The New York Stock Exchange today reported net income of $24.6 million for 2004, down from $49.6 million in 2003. That's the lowest level of net income since 1991. Revenue, excluding certain fees, was flat at $1.08 billion for the year ended Dec. 31, while expenses rose 5.3% to $1.04 billion from $987 million in 2003.
The 2004 results "are representative of the transition and transformation of the New York Stock Exchange" and are "evidence of the emerging business and market model at the exchange," Amy Butte, CFO of the exchange, said in a conference call. Exchange officials are reviewing the Big Board's revenue structure and opportunities for growth, including changing it to a for-profit institution, adding market opportunities and capitalizing on industry consolidation, she said. The committee will present it findings April 7, the day of the NYSE's annual meeting.