Knight Trading Group Discusses Third Quarter Outlook
06 October 2004 - 9:00PM
PR Newswire (US)
Knight Trading Group Discusses Third Quarter Outlook JERSEY CITY,
N.J., Oct. 6 /PRNewswire-FirstCall/ -- Knight Trading Group, Inc.
(NASDAQ:NITE) today announced that it expects to report an
operating loss per share in the range of $0.01 to $0.04 for the
third quarter ended September 30, 2004. This range includes a
benefit of approximately $0.015 related to an adjustment to legal
reserves. However, this range excludes the impact of any
non-operating items. "Persistent lackluster market conditions
resulted in modest operating losses in our equity markets and asset
management businesses in the third quarter. While we continued to
make investments in strategic areas such as building our
institutional sales office in London, lethargic market activity led
to low volumes and weaker revenue capture per dollar value traded.
Conversely, healthy volumes in the option markets drove
profitability for our derivative markets business during the
quarter," said Thomas M. Joyce, Chief Executive Officer and
President of Knight Trading Group. "Ours is a cyclical business and
the question is not if the market will rebound, but when. As we
ride out the market slumber, we continue to focus on our clients
and opportunities to leverage our infrastructure." Knight will
release its official third quarter results on Wednesday, October
20, 2004 at 6:00 a.m. Eastern Daylight Time (EDT). The company will
conduct its third quarter earnings conference call for analysts,
investors and the media at 9:00 a.m. (EDT) that same day. The
conference call will be Webcast live at 9:00 a.m. (EDT) for all
investors and interested parties on Knight's Web site
(http://www.knighttradinggroup.com/). Knight is focused on meeting
the needs of institutional and broker-dealer clients by providing
comprehensive trade execution services in equities and derivatives.
A leading execution specialist, Knight offers capital commitment
and access to a deep pool of liquidity across the depth and breadth
of the equity market. Knight also operates an asset management
business for institutions and high net worth individuals. To be a
valued partner, Knight strives to provide superior client service
and will continue to tailor its offering to meet the needs of its
clients. More information about Knight can be obtained at
http://www.knighttradinggroup.com/. Presentation of Information in
this Press Release Certain statements contained herein constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements are based on current expectations, estimates and
projections about the Company's industry, management's beliefs and
certain assumptions made by management. Readers are cautioned that
any such forward-looking statements are not guarantees of future
performance and are subject to certain risks, uncertainties and
assumptions that are difficult to predict. Since such statements
involve risks and uncertainties, the actual results and performance
of the Company may turn out to be materially different from the
results expressed or implied by such forward-looking statements.
Given these uncertainties, readers are cautioned not to place undue
reliance on such forward-looking statements. Unless otherwise
required by law, the Company also disclaims any obligation to
update its view of any such risks or uncertainties or to announce
publicly the result of any revisions to the forward-looking
statements made herein; however, readers should carefully review
reports or documents the Company files from time to time with the
Securities and Exchange Commission. DATASOURCE: Knight Trading
Group, Inc. CONTACT: Margaret Wyrwas, Senior Managing Director,
Corporate Communications & Investor Relations, +1-201-557-6954,
, or Greta Morley, Assistant Vice President, Marketing
Communications & Public Relations, +1-201-557-6948, , or Molly
McDowell, Analyst, Corporate Communications & Investor
Relations, +1-201-356-1723, , all of Knight Trading Group, Inc. Web
site: http://www.knighttradinggroup.com/
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