INTERACTIVE BROKERS GROUP, INC. (NASDAQ:IBKR) Files An 8-K Results of Operations and Financial Condition
Item 2.02. Results of Operations and Financial Condition.
issued a press release reporting its financial results for the
quarter ended March 31, 2017. A copy of the press release is
furnished as Exhibit 99.1 to this report and incorporated herein
by reference.
Exhibit 99.1 hereto) shall not be deemed to be filed for purposes
of Section 18 of the Securities Exchange Act of 1934, as amended,
and unless expressly set forth by specific reference in such
filings, shall not be incorporated by reference in any filing
under the Securities Act of 1933, as amended, whether made before
or after the date hereof and regardless of any general
incorporation language in such filings.
discontinue its options market making activities globally. The
Company expects to phase out these operations substantially
over the coming months and estimates that it will incur
approximately $25 million in one-time restructuring costs, a
substantial portion of which is expected to be defrayed by
continuing certain market making activities until the
restructuring is complete. These one-time restructuring costs
include approximately $2 million of future cash expenditures,
which are substantially severance and related costs, and
approximately $23 million of non-cash expenditures consisting
primarily of stock based compensation and impairment to the
carrying value of assets associated with exchange memberships.
of $0.10 per share on the Companys common stock. The Companys
Board of Directors has declared that the dividend will be paid on
June 14, 2017 to shareholders of record as of June 1, 2017.
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(d)
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Exhibits.
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99.1
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Press Release dated April 18, 2017.
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statements within the meaning of Section 27A of the Securities
Act of 1933 and Section 21E of the Securities Exchange Act of
1934. Forward-looking statements in this Form 8-K include, but
are not limited to, expectations regarding future net income
from market making activities, the restructuring and reduction
in workforce, the aggregate charges for employee terminations
and other costs associated with the restructuring, the
estimates of related cash expenditures by the Company in
connection with the restructuring and the timing to recognize
these charges. These forward-looking statements are and will
be, as the case may be, subject to many risks, uncertainties
and factors relating to the Companys operations and business
environment which may cause the Companys actual results to be
materially different from any future results, expressed or
implied, in these forward-looking statements. Any
forward-looking statements in this release are based upon
information available to the Company on the date of this
release. The Company does not undertake to publicly update or
revise its forward-looking statements even if experience or
future changes make it clear that any statements expressed or
implied therein will not be realized. Additional information on
risk factors that could potentially affect the Companys
financial results may be found in the Companys filings with the
Securities and Exchange Commission.
About INTERACTIVE BROKERS GROUP, INC. (NASDAQ:IBKR)
Interactive Brokers Group, Inc. (IBG, Inc.) is a holding company. The Company is an automated global electronic broker and market maker specializing in routing orders, and executing and processing trades in securities, futures, foreign exchange instruments, bonds and mutual funds on over 100 electronic exchanges and trading venues around the world. It operates in two segments: electronic brokerage and market making. Its primary assets are its membership interests of IBG LLC (the Group), the holding company for its businesses. The Company is the sole managing member of IBG LLC. As a direct market access broker, the Company serves the customers of both traditional brokers and prime brokers. It provides its customers with order management, trade execution and portfolio management platform. As a market maker, it provides continuous bid and offer quotations on over one million securities and futures products listed on electronic exchanges around the world. INTERACTIVE BROKERS GROUP, INC. (NASDAQ:IBKR) Recent Trading Information
INTERACTIVE BROKERS GROUP, INC. (NASDAQ:IBKR) closed its last trading session up +0.29 at 34.79 with 522,525 shares trading hands.
