Net income of $71 million, or $0.24 per share, compared with net income of $0.16 per share in prior quarter and $0.03 per share in third quarter 2010
Income tax included a benefit of approximately $62 million, or $0.21 per share, related to the taxable liquidation of an international subsidiary
Other expenses included a reserve of $55 million, or $0.13 per share, related to ETRADE Securities LLC’s intention to initiate an offer to purchase auction rate securities purchased through the firm by individual investors before Feb. 11, 2008
FDIC expense increased $12 million from the prior quarter, including $6 million related to second quarter premiums
Total net revenue of $507 million, down from $518 million in prior quarter and up from $489 million in third quarter 2010
Provision for loan losses of $98 million, down from $103 million in prior quarter and $152 million in third quarter 2010
Special mention delinquencies (30-89 days) were flat compared with prior quarter; at-risk delinquencies (30-179 days) down five percent from prior quarter
Daily Average Revenue Trades (DARTs) of 165,000, up 11 percent from prior quarter and up 30 percent from third quarter 2010
Net new brokerage assets of $2.6 billion, up from $1.5 billion in prior quarter and $1.4 billion in third quarter 2010
Net new brokerage accounts of 13,000, down from 25,000 in prior quarter and up from 7,000 in third quarter 2010
ETRADE Financial Corporation (NASDAQ: ETFC) announced results for its third quarter ended Sept. 30, 2011, reporting net income of $71 million, or $0.24 per share, compared with net income of $47 million, or $0.16 per share, in the prior quarter and net income of $8 million, or $0.03 per share, in the third quarter of 2010. The company reported total net revenue of $507 million for the third quarter, compared with $518 million in the prior quarter and $489 million in the year-ago period.
During the quarter, the company recorded an income tax benefit of approximately $62 million related to the taxable liquidation of a European subsidiary. The subsidiary was liquidated in connection with the company’s international restructuring activities. This liquidation resulted in the taxable recognition of certain losses, including historical acquisition premiums that the company incurred internationally. This tax benefit resulted in a corresponding increase to the company’s deferred tax asset which currently stands at $1.5 billion.
“We are pleased with our third quarter results which � amid significant market volatility � demonstrated strength in our brokerage business, continued improvement in our loan portfolio and measurable progress against our strategic initiatives,” said Steven Freiberg, Chief Executive Officer of ETRADE Financial Corporation. “The retail investor was highly engaged, particularly in early August when we successfully managed periods of record trade, call, online chat and login volumes. Over the course of the quarter, we benefited from growth in net new assets and accounts, supported by a stable customer retention rate. Delinquency trends in our loan portfolio continue to improve and our quarterly loan provision is down approximately 80 percent from its peak. Our solid execution continues to move the firm forward as we focus on delivering the best investing experience and creating franchise value.”
During the quarter, the company reserved $55 million, recorded in other operating expenses, related to its intention to initiate an offer to buy auction rate securities (ARS) held by customers of ETRADE Securities LLC. This reserve relates primarily to the company’s estimate of the securities’ current fair value relative to their par value, and includes other estimated settlement costs.
Mr. Freiberg commented: “While we played a limited role in the market for these securities, we believe these actions will put this matter behind us and are in the best interest of our customers and stakeholders.”
More about ETFC at www.etrade.com
Alcoa, Inc. (NYSE:AA) announced that two top executives will assume new responsibilities and it will create a Latin America & Caribbean (LA&C) regional headquarters to accelerate growth in the region. The executive changes will become effective Jan. 1, 2012. Franklin L. (Frank) Feder will become Regional Chief Executive Officer of Latin American & Caribbean and will lead the new LA&C headquarters, reporting to Alcoa Chairman and CEO Klaus Kleinfeld. Feder will oversee a Latin America Regional Council that will bring together all Alcoa business groups in a focused effort to drive the Company’s growth agenda.
Alcoa, Inc. engages in the production and management of aluminum, fabricated aluminum, and alumina. The company operates in four segments: Alumina, Primary Metals, Flat-Rolled Products, and Engineered Products and Solutions.
ExamWorks Group, Inc. (NYSE:EXAM) announced that the Company will release third quarter 2011 earnings on Thursday, November 3rd after the market close. The Company will host a conference call to discuss the results and other matters at 5:00 p.m. Eastern Time. Please log in at least 10 minutes prior to the conference call in order to download the applicable audio software. Interested parties may participate live via telephone by dialing (866) 804-6926 in the U.S. or (857) 350-1672 internationally with access code 36248985. A live webcast of the call is also accessible through the Investor Relations section of the Company web site at http://investorrelations.examworks.com.
ExamWorks Group, Inc., together with its subsidiaries, provides independent medical examinations (IME), peer and bill reviews, and related services in the United States, Canada, and the United Kingdom.
Global Hunter (GBLHF.PK)
Global Hunter’s focus is on strategic and base metals, with an advanced stage copper oxide project in Chile and a highly prospective molybdenum property in British Columbia, Canada. GBLHF teams are working on developing the Corona de Cobre property in Chile and the Rabbit south property in British Columbia.
Molybdenum is generally alloyed with steel in order to make that steel stronger. In fact, when molybdenum is added to even small steel concentrations, the result is an ultra-high-strength steel that will maintain structural stability when placed under pressures reaching as high as 300,000 lbs/sq. in. These massive levels of strength do not deteriorate in high temperatures, making steel molybdenum alloys viable materials for missile and aircraft parts.
Global Hunter Corp. (GBLHF.PK) is pleased to announce initial assay results from its previously announced surface sampling program. The results are encouraging with new gold showings as well as very positive copper oxide assays over wide-spread areas.
Highlights of the entire program
9 mineralized shear and/or alteration zones sampled total of 13.5 kilometers of strike length along know copper bearing shear and alteration zones tested with 205 rock chip samples
Good grades of soluble copper (oxide) over a significantly large area have been identified, however they represent only about 50% of the total copper grade indicating a mixed oxide-sulphide zone. Numerous iron oxide structures have also been mapped but no iron assays have been received to date.
The Company is planning to re-assay samples for iron to determine if iron is present in significant quantities to represent another target.
For more information http://www.globalhunter.ca
PetroQuest Energy, Inc. (NYSE:PQ) announced that it has completed a limited flow test at its La Cantera discovery located in Vermilion Parish, LA. The test results from a 10/64 inch restricted choke indicate the well is expected to produce at a gross daily rate of 20-30 MMcf of gas plus approximately 20 barrels of oil and 36 barrels of natural gas liquids per MMcf of gas. The Company continues to build surface facilities and expects to initiate production during the first quarter of 2012.
PetroQuest Energy, Inc. operates as an independent oil and gas company. It engages in the acquisition, exploration, development, and operation of oil and gas properties in Oklahoma, Arkansas, and Texas, as well as onshore and in the shallow waters offshore the Gulf Coast Basin.
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