CBOE Holdings Q3 Profit Falls, Adj. Earnings Beat Estimates - Quick Facts

(RTTNews) - CBOE Holdings Inc. (CBOE) reported third quarter 2013 net income allocated to common stockholders of $41.0 million or $0.47 per share, down from $45.2 million or $0.52 per share in the third quarter of 2012.

On an adjusted basis, net income allocated to common stockholders was $41.0 million, or $0.47 per share, compared with $37.7 million, or $0.43 per share, in the same period last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.45 per share for the quarter. Analysts' estimates typically exclude special items.

On an adjusted basis, Financial results for the third quarter of 2012 excluded the recognition of a tax benefit relating to prior years of $7.7 million, or $0.09 per share.

"CBOE Holdings delivered a strong third quarter, primarily driven by trading volume increases in our SPX options complex and VIX Index options and futures. CBOE's average daily options volume for the quarter rose five percent over a year ago despite flat trading volume for the U.S. options industry as a whole," said Edward T. Tilly, CBOE Holdings Chief Executive Officer.

Operating revenue for the quarter was $136.7 million, up 7 percent compared with $128.3 million in the third quarter of 2012. The increase represents higher revenue of $6.4 million in transaction fees, $3.2 million in regulatory fees and $1.4 million in exchange services and other fees, offset somewhat by a decrease of $2.2 million in other revenue. Fifteen analysts estimated revenues of $136.80 million for the quarter.

Core operating expenses for fiscal 2013 are still expected to be in the range of $189.0 million to $194.0 million. Continuing stock-based compensation expense included in core expenses is expected to be approximately $18.0 million for the full year.

Annual Capital expenditures are now expected to be in the range of $33.0 million to $36.0 million for the year, compared with the previous guidance range of $35.0 million to $40.0 million.