Penson's Fourth-Quarter Net Income Rises 32 Percent (Updatet1)
Penson Worldwide Inc. (PNSN), the securities-clearing firm that went public in 2006, reported fourth-quarter net income rose 32 percent on higher commission and clearing fees and said there is ``strong volume'' this year.
Net income was $10.2 million, or 39 cents a share, compared with $7.73 million, or 30 cents, in the same period a year earlier, the Dallas-based company said in a statement. Net revenue climbed 44 percent to $75.6 million.
Sales from clearing and commission fees increased 61 percent to $34.6 million, while gross interest climbed 25 percent, Penson said in the statement. This year started ``with strong volume,'' Chief Executive Officer Philip Pendergraft said in the statement.
The shares climbed $1.92, or 19 percent, to $11.90 in late U.S. trading after the announcement was made. Shares of Penson fell 42 cents to $9.98 at 4 p.m. in Nasdaq Stock Market trading and have dropped 30 percent this year.
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