NEW YORK, Nov. 7 /PRNewswire/ -- Pending finalization of financial
results, TD Waterhouse Group, Inc. (NYSE: TWE; TSE), the global online
financial services firm, expects to earn between $0.00 to $0.01 per share
(excluding the impact of goodwill amortization) for the quarter ended
October 31, 2001.
TD Waterhouse reports the following monthly activity for the period ended
October 31, 2001:
-- Total customer assets were $125 billion as of October 31, 2001, up 4%
from September 2001, and 21% lower than October 2000.
-- Total trades per day averaged 92,200 for the month of October. This
is a 13% decrease from September 2001 and is 43% lower than October
2000.
-- For the quarter ended October 31, 2001, trades per day averaged
90,400, down 11% from third quarter 2001, and down 40% from fourth
quarter 2000.
-- New accounts opened totaled 36,100. This is up 19% from September
2001 and 36% lower than October 2000.
-- Margin loans were $3.4 billion at October 31, 2001. This compares to
$3.5 billion a month earlier and is a decrease of 57% from October 31,
2000.
-- In the first few days of November, average trades per day were about
85,000.
TD Waterhouse Group, Inc., (NYSE: TWE; TSE), also known as "TD
Waterhouse," provides investors with a broad range of brokerage, mutual fund,
banking and other consumer financial products on an integrated basis.
Worldwide, TD Waterhouse currently services 3.3 million active customer
accounts in the United States, Canada, the United Kingdom, Australia, and Hong
Kong. The firm also has joint ventures in Japan, Luxembourg, and India to
serve investors in those countries. TD Waterhouse can be found on the
Internet at http://www.tdwaterhouse.com and on America Online at Keyword: TD
Waterhouse.
TD Waterhouse's majority owner is TD Bank (NYSE: TD; TSE). Headquartered
in Toronto, Canada, with offices around the world, TD Bank Financial Group
offers a full range of financial products and services to approximately
13 million customers worldwide.
This release contains projections and other forward-looking statements
regarding future events and our future financial performance. These
statements are based on management's current beliefs and expectations. These
beliefs and expectations are based on assumptions that are subject to risks
and uncertainties that may cause actual results to differ materially from
these statements. The forward-looking statements contained in this release
speak only as of the date hereof and we do not undertake any obligation to
provide updates on or corrections of such statements in the future as a result
of subsequent developments or otherwise. The risks and uncertainties that may
cause actual results to differ materially from these statements include, but
are not limited to, (i) changes in general economic conditions and prevailing
interest rates, (ii) market volatility or further sustained decreases in the
market prices of securities generally, (iii) significant increases or
decreases in trading activity by our customers, (iv) customer attrition, (v)
the development and acceptance of new products and services, (vi) system
delays and failures, (vii) increased competition, (viii) a slowdown in the
expected rate of employee attrition, (ix) the success of our expense
reduction initiatives in achieving their expected benefits, and (x) our
ability to estimate when our expense reduction initiatives will affect our
operating results. For a discussion of risks and uncertainties that may cause
actual results to differ from those reflected in such forward-looking
statements, please refer to our filings with the Securities and Exchange
Commission, including the information included under the heading "Item 1.
Business-Risk Factors" in our Annual Report on Form 10-K for the fiscal year
ended October 31, 2000.
SOURCE TD Waterhouse Group, Inc.
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Related links:
http://www.tdwaterhouse.com
CONTACT:
Media - Melissa Gitter, First Vice President,
Public Affairs, +1-212-908-3101; Analysts - Kevin Sterns,
Executive Vice President & CFO, +1-212-908-7301, both of TD
Waterhouse Group, Inc.
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