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Van der Moolen Holding N.V. Van der Moolen Holding N.V. today provides a business update ahead of the publication of the Q2 results on 14 August 2008.
Van der Moolen expects to report a net profit of around € 9 million (before preferred financing dividend) in the second quarter of 2008 compared with a net loss of € 8.7 million in the second quarter of 2007 and a net profit of € 4 million in the first quarter of 2008.
Richard den Drijver, CEO of Van der Moolen Holding N.V. comments:
"In the second quarter the upward trend of Van der Moolen's results has continued from the first quarter and resulted in a strong profit growth. Our cooperation with GSFS Asset Management in proprietary arbitrage trading, which we announced in October 2007, contributes strongly to the results. We also benefit from the release of capital resulting from the closure of our US specialist activities."
The expected net profit for the second quarter includes a goodwill impairment of € 2 million on the European brokerage activities due to challenging market circumstances. Excluding the impairment the net profit (before preferred financing dividend) amounts around € 15 million for the first half of 2008.
Van der Moolen will report full second quarter results on 14 August 2008.
For more information about Van der Moolen, please visit www.vandermoolen.com or contact Investor Relations/Corporate Communications, telephone +31 (0)20 535 6789.
Disclaimer: This press release contains forward-looking statements within the meaning of, and which have been made pursuant to, the Private Securities Litigation Reform Act of 1995. 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 describe certain important factors to consider in connection with these forward-looking statements under "Key Information - Risk Factors" and elsewhere in our annual filing with the U.S. Securities and Exchange Commission on Form 20-F. 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 Report. We have no obligation to update these forward-looking statements.
