CHICAGO, May 4 (Reuters) - The Chicago Board Options Exchange reported a 7 percent decline in quarterly profit, hurt by higher expenses, mostly due to its plan to convert to a shares-based company ahead of a mid-June initial public offering.
Net income rose to $22.7 million in the quarter ended March 31, down from $24.3 million a year earlier, CBOE said on Tuesday in a Securities and Exchange Commission filing.
First-quarter revenue edged up 3 percent to $101.1 million, while expenses rose 8 percent to $62.4 million.
Expenses also rose on spending for the development of a new exchange.
CBOE had $439.5 million in cash and cash equivalents as of March 31, it said.
(Reporting by Doris Frankel and Ann Saphir; Editing by Dan Grebler) Keywords: CBOE/ (doris.frankel@thomsonreuters.com; +1 312 408 8752; Reuters Messaging: doris.frankel.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Net income rose to $22.7 million in the quarter ended March 31, down from $24.3 million a year earlier, CBOE said on Tuesday in a Securities and Exchange Commission filing.
First-quarter revenue edged up 3 percent to $101.1 million, while expenses rose 8 percent to $62.4 million.
Expenses also rose on spending for the development of a new exchange.
CBOE had $439.5 million in cash and cash equivalents as of March 31, it said.
(Reporting by Doris Frankel and Ann Saphir; Editing by Dan Grebler) Keywords: CBOE/ (doris.frankel@thomsonreuters.com; +1 312 408 8752; Reuters Messaging: doris.frankel.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.