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DLJ 1Q profit down 9%
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April 15, 1999: 9:59 a.m. ET
Online trading service in the black as number of trades, revenue double
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NEW YORK (CNNfn) - Donaldson, Lufkin & Jenrette Inc. said Thursday that first-quarter income fell 9 percent, citing a decline in underwriting revenue and a sharp drop in investment gains. But the results beat Wall Street expectations by about 8 cents a share.
The brokerage said it earned $121.7 million, or 84 cents per diluted share, in the quarter, down from $134.2 million, or $1 per diluted share, a year earlier. The results for the 1998 quarter are adjusted to reflect a two-for-one stock split.
Revenue was essentially unchanged at $1.5 billion.
DLJ (DLJ) cited strong performance of its DLJdirect online brokerage service, which it plans to take public as a separate company sometime this quarter.
The online unit reported $11 million in pre-tax profit in the first quarter, compared with a loss of $2.2 million a year ago. First-quarter revenue for the Internet unit nearly doubled to $47 million. The number of online trades also nearly doubled, DLJ said.
However, investment gains, which come from the brokerage's merchant bank business, were just $3 million, down from $41.3 million in the year-ago period.
Shares of New York-based DLJ closed down 1-7/16 at 93 on the New York Exchange Wednesday. 
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