SAN FRANCISCO, Sept. 17 /PRNewswire-FirstCall/ -- The Charles Schwab
Corporation released its Monthly Market Activity Report today. Company
highlights for the month of August 2007 include:
-- Net new assets brought to the company by new and existing clients in
August 2007 totaled $14.7 billion.
-- Total client assets were a record $1.390 trillion as of month-end
August, up 20% from August 2006 and up 1% from July 2007.
-- Client daily average trades were 308.1 thousand in August 2007, up 36%
from August 2006 and up 3% from July 2007.
CFO Joe Martinetto commented, "Against a backdrop of heightened
securities market volatility during much of August, our client fundamentals
showed remarkable strength, with net new assets for the month up 73% over
year-earlier levels and total client assets setting a new record at $1.390
trillion as of month-end. In addition, client daily average revenue trades
avoided the typical vacation-season slowdown and rose by 3% over July
before moderating to about 216,000 thus far in September. Given our
continued success in building stronger client relationships and our
sustained focus on expense discipline, as well as a $15 million one-time
tax benefit associated with the special cash dividend recently paid by the
company and the incremental interest revenue generated by temporarily
investing the proceeds from the sale of U.S. Trust, we currently estimate
that third quarter earnings per share from continuing operations will be
30% to 35% higher than the $.20 we earned in the second quarter of 2007."
This press release contains a forward-looking statement relating to the
company's third quarter earnings that reflects management's current
expectations. Achievement of these expectations is subject to risks and
uncertainties that could cause actual results to differ materially from the
expressed expectations. Important factors that may cause such differences
include, but are not limited to, substantial changes in client trading
volumes or asset values during the remainder of September.
About Charles Schwab
The Charles Schwab Corporation (Nasdaq: SCHW) is a leading provider of
financial services, with more than 300 offices and 6.9 million client
brokerage accounts, 1.2 million corporate retirement plan participants,
200,000 banking accounts, and $1.4 trillion in client assets. Through its
operating subsidiaries, the company provides a full range of securities
brokerage, banking, money management and financial advisory services to
individual investors and independent investment advisors. Its broker-dealer
subsidiary, Charles Schwab & Co., Inc. (member SIPC, http://www.sipc.org),
and affiliates offer a complete range of investment services and products
including an extensive selection of mutual funds; financial planning and
investment advice; retirement plan and equity compensation plan services;
referrals to independent fee-based investment advisors; and custodial,
operational and trading support for independent, fee-based investment
advisors through its Schwab Institutional division. The Charles Schwab
Bank, N.A. (member FDIC) provides banking and mortgage services and
products. CyberTrader(R), Inc. (member SIPC, http://www.sipc.org) is an
electronic trading technology and brokerage firm providing services to
highly active, online traders. More information is available at
http://www.schwab.com.
SOURCE Charles Schwab
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Related links:
http://www.schwab.com
CONTACT:
Greg Gable, +1-415-636-5847, or Rich Fowler,
+1-415-636-9869, both of Charles Schwab
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