AMSTERDAM - Van der Moolen Holding N.V. (international trading and
brokerage in listed equities and derivatives) today provides a
business update for the first quarter of 2009.
Operational highlights Q1 2009
* Low performance Trading activities due to ongoing challenging
market conditions.
* Low performance VDM Institutional Brokerage due to lower volumes
and low stock price levels.
* Roll out VDM Global Markets in the UK on schedule.
Financial highlights Q1 2009
* Total revenues of ?16.5 million in first quarter 2009, compared
to ?22.1 million in the fourth quarter 2008. In first quarter
2009, VDM did not recognize revenues related to certain tax
receivables of ?5.6 million.
* Total operating loss of ?4.7 million in first quarter 2009,
compared to operating loss of ?31.6 million in fourth quarter
2008. Operating loss in fourth quarter 2008 was impacted by a
loss of ?4.1 million on sale of NYSE shares, and an impairment
charge on tax receivables and benefit on reversal of commission
from profit share which combined had a net impact of ?24.3
million negative.
* Total net loss (after tax) of ?4.4 million in first quarter 2009,
compared to net loss of ?23.4 million in fourth quarter 2008.
Richard den Drijver, CEO of Van der Moolen Holding, comments:
"Market conditions remained challenging in the first quarter of 2009
with low volumes and lack of liquidity in our core markets. This had
a negative impact on both our trading and brokerage activities. As
markets remain vulnerable and signs of an economic upturn are yet
weak, it is hard to predict how our business will perform during the
course of this year. We remain however convinced that the strength of
our core operations will assure a positive development in the long
term."
Financial position
* Cash flow increased by ?20.1 million in first quarter 2009,
mainly caused by increase of liquidity from operating activities
and financing activities of ?11.4 million and ?10 million,
respectively.
* Shareholders' equity totalled ?62.8 million at 31 March 2009
versus ?67.0 million at 31 December 2008. This decrease was
mainly attributable to the net loss attributable to common
shareholders and financing preferred shareholders in the first
quarter 2009.
* Number of shares outstanding at 31 March 2009 was 37,692,776. The
average number of shares outstanding during the first quarter of
2009 was 37,692,776.
Subsequent Events
On May 7, 2009 the General Meeting of Shareholders was held. The list
of resolutions and the recording of the audio web cast are available
at our website www.vandermoolen.com. The minutes of the meeting will
be available at our website in due time.
For further information
For further information please contact Investor Relations/Corporate
Communications, telephone +31 (0)20 535 6789,
www.vandermoolen.com
Disclaimer:
This press release contains forward-looking statements. All
statements regarding our future financial condition, results of
operations and business strategy, plans and objectives are
forward-looking. Statements containing the words "anticipate,"
"believe," "intend," "estimate," "expect," "hope," and words of
similar meaning are forward-looking. In particular, the following are
forward-looking in nature: statements with regard to strategy and
management objectives; pending or potential acquisitions; pending or
potential litigation and government investigations, including
litigation and investigations concerning specialist trading in the
U.S.; future revenue sources; the effects of changes or prospective
changes in the regulation or structure of the securities exchanges on
which our subsidiaries operate; and trends in results, performance,
achievements or conditions in the markets in which we operate. These
forward-looking statements involve risks, uncertainties and other
factors, some of which are beyond our control, which may cause our
results, performance, achievements or conditions in the markets in
which we operate to differ, possibly materially, from those expressed
or implied in these forward-looking statements. We caution you not to
place undue reliance on these forward-looking statements, which
reflect our management's view only as of the date of this Press
Release. We have no obligation to update these forward-looking
statements
This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.
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