|JULY 20, 2000|
|Knight Trading Group Corrects Inaccurate Media Reporting of Its Second Quarter 1999 Results|
|JERSEY CITY, N.J., July 20 /PRNewswire/ -- A number of media outlets,
including The Wall Street Journal and TheStreet.com, have inaccurately
reported Knight Trading Group's second quarter 1999 financial results.
Knight's earnings per diluted share for the quarter ended June 30, 1999, were
$0.46, not $0.53 as reported in various media outlets.
Knight's acquisition of Arbitrade Holdings (now Knight Financial Products) closed on January 12, 2000. Prior to that date, Arbitrade was a partnership and did not account for partner compensation or income tax. Adjusting for these items resulted in Knight's second quarter 1999 results of $0.46 per diluted share. The $0.53 earnings per diluted share figure for the second quarter 1999 that was incorrectly reported by certain media outlets does not incorporate the compensation and income tax adjustments required in light of Knight's acquisition of Arbitrade.
Following is a clarification of Knight's second quarter 1999 financial results that were reported in today's Digest for Corporate Earnings Reports in The Wall Street Journal:
Quar June 30, 1999 Previously Reported Corrected Revenues $254,172,478 $254,172,478 Net income $66,527,631 $58,031,726 Avg dil shr 126,672,844 126,672,844 Earnings per basic share $0.55 $0.48 Earnings per diluted share $0.53 $0.46 6 months 1999 Previously Reported Corrected Revenues $457,612,643 $457,612,643 Net income $113,533,058 $99,974,918 Avg dil shr 124,647,369 124,647,369 Earnings per basic share $0.95 $0.83 Earnings per diluted share $0.91 $0.80
Knight's second quarter 2000 net income of $67,218,795, or $0.53 per diluted share, represented a 16% increase over second quarter 1999 net income of $58,031,726, or $0.46 per diluted share.SOURCE Knight Trading Group