Exhibit 1 Consolidated Annual Income Statements for the Fiscal Year Ending in September 1997 Net Revenues Transaction Income Net Interest Other Total Net Revenues Expenses Excluding Interest Employee Compensation Commissions and Clearance Communications Occupancy and Equipment Cost Advertising and Promotion Provision for Losses Amortization of Goodwill Other Total Expenses Excluding Interest Income Before Income Taxes Taxes Net Income EPS Shares Outstanding Source: Ameritrade Annual Report, 1997. $ $ 51.936.902,00 $ 18.193.946 7.107.492 77.238.340 1996 36.469.561,00 $ 11.477.878 6.391.314 54.338.753 1995 23.977.481,00 8.434.584 2.607.538 35.019.603
19.290.808 3.320.262 5.623.468 5.422.839…show more content… a Portfolio of US Government bonds with maturity near 5 years. b Portfolio of US Government bonds with maturity near 20 years. c Standard and Poor’s 500 Stock Price Index. d A subset of small cap stocks traded on the NYSE (1926-1981); Dimensional Fund Advisor’s Small Company Fund (1982-1997).
of Capital at Ameritrade
(1929 - 1996)
201-046
Exhibit 4 Selected Data for Comparable Firms Debt/Value (Market Values) Current Avg 1992-1996 0,00 0,60 0,05 0,00 0,79 0,00 0,57 0,57 0,00 0,51 0,00 0,05 NA 0,00 0,00 0,50 0,08 NA NA 0.00 b 0,52 0,53 NA 0,53 0,00 0,04 0,38 NA Debt/Value (Book Values) Current Avg 1992-1996 0,00 0,69 0,25 0,00 0,80 0,00 0,77 0,70 0,00 0,63 0,00 0,07 NA 0,00 0,00 0,60 0,30 NA 0.79 b 0.00 b 0,65 0,63 NA 0,58 0,00 0,06 0.70 c NA Brokerage Revenues (%) 57 35 82 95 13 0 37 12 0 46 81 51 99 0
Firm Name (Industry) A G Edwards (Investment Services) a Bear Stearns (Investment Services) Charles Schwab Corp (Discount Brokerage) E*Trade (Discount Brokerage) Lehman Brothers (Investment Services) Mecklermedia (Internet) Merrill Lynch & Co (Investment Services) Morgan Stanley Dean Witter (Investment Services) Netscape (Internet) Paine Webber (Investment Service) Quick & Reilly Group (Discount Brokerage) Raymond James Financial (Investment Services) Waterhouse Investor Srvcs (Discount Brokerage) Yahoo (Internet)
Source: Compustat; Standard & Poor’s; company public filings a lnvestment Services includes brokerage, asset management, investment
