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Van der Moolen Holding N.V.: Van der Moolen provides first quarter business update

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^{Published in Business and Finance on Tuesday, May 19th 2009 at 22:52 GMT, Last Modified on 2009-05-19 22:54:15 by Market Wire}  

AMSTERDAM, NETHERLANDS--(Marketwire - May 20, 2009) - Van der Moolen Holding N.V. (international trading and brokerage in listed equities and derivatives) today provides a business update for the first quarter of 2009.

Operational highlights Q1 2009

* Low performance Trading activities due to ongoing challenging market conditions.

* Low performance VDM Institutional Brokerage due to lower volumes and low stock price levels.

* Roll out VDM Global Markets in the UK on schedule.

Financial highlights Q1 2009

* Total revenues of EUR 16.5 million in first quarter 2009, compared to EUR 22.1 million in the fourth quarter 2008. In first quarter 2009, VDM did not recognize revenues related to certain tax receivables of EUR 5.6 million.

* Total operating loss of EUR 4.7 million in first quarter 2009, compared to operating loss of EUR 31.6 million in fourth quarter 2008. Operating loss in fourth quarter 2008 was impacted by a loss of EUR 4.1 million on sale of NYSE shares, and an impairment charge on tax receivables and benefit on reversal of commission from profit share which combined had a net impact of EUR 24.3 million negative.

* Total net loss (after tax) of EUR 4.4 million in first quarter 2009, compared to net loss of EUR 23.4 million in fourth quarter 2008.

Richard den Drijver, CEO of Van der Moolen Holding, comments:

"Market conditions remained challenging in the first quarter of 2009 with low volumes and lack of liquidity in our core markets. This had a negative impact on both our trading and brokerage activities. As markets remain vulnerable and signs of an economic upturn are yet weak, it is hard to predict how our business will perform during the course of this year. We remain however convinced that the strength of our core operations will assure a positive development in the long term."

Financial position

* Cash flow increased by EUR 20.1 million in first quarter 2009, mainly caused by increase of liquidity from operating activities and financing activities of EUR 11.4 million and EUR 10 million, respectively.

* Shareholders' equity totalled EUR 62.8 million at 31 March 2009 versus EUR 67.0 million at 31 December 2008. This decrease was mainly attributable to the net loss attributable to common shareholders and financing preferred shareholders in the first quarter 2009.

* Number of shares outstanding at 31 March 2009 was 37,692,776. The average number of shares outstanding during the first quarter of 2009 was 37,692,776.

Subsequent Events

On May 7, 2009 the General Meeting of Shareholders was held. The list of resolutions and the recording of the audio web cast are available at our website [ www.vandermoolen.com ]. The minutes of the meeting will be available at our website in due time.

 For further information For further information please contact Investor Relations/Corporate Communications, telephone +31 (0)20 535 6789 

[ www.vandermoolen.com ]

Disclaimer:

This press release contains forward-looking statements. 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 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 Press Release. We have no obligation to update these forward-looking Statements.

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

PDF version Press Release: [ http://hugin.info/130805/R/1316548/306842.pdf ]

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