
Diluted 52,851 49,360
(1) Income used in the calculation of earnings per share, only includes
earnings allocated to each reported period after April 22, 2005, the
date the CBOT demutualized and became a stock, for-profit company.
The amount of income allocated to the period before April 22, 2005 and
not included in the calculation of earnings per share was $21,824 for
the nine months ended September 30, 2005.
(2) CBOT members received an aggregate of 49,360 shares of Class A common
stock of CBOT Holdings as a result of the demutualization. Weighted
average number of shares used in the calculation is based on the
average number of shares outstanding after April 22, 2005 rather than
the entire reporting period.
(3) On October 24, 2005, CBOT Holdings closed an initial public offering
of its Class A common stock. The number of shares of Class A common
stock outstanding immediately after this offering was 52,787 shares.
Operating expense makeup:
Volume-based 61,607 54,647
Baseline 190,191 187,681
Other 1,081 4,277
Total 252,879 246,605
CBOT Holdings, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(unaudited, in thousands)
QUARTER ENDED
12/31/05 03/31/06 06/30/06 09/30/06 09/30/05
Cash flows from operating
activities:
Net income $17,697 $35,103 $43,459 $48,813 $19,824
Adjustments to reconcile
net income to net cash
flows from operating
activities:
Depreciation and
amortization 13,732 14,086 14,789 13,671 13,144
Deferred income taxes
(benefit) (5,252) (2,291) (3,042) (3,777) (2,521)
Stock-based compensation 1,774 413 1,248 544 -
Change in allowance for
doubtful accounts (118) - 85 20 78
Gain / loss on foreign
currency transaction (23) (2) 11 3 (46)
Gain / loss on sale or
retirement of fixed
assets 185 7 - 21 8
Equity in loss of
unconsolidated
subsidiary 155 411 394 567 -
Amortization of short
term investment
discounts (1,074) (1,094) (125) (2,674) (111)
Changes in assets and
liabilities:
Accounts receivable 3,546 (16,654) (2,150) (4,602) 1,596
Income tax
receivable / payable 3,987 18,674 (18,424) 4,324 (371)
Prepaid expenses 2,704 (4,823) 2,455 1,758 (49)
Other assets 149 376 (2,628) 428 19
Accounts payable 5,495 (7,490) (674) 834 862
Accrued clearing
services (1,344) 3,737 1,467 (820) (2,373)
Accrued real estate
taxes (1,865) (1,652) 2,030 (2,503) 1,600
Accrued payroll costs 783 (3,385) 1,965 2,808 1,582
Accrued exchange fee
rebates (1,078) (541) (259) 50 508
Accrued employee
termination 2,761 (1,308) (614) (355) 29
Accrued liabilities 769 (702) 1,047 148 (434)
Funds held for deposit
and membership
transfers (2,409) 18,399 (19,688) (2,444) (6,893)
Other current
liabilities 4,861 (4,751) (20) (134) (4,378)
Other long-term
liabilities 172 253 243 (1,709) (1,636)
Net cash flows
from operating
activities 45,607 46,766 21,569 54,971 20,438
Cash flows from investing
activities:
Acquisition of property
and equipment (12,825) (4,195) (6,658) (8,721) (7,777)
Purchase of short term
investments (221,038) (124,483) (275,633) (85,151) (49,285)
Proceeds from short term
investments 46,423 111,486 201,781 77,355 9,897
Restricted cash 3,223 (15,172) 20,021 (38) 4,848
Proceeds from sale of
property and equipment 1 93 - (1) -
Investment in joint
ventures (3,006) (254) (20) (1,000) (1)
Net cash flows used in
investing activities (187,222) (32,525) (60,509) (17,556) (42,318)
Cash flows from financing
activities:
Repayments of borrowings (1,082) (10,714) - (7,583) (7,740)
Net proceeds from initial
public offering 169,498 - - - -
Excess tax benefit of
stock compensation 222 - - - -
Capital contributions
from members - - - - -
Net cash flows from
(used in) financing
activities 168,638 (10,714) - (7,583) (7,740)
Net increase (decrease)
in cash and cash
equivalents 27,023 3,527 (38,940) 29,832 (29,620)
Cash and cash equivalents
- beginning of period 74,298 101,321 104,848 65,908 103,918
Cash and cash equivalents
- end of period $101,321 $104,848 $65,908 $95,740 $74,298
Cash paid for:
Interest $41 $736 $110 $550 $1,000
Income taxes (net of
refunds) $13,394 $6,627 $50,434 $30,910 $15,959
YTD
09/30/06 09/30/05
Cash flows from operating
activities:
Net income $127,375 $58,846
Adjustments to reconcile net income
to net cash flows from operating
activities:
Depreciation and amortization 42,546 41,189
Deferred income taxes (benefit) (9,110) (5,771)
Stock-based compensation 2,205 -
Change in allowance for doubtful
accounts 105 369
Gain / loss on foreign currency
transaction 12 (367)
Gain / loss on sale or retirement of
fixed assets 28 4
Equity in loss of unconsolidated
subsidiary 1,372 613
Amortization of short term
investment discounts (3,893) (137)
Changes in assets and liabilities:
Accounts receivable (23,406) (8,261)
Income tax receivable / payable 4,574 3,321
Prepaid expenses (610) (572)
Other assets (1,824) (726)
Accounts payable (7,330) (5,585)
Accrued clearing services 4,384 1,039
Accrued real estate taxes (2,125) 1,972
Accrued payroll costs 1,388 (463)
Accrued exchange fee rebates (750) 37
Accrued employee termination (2,277) (101)
Accrued liabilities 493 964
Funds held for deposit and
membership transfers (3,733) 2,968
Other current liabilities (4,905) 73
Other long-term liabilities (1,213) (967)
Net cash flows from
operating activities 123,306 88,445
Cash flows from investing
activities:
Acquisition of property and
equipment (19,574) (27,411)
Purchase of short term investments (485,267) (73,959)
Proceeds from short term investments 390,622 24,733
Restricted cash 4,811 (9,593)
Proceeds from sale of property and
equipment 92 9
Investment in joint ventures (1,274) (198)
Net cash flows used in investing
activities (110,590) (86,419)
Cash flows from financing
activities:
Repayments of borrowings (18,297) (18,453)
Net proceeds from initial public
offering - -
Excess tax benefit of stock
compensation - -
Capital contributions from members - 134
Net cash flows from (used in)
financing activities (18,297) (18,319)
Net increase (decrease) in cash and
cash equivalents (5,581) (16,293)
Cash and cash equivalents -
beginning of period 101,321 90,591
Cash and cash equivalents - end of
period $95,740 $74,298
Cash paid for:
Interest $1,396 $2,386
Income taxes (net of refunds) $87,971 $45,637
DATASOURCE: CBOT Holdings, Inc.
CONTACT: Media, Melissa Jarmel, +1-312-435-7137, or , or
Investors, Debbie Koopman, +1-312-789-8532, or ,
both of CBOT Holdings, Inc.
Web site: http://www.cbot.com/
http://www.cbot.com/cbot/pub/page/0,3181,370,00.html