CBOE Holdings has reported net income allocated to common stockholders of USD40.3 million, or USD0.50 per diluted share, for the third quarter of 2016, compared with USD67.2 million, or USD0.81 per diluted share, in the third quarter of 2015.
Last year's third quarter financial results represent an all-time high for the company, while this year's results include USD8.6 million of acquisition-related expenses.
Adjusted net income allocated to common stockholders was USD47.2 million, or USD0.58 per share, compared with USD63.0 million, or USD0.76 per share, for the third quarter of 2015.
Operating revenue for the quarter was USD156.2 million, down 16 percent compared with USD187.0 million in the third quarter of 2015.
"CBOE made significant progress throughout the third quarter to advance our growth initiatives, including the announcement of our planned acquisition of Bats Global Markets. We are excited about CBOE's and Bats' future as a combined company and look forward to working together to efficiently maximise synergies and revenue opportunities. We believe this combination will enhance our financial strength, accelerate our strategic growth initiatives and provide new areas of growth to deliver greater value for CBOE shareholders," says Edward T Tilly (pictured), CBOE Holdings' chief executive officer.
"Although trading volume was down this quarter compared to last year's record third-quarter volume, CBOE posted solid financial results, while continuing our efforts to efficiently manage our resources and expenses," says Alan J Dean, CBOE Holdings' executive vice president and chief financial officer. "Our focus on creating long-term value for our shareholders remains unchanged. The recently announced planned acquisition of Bats is an example of how we are allocating resources in a way that we believe will generate the best returns for our shareholders."
