Revenue Increases 45 Percent, Operating Margin Expands 20
Percentage Points CHICAGO, Oct. 17 /PRNewswire-FirstCall/ -- CBOT
Holdings, Inc., holding company for the Chicago Board of Trade
(CBOT(R)), announced today that revenue for the third quarter 2006
increased 45 percent to $163.0 million compared with $112.2 million
in the third quarter of 2005. Net income for the quarter more than
doubled, hitting a new high of $48.8 million versus $19.8 million
for the comparable period last year. Third quarter 2006 earnings
per diluted share were $0.92 compared to $0.40 in last year's third
quarter. These record-setting results were driven by trading volume
growth across all product categories, higher average exchange fee
rates and tight cost controls. Exchange and clearing revenue for
the third quarter 2006 increased 49 percent to $123.2 million from
$82.7 million in the third quarter of 2005. In addition, market
data revenue rose 30 percent to $23.7 million in the quarter, up
from $18.3 million in the third quarter of 2005. Third quarter
operating income was $80.8 million, up from $32.9 million in the
same period last year. "This was another strong quarter for the
CBOT, as we continued to build on our positive momentum and make
significant progress on our global expansion strategy. During the
third quarter we launched several important initiatives,
strengthening our business model and better positioning CBOT for
continued growth. We focused on meeting the needs of our diverse
customer base, introducing electronic trading of our Agricultural
futures during daytime trading hours, launching our new joint
venture, JADE, which offers Asian-based commodities and continuing
to enhance our Metals complex and capture greater market share,"
said Bernard W. Dan, President and Chief Executive Officer of CBOT.
"Today, we also announced that a landmark agreement has been
reached between CME and CBOT to merge the two organizations to
create the world's most diverse, global derivatives exchange.
Moving forward, we are committed to working with CME's leadership
to close this transaction and unlock the tremendous potential we
believe the combined company will deliver to customers and
shareholders. I firmly believe that together we will be better
positioned to compete globally and leverage the unique strengths of
each organization to drive long-term growth," said Dan. Third
quarter revenue growth was fueled by higher trading volume, an
increase in the average rate per contract, and the positive impact
of a market data price increase implemented January 1, 2006. The
average rate per contract rose 23 percent compared with the same
quarter a year ago primarily due to pricing changes implemented on
July 1, 2006. Additionally, the average rate per contract was
positively impacted by increased electronic trading resulting from
the electronic trading of Agricultural futures during daytime
trading hours beginning August 1, 2006. The average rate per
contract represents total exchange and clearing fee revenue divided
by total reported trading volume. Trading volume for the third
quarter was 199.3 million contracts, an increase of 21 percent
compared with 165.2 million contracts traded during last year's
third quarter. Average daily volume (ADV) in the third quarter this
year was 3.2 million contracts, up 23 percent compared with ADV of
2.6 million in the 2005 third quarter. In addition, ADV on the
CBOT's e-cbot(R) electronic trading platform, rose to 71 percent of
total exchange ADV, up from 66 percent in the third quarter of
2005, reflecting the successful introduction and strong adaptation
to the side-by-side trading of Agricultural futures. Total
operating expenses of $82.2 million were up 4 percent over the
prior year's third quarter. Volume-based expenses of $20.4 million
rose 18 percent, in line with the growth in trading volume.
Baseline and other costs, or non- volume based expenses, remained
relatively flat at $61.7 million this quarter compared to $61.9
million in the third quarter of 2005, contributing to a significant
boost in operating margin. The third quarter operating margin
expanded by more than 20 percentage points to 49.6 percent from
29.3 percent in the same period last year. Key Financial Metrics
(in millions, except rate per contract) Quarter Ended Sept. 30
Sept. 30 June 30 2006 2005 2006 Average Daily Volume 3.2 2.6 3.3
Reported Trading Volume 199.3 165.2 208.0 Average Rate per Contract
$0.618 $0.501 $0.564 Revenue $163.0 $112.2 $158.5 Operating Income
$80.8 $32.9 $72.8 Operating Margin 49.6% 29.3% 45.9% Net Income
$48.8 $19.8 $43.5 Depreciation & Amortization $13.7 $13.1 $14.8
Non-Cash Stock Compensation $.543 $0 $1.3 Capital Expenditures $8.7
$7.8 $6.7 CBOT Third Quarter 2006 Operational Highlights --
Introduced electronically-traded Binary options on the Target
Federal Funds rate with much success, expanding its short-term
interest rate product set. -- Introduced a new Global Developing
Markets Program, furthering its strategy to expand global access to
the CBOT's markets. -- Experienced strong results in Five-and
Ten-Year Swap futures following launch of market maker program with
Citigroup and Goldman Sachs on July 3, 2006. ADV for September 2006
was three times greater than August 2006 and open interest had
quadrupled at quarter end compared to July 3, 2006. -- Successfully
launched Agricultural futures on the CBOT electronic trading
platform during daytime trading hours on August 1, 2006. Following
the launch of side-by-side trading of CBOT Agricultural products,
the complex hit a new daily record for trading volume as well as
reaching records for electronic trading. -- Announced new process
and delivery enhancements to its Metals complex, creating a more
flexible trading environment. -- Announced plan to list Metal
options in CBOT open auction markets, side-by-side electronic
trading of the contracts in the fourth quarter. -- Announced plan
to launch a new Dow Jones-AIG Excess Return Commodity Index futures
contract. The contract was introduced on October 2, 2006. --
Announced a joint marketing initiative between Reuters and CBOT to
promote access to CBOT markets via Reuters terminals. -- Announced
changes to CBOT pricing and membership structure effective October
1, 2006. The changes focused on rewarding liquidity providers and
further segmenting the fee structure. -- Launched JADE, a joint
venture between the CBOT and SGX, on September 25, 2006, with a
Natural Rubber futures contract, its first Asian- based commodity
derivatives product traded on the all electronic Exchange. --
Accounted for 52 percent of all listed Metals futures traded in
North America, for the month of September, up from only 7 percent
in September 2005 and 40 percent in June 2006. Outlook Given
current market conditions and what is known today, CBOT Holdings
currently expects the following for the fourth quarter of 2006: --
Baseline and other expenses, which equal total operating expenses
less volume-based expenses, of $62 million to $65 million,
including about $500 to $600 thousand of non-cash stock based
compensation expense, but excluding incremental expenses expected
to be incurred in connection with the merger. -- Diluted shares
outstanding of approximately 52.9 million. -- Volume based expenses
which include clearing costs and contracted license fees of around
$0.103 per reported contract. -- An increase in the overall rate
per contract from the current rate of about 3 to 6 percent. The
company does not provide an outlook for trading volume or revenue
but does report the trading volume daily on its website at
http://www.cbot.com/cbot/pub/page/0,3181,370,00.html . 3Q 2Q 1Q 4Q
3Q 2Q 1Q 2006 2006 2006 2005 2005 2005 2005 Trading Days 63 63 62
63 64 64 61 AVERAGE RATE PER CONTRACT 3Q 2Q 1Q 4Q 3Q 2Q 1Q PRODUCT:
2006 2006 2006 2005 2005 2005 2005 Interest Rate 0.568 0.523 0.517
0.537 0.469 0.467 0.482 Agriculture 0.790 0.680 0.673 0.666 0.631
0.643 0.641 Equity Index 0.779 0.712 0.760 0.789 0.672 0.630 0.578
Metals, Energy & Other 1.048 0.986 1.312 1.559 1.360 1.312
0.855 Overall average rate per contract 0.618 0.564 0.552 0.570
0.501 0.499 0.507 VENUE: Open-Auction 0.524 0.515 0.515 0.507 0.485
0.483 0.491 Electronic 0.562 0.503 0.495 0.506 0.411 0.397 0.400
Off-Exchange 3.172 2.564 2.296 2.299 2.117 2.404 2.131 Overall
average rate per contract 0.618 0.564 0.552 0.570 0.501 0.499 0.507
AVERAGE DAILY VOLUME (Round Turns, in thousands) 3Q 2Q 1Q 4Q 3Q 2Q
1Q PRODUCT: 2006 2006 2006 2005 2005 2005 2005 Interest Rate 2,507
2,588 2,561 1,951 2,123 2,368 2,356 Agriculture 490 529 412 331 350
404 373 Equity Index 110 131 113 112 103 115 105 Metals, Energy
& Other 56 54 22 9 5 3 4 Total 3,163 3,302 3,108 2,404 2,582
2,889 2,838 VENUE: Open-Auction 850 990 887 685 773 940 940
Electronic 2,232 2,220 2,132 1,633 1,707 1,843 1,772 Off-Exchange
81 91 88 86 102 106 126 Total 3,163 3,302 3,108 2,404 2,582 2,889
2,838 TRANSACTION FEES (in thousands) 3Q 2Q 1Q 4Q 3Q 2Q 1Q PRODUCT:
2006 2006 2006 2005 2005 2005 2005 Interest Rate $89,673 $85,339
$82,032 $65,994 $63,741 $70,733 $69,327 Agriculture 24,378 22,664
17,176 13,869 14,150 16,604 14,598 Equity Index 5,416 5,859 5,337
5,588 4,439 4,627 3,687 Metals, Energy & Other 3,699 3,360
1,805 908 393 252 184 Total $123,166 $117,221 $106,351 $86,360
$82,722 $92,216 $87,796 VENUE: Open-Auction $28,060 $32,136 $28,356
$21,885 $23,979 $29,085 $28,185 Electronic 79,000 70,341 65,442
52,013 44,872 46,883 43,285 Off-Exchange 16,106 14,745 12,552
12,462 13,871 16,247 16,325 Total $123,166 $117,221 $106,351
$86,360 $82,722 $92,216 $87,796 Merger Announcement Conference Call
Executives of CBOT Holdings, Inc. will host a conference call with
executives of CME to review the merger agreement today, October 17,
2006, at 8:30 am ET / 7:30 am CT. The conference call and any
accompanying slides will be publicly available via live webcast
from the investor relations section of the CBOT Holdings website at
http://www.cbot.com/ . The webcast will be available for replay at
the same address approximately two hours following its conclusion.
Those wishing to listen to the live conference via telephone should
dial 800.659.2032 (U.S. callers) and 617.614.2712 (International
callers) at least 10 minutes before the call begins. The verbal
passcode for the call is "CBOT Holdings." To listen to an archived
recording after the call, please dial 888.286.8010 (U.S. callers)
and 617.801.6888 (International callers). The passcode for the
replay is 24590429. Earnings Conference Call In lieu of an earnings
conference call, CBOT Holdings, Inc. has posted a written review of
its third quarter earnings on its website. Please go to the
investor relation's section of cbot.com to access this document.
About the CBOT As one of the leading global derivative exchanges,
the Chicago Board of Trade provides a diverse mix of financial,
equity, and commodity futures and options-on-futures products.
Building on its 158-year history, the CBOT continues to advance
into the future using the strength of deep liquidity, market
integrity and member-trader expertise. Using superior trading
technology in both electronic and open-auction trading platforms,
the CBOT provides premier customer service to risk managers and
investors worldwide. For more information visit our website at
http://www.cbot.com/ . Forward-Looking Statements Certain
statements in this press release may contain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 and includes any use of the words "may,"
"should," "could," "expects," "plans," "anticipates," "believes,"
"estimates," "predicts," "potential" or "continue". These
statements are based on management's current expectations and
involve assumptions that may be subject to change or risks and
uncertainties that could cause actual results to differ materially
from those set forth in the statements. Accordingly, actual
outcomes and results may differ materially from what is expressed
or implied in any forward-looking statement contained in this press
release. The factors that may affect our performance may be found
in the Annual Report on Form 10-K and other periodic reports filed
by CBOT Holdings, Inc. with the U.S. Securities and Exchange
Commission ("SEC"). These filings can be obtained at the SEC's
website at http://www.sec.gov/ . We undertake no obligation to
publicly update any forward-looking statements, whether as a result
of new information, future events or otherwise. CBOT Holdings, Inc.
and Subsidiaries Consolidated Statements of Financial Condition
(unaudited, in thousands) 09/30/05 12/31/05 03/31/06 06/30/06
09/30/06 ASSETS Current assets: Cash and cash equivalents:
Unrestricted $73,436 $99,575 $99,882 $60,629 $92,950 Held under
deposit and membership transfers 862 1,746 4,966 5,279 2,790 Total
cash and cash equivalents 74,298 101,321 104,848 65,908 95,740
Restricted cash 17,254 14,031 29,203 9,182 9,220 Short term
investments 64,199 239,888 253,979 327,956 338,426 Accounts
receivable - net of allowance 38,310 33,671 50,962 55,959 60,099
Deferred income taxes 2,974 1,962 1,921 2,240 2,489 Prepaid
expenses 21,114 18,410 23,233 20,778 19,020 Total current assets
218,149 409,283 464,146 482,023 524,994 Property and equipment:
Land 34,234 34,234 34,234 34,234 34,234 Buildings and equipment
328,992 333,014 335,415 340,113 341,171 Furnishings and fixtures
197,054 198,083 189,188 180,813 184,098 Computer software and
systems 84,112 93,636 93,719 93,294 93,987 Construction in progress
11,440 5,577 4,469 4,145 4,853 Total property and equipment 655,832
664,544 657,025 652,599 658,343 Less accumulated depreciation and
amortization 400,110 409,789 412,108 415,691 426,282 Property and
equipment - net 255,722 254,755 244,917 236,908 232,061 Other
assets - net 19,252 21,829 21,229 23,403 23,304 Total assets
$493,123 $685,867 $730,292 $742,334 $780,359 LIABILITIES AND
STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $14,960
$20,455 $12,965 $12,291 $13,125 Accrued clearing services 12,630
11,286 15,023 16,490 15,670 Accrued real estate taxes 9,595 7,730
6,078 8,108 5,605 Accrued payroll costs 5,568 6,351 2,966 4,931
7,739 Accrued exchange fee rebates 2,278 1,200 659 400 450 Accrued
employee termination 302 3,063 1,755 1,141 786 Accrued liabilities
7,625 7,395 7,241 10,672 10,935 Funds held for deposit and
membership transfers 17,230 14,821 33,220 13,532 11,088 Current
portion of long-term debt 19,588 19,366 19,455 20,014 11,877 Income
tax payable 1,764 5,751 24,425 6,001 10,325 Other current
liabilities 322 5,183 432 412 278 Total current liabilities 91,862
102,601 124,219 93,992 87,878 Long-term liabilities: Deferred
income tax liabilities 23,468 17,204 14,872 12,200 8,680 Long-term
debt 11,810 10,716 - - - Other liabilities 13,412 13,584 13,837
14,080 12,371 Total long-term liabilities 48,690 41,504 28,709
26,280 21,051 Total liabilities 140,552 144,105 152,928 120,272
108,929 Stockholders' equity: Common stock 49 53 53 53 53
Additional paid-in capital 315,500 486,990 487,404 488,651 489,195
Retained earnings 37,022 54,719 89,821 133,281 182,094 Accumulated
other comprehensive income - - 86 77 88 Total stockholders' equity
352,571 541,762 577,364 622,062 671,430 Total liabilities and
stockholders' equity $493,123 $685,867 $730,292 $742,334 $780,359
CBOT Holdings, Inc. and Subsidiaries Consolidated Statements of
Income (unaudited, in thousands, except per share data) QUARTER
ENDED 12/31/05 03/31/06 06/30/06 09/30/06 09/30/05 Revenues:
Exchange fees $68,086 $83,120 $91,855 $93,901 $62,696 Clearing fees
18,274 23,231 25,366 29,265 20,027 Market data 18,765 23,643 26,286
23,709 18,289 Building 5,479 5,505 5,910 5,768 5,595 Services 3,852
4,236 4,299 4,431 4,230 Interest 2,612 3,483 4,363 5,382 1,073
Other 293 351 407 550 258 Total revenues 117,361 143,569 158,486
163,006 112,168 Expenses: Clearing services 14,286 18,023 19,490
18,671 15,630 Contracted license fees 1,733 1,738 1,914 1,771 1,718
Salaries and benefits 20,488 19,102 19,028 18,955 18,127
Depreciation and amortization 13,732 14,086 14,789 13,671 13,144
Professional services 6,424 3,939 4,558 3,661 4,979 General and
administrative expenses 6,059 5,076 4,546 3,885 5,427 Building
operating costs 6,006 6,603 6,002 5,406 6,542 Information
technology services 11,870 12,230 11,885 13,282 10,660 Programs
3,104 2,627 3,086 2,497 2,306 Interest 607 585 388 304 633
Litigation - - - - - Severance and related costs 3,032 1,036 (22)
67 113 Operating expenses 87,341 85,045 85,664 82,170 79,279 Income
from operations 30,020 58,524 72,822 80,836 32,889 Income taxes
Current 17,481 25,466 32,168 35,460 15,586 Deferred (5,252) (2,291)
(3,042) (3,777) (2,521) Total income taxes 12,229 23,175 29,126
31,683 13,065 Income before equity in unconsolidated subsidiary
17,791 35,349 43,696 49,153 19,824 Equity in loss of unconsolidated
subsidiary - net of tax (94) (246) (237) (340) - Net income $17,697
$35,103 $43,459 $48,813 $19,824 Earnings per share: (1) Basic $0.34
$0.66 $0.82 $0.92 $0.40 Diluted $0.34 $0.66 $0.82 $0.92 $0.40
Weighted average number of common stock shares: (2)(3) Basic 52,079
52,787 52,792 52,794 49,360 Diluted 52,116 52,840 52,848 52,865
49,360 (1) Income used in the calculation of earnings per share,
only includes earnings allocated to each reported period after
April 22, 2005, the date the CBOT demutualized and became a stock,
for-profit company. The amount of income allocated to the period
before April 22, 2005 and not included in the calculation of
earnings per share was $21,824 for the nine months ended September
30, 2005. (2) CBOT members received an aggregate of 49,360 shares
of Class A common stock of CBOT Holdings as a result of the
demutualization. Weighted average number of shares used in the
calculation is based on the average number of shares outstanding
after April 22, 2005 rather than the entire reporting period. (3)
On October 24, 2005, CBOT Holdings closed an initial public
offering of its Class A common stock. The number of shares of Class
A common stock outstanding immediately after this offering was
52,787 shares. Operating expense makeup: Volume-based 16,019 19,761
21,404 20,442 17,348 Baseline 68,290 64,248 64,282 61,661 61,818
Other 3,032 1,036 (22) 67 113 Total 87,341 85,045 85,664 82,170
79,279 YTD 09/30/06 09/30/05 Revenues: Exchange fees $268,876
$198,871 Clearing fees 77,862 63,863 Market data 73,638 55,117
Building 17,183 16,682 Services 12,966 11,444 Interest 13,228 2,488
Other 1,308 747 Total revenues 465,061 349,212 Expenses: Clearing
services 56,184 49,524 Contracted license fees 5,423 5,123 Salaries
and benefits 57,085 54,662 Depreciation and amortization 42,546
41,189 Professional services 12,158 14,129 General and
administrative expenses 13,507 15,516 Building operating costs
18,011 19,694 Information technology services 37,397 32,729
Programs 8,210 7,411 Interest 1,277 2,351 Litigation - 4,000
Severance and related costs 1,081 277 Operating expenses 252,879
246,605 Income from operations 212,182 102,607 Income taxes Current
93,094 49,165 Deferred (9,110) (5,771) Total income taxes 83,984
43,394 Income before equity in unconsolidated subsidiary 128,198
59,213 Equity in loss of unconsolidated subsidiary - net of tax
(823) (367) Net income $127,375 $58,846 Earnings per share: (1)
Basic $2.41 $0.75 Diluted $2.41 $0.75 Weighted average number of
common stock shares: (2)(3) Basic 52,791 49,360 Diluted 52,851
49,360 (1) Income used in the calculation of earnings per share,
only includes earnings allocated to each reported period after
April 22, 2005, the date the CBOT demutualized and became a stock,
for-profit company. The amount of income allocated to the period
before April 22, 2005 and not included in the calculation of
earnings per share was $21,824 for the nine months ended September
30, 2005. (2) CBOT members received an aggregate of 49,360 shares
of Class A common stock of CBOT Holdings as a result of the
demutualization. Weighted average number of shares used in the
calculation is based on the average number of shares outstanding
after April 22, 2005 rather than the entire reporting period. (3)
On October 24, 2005, CBOT Holdings closed an initial public
offering of its Class A common stock. The number of shares of Class
A common stock outstanding immediately after this offering was
52,787 shares. Operating expense makeup: Volume-based 61,607 54,647
Baseline 190,191 187,681 Other 1,081 4,277 Total 252,879 246,605
CBOT Holdings, Inc. and Subsidiaries Consolidated Statements of
Cash Flows (unaudited, in thousands) QUARTER ENDED 12/31/05
03/31/06 06/30/06 09/30/06 09/30/05 Cash flows from operating
activities: Net income $17,697 $35,103 $43,459 $48,813 $19,824
Adjustments to reconcile net income to net cash flows from
operating activities: Depreciation and amortization 13,732 14,086
14,789 13,671 13,144 Deferred income taxes (benefit) (5,252)
(2,291) (3,042) (3,777) (2,521) Stock-based compensation 1,774 413
1,248 544 - Change in allowance for doubtful accounts (118) - 85 20
78 Gain / loss on foreign currency transaction (23) (2) 11 3 (46)
Gain / loss on sale or retirement of fixed assets 185 7 - 21 8
Equity in loss of unconsolidated subsidiary 155 411 394 567 -
Amortization of short term investment discounts (1,074) (1,094)
(125) (2,674) (111) Changes in assets and liabilities: Accounts
receivable 3,546 (16,654) (2,150) (4,602) 1,596 Income tax
receivable / payable 3,987 18,674 (18,424) 4,324 (371) Prepaid
expenses 2,704 (4,823) 2,455 1,758 (49) Other assets 149 376
(2,628) 428 19 Accounts payable 5,495 (7,490) (674) 834 862 Accrued
clearing services (1,344) 3,737 1,467 (820) (2,373) Accrued real
estate taxes (1,865) (1,652) 2,030 (2,503) 1,600 Accrued payroll
costs 783 (3,385) 1,965 2,808 1,582 Accrued exchange fee rebates
(1,078) (541) (259) 50 508 Accrued employee termination 2,761
(1,308) (614) (355) 29 Accrued liabilities 769 (702) 1,047 148
(434) Funds held for deposit and membership transfers (2,409)
18,399 (19,688) (2,444) (6,893) Other current liabilities 4,861
(4,751) (20) (134) (4,378) Other long-term liabilities 172 253 243
(1,709) (1,636) Net cash flows from operating activities 45,607
46,766 21,569 54,971 20,438 Cash flows from investing activities:
Acquisition of property and equipment (12,825) (4,195) (6,658)
(8,721) (7,777) Purchase of short term investments (221,038)
(124,483) (275,633) (85,151) (49,285) Proceeds from short term
investments 46,423 111,486 201,781 77,355 9,897 Restricted cash
3,223 (15,172) 20,021 (38) 4,848 Proceeds from sale of property and
equipment 1 93 - (1) - Investment in joint ventures (3,006) (254)
(20) (1,000) (1) Net cash flows used in investing activities
(187,222) (32,525) (60,509) (17,556) (42,318) Cash flows from
financing activities: Repayments of borrowings (1,082) (10,714) -
(7,583) (7,740) Net proceeds from initial public offering 169,498 -
- - - Excess tax benefit of stock compensation 222 - - - - Capital
contributions from members - - - - - Net cash flows from (used in)
financing activities 168,638 (10,714) - (7,583) (7,740) Net
increase (decrease) in cash and cash equivalents 27,023 3,527
(38,940) 29,832 (29,620) Cash and cash equivalents - beginning of
period 74,298 101,321 104,848 65,908 103,918 Cash and cash
equivalents - end of period $101,321 $104,848 $65,908 $95,740
$74,298 Cash paid for: Interest $41 $736 $110 $550 $1,000 Income
taxes (net of refunds) $13,394 $6,627 $50,434 $30,910 $15,959 YTD
09/30/06 09/30/05 Cash flows from operating activities: Net income
$127,375 $58,846 Adjustments to reconcile net income to net cash
flows from operating activities: Depreciation and amortization
42,546 41,189 Deferred income taxes (benefit) (9,110) (5,771)
Stock-based compensation 2,205 - Change in allowance for doubtful
accounts 105 369 Gain / loss on foreign currency transaction 12
(367) Gain / loss on sale or retirement of fixed assets 28 4 Equity
in loss of unconsolidated subsidiary 1,372 613 Amortization of
short term investment discounts (3,893) (137) Changes in assets and
liabilities: Accounts receivable (23,406) (8,261) Income tax
receivable / payable 4,574 3,321 Prepaid expenses (610) (572) Other
assets (1,824) (726) Accounts payable (7,330) (5,585) Accrued
clearing services 4,384 1,039 Accrued real estate taxes (2,125)
1,972 Accrued payroll costs 1,388 (463) Accrued exchange fee
rebates (750) 37 Accrued employee termination (2,277) (101) Accrued
liabilities 493 964 Funds held for deposit and membership transfers
(3,733) 2,968 Other current liabilities (4,905) 73 Other long-term
liabilities (1,213) (967) Net cash flows from operating activities
123,306 88,445 Cash flows from investing activities: Acquisition of
property and equipment (19,574) (27,411) Purchase of short term
investments (485,267) (73,959) Proceeds from short term investments
390,622 24,733 Restricted cash 4,811 (9,593) Proceeds from sale of
property and equipment 92 9 Investment in joint ventures (1,274)
(198) Net cash flows used in investing activities (110,590)
(86,419) Cash flows from financing activities: Repayments of
borrowings (18,297) (18,453) Net proceeds from initial public
offering - - Excess tax benefit of stock compensation - - Capital
contributions from members - 134 Net cash flows from (used in)
financing activities (18,297) (18,319) Net increase (decrease) in
cash and cash equivalents (5,581) (16,293) Cash and cash
equivalents - beginning of period 101,321 90,591 Cash and cash
equivalents - end of period $95,740 $74,298 Cash paid for: Interest
$1,396 $2,386 Income taxes (net of refunds) $87,971 $45,637
DATASOURCE: CBOT Holdings, Inc. CONTACT: Media, Melissa Jarmel,
+1-312-435-7137, or , or Investors, Debbie Koopman,
+1-312-789-8532, or , both of CBOT Holdings, Inc. Web site:
http://www.cbot.com/
http://www.cbot.com/cbot/pub/page/0,3181,370,00.html
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