Crisis Legal NewsClick here to add this website to your favorites
Crisis News Search >>>

NYSE Euronext posts $1.34 billion 4Q loss

Financial Law     updated  2009/02/10 02:21

Trans-Atlantic stock exchange operator NYSE Euronext said Monday it recorded a $1.34 billion loss during the fourth quarter as it was forced to take a charge related to its 2007 acquisition of European exchange Euronext.

NYSE Euronext lost $1.34 billion, or $5.06 per share, during the fourth quarter, after a profit of $156 million, or 59 cents per share, during the same quarter a year earlier.

The exchange operator would have recorded a profit had it not been for the $1.59 billion write-down on goodwill left over from the 2007 combination. The write-down was due to collapsing equity markets during the final three months of 2008 as the global economic crisis grew.

NYSE Euronext was formed in a $9.96 billion deal that saw Euronext — which operates the Paris, Amsterdam, Brussels and Lisbon exchanges — combine with the U.S. exchange in 2007.

Michael Geltzeiler, the company's chief financial officer, said the write-down brings the value of the company in line with the lower earnings multiples that analysts and investors are assigning for stock exchange operators. The lower multiples come as equity markets have tumbled amid the ongoing economic turmoil.

NYSE Euronext reviews goodwill values every year during the fourth quarter and believes the write-down during the last quarter is sufficient to match the company's expected future cash flow, Geltzeiler said in an interview.

Excluding the goodwill charge, as well as expenses as it closed its acquisition of the American Stock Exchange and other special items, earnings were $137 million, or 52 cents per share during the quarter ended Dec. 31.

© Crisis Legal News - All Rights Reserved.

The content contained on the web site has been prepared by Legal Crisis News
as a service to the internet community and is not intended to constitute legal advice or
a substitute for consultation with a licensed legal professional in a particular case or circumstance.
 Law Firm Web Design Information
Law Promo can construct your law firm a brand new responsive website, or help you redesign your existing site to secure your place in the mobile world. We believe our work speaks for itself by showcasing quality design while reflecting our extensive experience in the online legal marketing industry. Law Firm Website Designs by Law Promo.| Law Firm Logo Design
   Latest Crisis Legal News
   Sponsored Links
Chicago Business Law Attorney
Corporate Litigation Attorneys
Fort Lauderdale Criminal Defense Lawyer
Miami Sex Crimes Lawyer
Fort Washington Employment Law Firm
Attorney Marc E. Weinstein
Santa Ana Workers' Compensation Lawyers
Car Accidents Attorneys
New Rochelle Personal Injury
Eugene Criminal Defense
Law Office of Max J Mizejewski
Family Law. Call 541.505.9872
CPA Accounting Web Design
Finanace Office Web Designs
Lorain Elyria Divorce Lawyer
New York Adoption Lawyers
New York Foster Care Lawyers
Adoption Pre-Certification
Cobb County Criminal Attorney
Georgia Criminal Defense Lawyer
San Francisco Trademark Lawyer
San Jose Trademark Lawyer
Eugene Chapter 7 Bankruptcy Lawyer
Oregon Chapter 7 Bankruptcy Lawyer