Jim Cramer Blog

IntercontinentalExchange, Inc. (NYSE: ICE - News) reported consolidated net income for the second quarter of 2007 of $53.7 million, a 73.4% increase in quarterly earnings compared to $31.0 million in net income for the second quarter of 2006. Consolidated revenues in the quarter increased 85.7% to a record $136.7 million, from $73.6 million in the second quarter of 2006. Diluted earnings per share in the second quarter were $0.75, a 44.2% increase compared to $0.52 in the same period in 2006.

The financial results for the second quarter of 2007 include $10.9 million in costs related to the company's proposed merger with the Chicago Board of Trade (CBOT) or $7.0 million after tax. Excluding these charges, net of tax, net income for the second quarter of 2007 was $60.7 million, an increase of 96.1% and diluted earnings per share were $0.85, a 63.5% increase compared to the same period in 2006.
Record revenues were driven by strong volume during the quarter at ICE Futures, the company's U.K. futures business segment; at NYBOT, ICE's U.S. futures business segment; and in ICE's global over-the-counter (OTC) business segment; as well as growth in the market data business segment. Company-wide average daily volume (ADV) for ICE's global futures and OTC markets was 1.4 million contracts in the second quarter of 2007.

Labels: ICE, InterContinental Exchange Inc.