CME Group Inc. Reports Strong Fourth-Quarter and Full-Year Revenues and Net Income

Feb 5, 2008

CME Group Inc. Reports Strong Fourth-Quarter and Full-Year Revenues and Net Income

CHICAGO, Feb 05, 2008 /PRNewswire-FirstCall via COMTEX News Network/ -- CME Group Inc. (NYSE, Nasdaq: CME) today reported total revenues increased 88 percent to $530 million and net income increased 96 percent to $201 million for fourth-quarter 2007 compared with fourth-quarter 2006. Diluted earnings per share rose 29 percent to $3.75. These GAAP results include the operations of both Chicago Mercantile Exchange (CME) and Board of Trade of the City of Chicago, Inc. (CBOT); $12.5 million of merger-related operating expenses consisting of restructuring charges, integration and legal costs, and the acceleration of depreciation related to CBOT data centers; and an $11.3 million reduction to non-operating expenses associated with the guarantee for holders of the Chicago Board Options Exchange (CBOE) exercise right privilege (ERP). The comparative results for 2006 reflect the operations of CME only.

Pro forma non-GAAP revenues increased 23 percent to $530 million and net income increased 37 percent to $202 million for fourth-quarter 2007 compared with fourth-quarter 2006. Pro forma non-GAAP diluted earnings per share in the fourth quarter were $3.77, a 41 percent increase versus fourth-quarter 2006. Fourth-quarter 2007 pro forma results exclude $12.5 million of merger-related operating expenses and the $11.3 million reduction to non-operating expenses associated with the ERP guarantee. The pro forma comparative results for 2006 reflect the operating results of both CME and CBOT as if they were combined. Pro forma measures do not replace and are not a substitute for GAAP financial results. They are provided to improve overall understanding of current financial performance and to provide a meaningful comparison with prior periods. A full reconciliation of these pro forma results is included in the attached tables.

Total GAAP revenues for 2007 increased 61 percent to $1.8 billion and 2007 net income increased 62 percent to $659 million. Diluted earnings per share for the year, on a GAAP basis, rose 29 percent to $14.93 versus 2006. Full-year 2007 pro forma non-GAAP revenues increased 30 percent to $2.1 billion and net income increased 50 percent to $817 million compared with 2006. Diluted earnings per share, on a pro forma non-GAAP basis, grew 51 percent to $14.96 in 2007 versus 2006. Full-year 2007 pro forma results exclude $76.2 million of merger-related operating expenses and $17.2 million of non-operating expense associated with the ERP guarantee.

"CME Group has consistently delivered strong volume growth and 2007 was no exception, with combined average daily trading volume up 28 percent," said CME Group Executive Chairman Terry Duffy. "This demonstrates the value of our markets for a customer base that is expanding globally. Moreover, our successful merger with the Chicago Board of Trade enables us to serve these customers more efficiently and effectively, as represented by the recent migration of all e-cbot interest rate, equity and agricultural products to the CME Globex electronic platform."

"In a year of extraordinary achievement and strategic growth, CME Group delivered exceptional financial results while executing an historic merger, integrating operations, providing transaction processing services, launching new products and continuing to expand globally in Europe, Asia and South America," said CME Chief Executive Officer Craig Donohue. "During 2007, CME Group combined trading volume surged to nearly 2.8 billion contracts worth more than $1.2 quadrillion. So far in 2008, volumes have grown 65 percent compared with combined volumes during the same period last year. This is evidence that customers are turning to the transparency and liquidity of our diverse product set, and the safety and soundness that a centrally cleared market provides."

All references to volume and rate per contract information in the text of this document exclude our non-traditional TRAKRS products, for which CME Group receives significantly lower clearing fees than other CME Group products, CME Group Auction Markets products, which were available to trade prior to July 2007, and Swapstream products.



    CME Group Inc. Fourth-Quarter and Full-Year 2007 Results

    Financial Highlights:

    GAAP
    ($s in millions, except per share)
                         Q4 FY07     Q4 FY06     Y/Y     FY07     FY06     Y/Y
    Revenues               $530        $281      88%    $1,756   $1,090    61%
    Expenses               $217        $123      76%      $706     $469    50%
    Operating Income       $313        $158      97%    $1,050     $621    69%
    Operating Margin %     59.0%       56.3%              59.8%    57.0%
    Net Income             $201        $103      96%      $659     $407    62%
    Diluted EPS           $3.75       $2.91      29%    $14.93   $11.60    29%



    Pro Forma Non-GAAP
    ($s in millions, except per share)
                         Q4 FY07     Q4 FY06     Y/Y     FY07     FY06     Y/Y
    Revenues               $530        $431      23%    $2,123   $1,636    30%
    Expenses               $204        $203      1%       $836     $793    5%
    Operating Income       $325        $228      43%    $1,287     $843    53%
    Operating Margin %     61.4%       52.9%              60.6%    51.5%
    Net Income             $202        $148      37%      $817     $546    50%
    Diluted EPS           $3.77       $2.68      41%    $14.96    $9.94    51%



NOTE: See the CME Group Inc. Reconciliation of Pro Forma Non-GAAP to GAAP Measures for detail related to the adjustments made to reach the pro forma results.

Pro Forma Non-GAAP Fourth-Quarter 2007 Financial Results

Fourth-quarter 2007 volume averaged 10.6 million contracts per day, up 23 percent versus the same period in 2006. Total quarterly volume exceeded 676 million contracts, of which a record 81 percent traded electronically. This strong volume drove $439 million in clearing and transaction fee revenue, an increase of 24 percent from $354 million on a pro forma basis in fourth-quarter 2006, assuming CME and CBOT were combined during that time. The average rate per contract was $0.648 for the quarter compared with the pro forma average rate per contract of $0.654 in fourth-quarter 2006.

Keeping in mind that the 2006 CME processing services revenue and related CBOT expense are excluded from the pro-forma non-GAAP results, CME Group processing services revenue for the combined company increased 85 percent from $9 million to $16 million. The fourth quarter was the sixth consecutive quarter of record NYMEX volume on CME Globex. Additionally, quotation data fees were up 11 percent to $50 million.

Fourth-quarter operating income on a pro forma basis was $325 million, an increase of 43 percent from $228 million for the year-ago period. The company's operating margin was 61 percent compared with 53 percent for the same period last year. Operating margin is defined as operating income as a percentage of total revenues.

Pro Forma Non-GAAP Full-Year 2007 Financial Results

On a pro forma basis, CME Group posted its seventh consecutive year of record volume as total volume approached 2.8 billion contracts. Daily volume averaged 11.0 million contracts per day, up 28 percent versus 2006. Total electronic volume averaged 8.5 million contracts per day, up 41 percent from the prior year.

All major product lines have achieved year-over-year growth above 20 percent for two consecutive years. This strong volume trend drove $1.8 billion in clearing and transaction fee revenue during 2007, an increase of 31 percent from $1.3 billion in 2006, assuming CME and CBOT were combined during that time. CME Group processing services revenue for the combined company increased 296 percent from $15 million to $58 million. CME Group's processing services agreement with NYMEX began in June 2006 and average daily volume for the remainder of 2006 was 252,000 contracts. NYMEX energy and metals product volume on CME Globex in 2007 more than tripled that amount, growing to 757,000 contracts per day. Additionally, quotation data fees were up 10 percent to $197 million.

Full-year operating income on a pro forma basis was $1.3 billion, an increase of 53 percent from $843 million for the year-ago period. The company's operating margin was 61 percent compared with 52 percent for last year.

Company Guidance

In 2008, the company expects operating expenses to range from $835 to $850 million. This expense range would represent less than 2 percent growth compared with 2007 pro forma expense levels, driven by normal expense growth rates less merger-related expense synergies. Historically, the company's expense growth has ranged between 11 and 13 percent annually. By the end of 2008, the company expects to achieve run-rate expense synergies of $150 million. In addition, capital expenditures in 2008 are expected to total $225 to $235 million, driven by continued technology and real estate expenditures.

As part of a definitive cross-equity agreement with the Brazilian Mercantile & Futures Exchange, the company expects to issue 1.19 million shares of CME Group common stock, in conjunction with the first-quarter expected close of the transaction, provided that the arrangement is approved by the BM&F shareholders on February 26. At that point, these shares would be averaged into the company's diluted share count.

Dividend

CME Group Inc. declared a first-quarter dividend of $1.15 cents per share, payable March 25, 2008, to shareholders of record as of March 10, 2008. This dividend represents a 34 percent increase from the prior CME Group quarterly dividend of 86 cents per share.

CME Group will hold a conference call to discuss fourth-quarter results at 9:00 a.m. Eastern Time today. A live audio Webcast of the call will be available on the Investor Relations section of CME Group's Web site at http://www.cmegroup.com. An archived recording will be available for up to two months after the call.

CME Group (http://www.cmegroup.com/) is the world's largest and most diverse exchange. Formed by the 2007 merger of Chicago Mercantile Exchange Holdings Inc. (CME) and CBOT Holdings, Inc. (CBOT), CME Group serves the risk management needs of customers around the globe. As an international marketplace, CME Group brings buyers and sellers together on the CME Globex electronic trading platform and on its trading floors. CME Group offers the widest range of benchmark products available across all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, agricultural commodities, and alternative investment products such as weather and real estate. CME Group is traded on the New York Stock Exchange and NASDAQ under the symbol "CME".

The Globe logo, CME, Chicago Mercantile Exchange, CME Group, Globex and E-mini, are trademarks of Chicago Mercantile Exchange Inc. CBOT and Chicago Board of Trade are trademarks of the Board of Trade of the City of Chicago, Inc. TRAKRS and Total Return Asset Contracts are trademarks of Merrill Lynch & Co., Inc. These trademarks are used herein under license. All other trademarks are the property of their respective owners. Further information about CME Group and its products can be found at http://www.cmegroup.com/.

Statements in this news release that are not historical facts are forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or implied in any forward-looking statements. Among the factors that might affect our performance are: our ability to successfully integrate the businesses of CME Holdings and CBOT Holdings, including the fact that such integration may be more difficult, time consuming or costly than expected and revenues following the merger may be lower than expected; increasing competition by foreign and domestic entities, including increased competition from new entrants into our markets and consolidation of existing entities; our ability to keep pace with rapid technological developments, including our ability to complete the development and implementation of the enhanced functionality required by our customers; our ability to continue introducing competitive new products and services on a timely, cost-effective basis, including through our electronic trading capabilities, and our ability to maintain the competitiveness of our existing products and services; our ability to adjust our fixed costs and expenses if our revenues decline; our ability to continue to generate revenues from our processing services provided to third parties; our ability to maintain existing customers and attract new ones; our ability to expand and offer our products in foreign jurisdictions; changes in domestic and foreign regulations; changes in government policy, including policies relating to common or directed clearing; the costs associated with protecting our intellectual property rights and our ability to operate our business without violating the intellectual property rights of others; our ability to generate revenue from our market data that may be reduced or eliminated by the growth of electronic trading; changes in our rate per contract due to shifts in the mix of the products traded, the trading venue and the mix of customers (whether the customer receives member or non-member fees or participates in one of our various incentive programs) and the impact of our tiered pricing structure; the ability of our financial safeguards package to adequately protect us from the credit risks of clearing members; changes in price levels and volatility in the derivatives markets and in underlying fixed income, equity, foreign exchange and commodities markets; economic, political, geopolitical and market conditions; natural disasters and other catastrophes, our ability to accommodate increases in trading volume and order transaction traffic without failure or degradation of performance of our systems; our ability to execute our growth strategy and maintain our growth effectively; our ability to manage the risks and control the costs associated with our acquisition, investment and alliance strategy; our ability to continue to generate funds and/or manage our indebtedness to allow us to continue to invest in our business; industry and customer consolidation; decreases in trading and clearing activity; the imposition of a transaction tax on futures and options on futures transactions; and the seasonality of the futures business. More detailed information about factors that may affect our performance may be found in our filings with the Securities and Exchange Commission, including our most recent Quarterly Report on Form 10-Q, which is available in the Investor Relations section of the CME Group Web site. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.



                       CME Group Inc. and Subsidiaries
                         Consolidated Balance Sheets
                            (dollars in thousands)

                                                 December 31,     December 31,
    ASSETS                                           2007             2006
    Current Assets:
         Cash and cash equivalents                 $845,312          $969,504
         Collateral from securities lending       2,862,026         2,130,156
         Marketable securities, including
          pledged securities                        203,308           269,516
         Accounts receivable, net of allowance      187,487           121,128
         Other current assets                        55,900            37,566
         Cash performance bonds and
          security deposits                         833,022           521,180
    Total current assets                          4,987,055         4,049,050
    Property, net of accumulated
     depreciation and amortization                  377,452           168,755
    Intangible assets - trading products          7,987,000                 -
    Intangible assets - other, net of
     accumulated amortization                     1,796,789            12,776
    Goodwill                                      5,049,211            11,496
    Other assets                                    108,690            64,428
    Total Assets                                $20,306,197        $4,306,505

    LIABILITIES AND SHAREHOLDERS' EQUITY
    Current Liabilities:
         Accounts payable                           $58,965           $25,552
         Payable under securities lending
          agreements                              2,862,026         2,130,156
         Short-term debt                            164,435                 -
         Other current liabilities                  157,615            78,466
         Cash performance bonds and
          security deposits                         833,022           521,180
    Total current liabilities                     4,076,063         2,755,354
    Deferred tax liabilities                      3,848,240                 -
    Other liabilities                                76,257            32,059
    Total Liabilities                             8,000,560         2,787,413
    Shareholders' equity                         12,305,637         1,519,092
    Total Liabilities and Shareholders' Equity  $20,306,197        $4,306,505



                       CME Group Inc. and Subsidiaries
                      Consolidated Statements of Income
                   (in thousands, except per share amounts)

                                       Quarter Ended          Year Ended
                                        December 31,          December 31,
                                      2007      2006        2007       2006
    Revenues
         Clearing and transaction
          fees                      $438,517  $219,774  $1,427,320   $866,089
         Quotation data fees          49,891    20,100     145,054     80,836
         Processing services          16,104    27,929     106,404     90,148
         Access and communication
          fees                        10,459     7,262      35,804     28,742
         Building and other           14,568     6,251      41,519     24,132
         Total Revenues              529,539   281,316   1,756,101  1,089,947

    Expenses
         Compensation and benefits    71,756    53,915     263,347    202,966
         Communications               13,498     8,096      43,471     31,580
         Technology support services  17,196     7,849      50,480     31,226
         Professional fees and
          outside services            16,814     8,727      53,142     33,184
         Amortization of purchased
          intangibles                 17,287       469      33,878      1,267
         Depreciation and
          amortization                32,992    19,191     105,653     72,783
         Occupancy and building
          operations                  15,367     7,412      48,202     29,614
         Licensing and other fee
          agreements                  10,351     6,473      35,651     25,728
         Restructuring                 4,380         -       8,892          -
         Marketing and other          17,272    10,873      62,892     40,521
         Total Expenses              216,913   123,005     705,608    468,869

    Operating Income                 312,626   158,311   1,050,493    621,078

    Non-Operating Income and Expense
         Investment income            15,272    17,003      73,059     55,792
         Securities lending
          interest income             29,934    23,589     121,494     94,028
         Securities lending
          interest expense           (26,347)  (23,294)   (114,453)   (92,103)
         Interest expense             (2,185)      (56)     (3,629)      (223)
         Guarantee of exercise
          right privileges            11,333         -     (17,167)         -
         Equity in losses of
          unconsolidated
          subsidiaries                (3,941)   (4,805)    (13,995)    (6,915)
         Total Non-Operating          24,066    12,437      45,309     50,579

    Income Before Income Taxes       336,692   170,748   1,095,802    671,657

    Income tax provision            (135,634)  (68,146)   (437,269)  (264,309)
    Net Income                      $201,058  $102,602    $658,533   $407,348

    Earnings per Common Share:
         Basic                         $3.78     $2.95      $15.05     $11.74
         Diluted                       $3.75     $2.91      $14.93     $11.60

    Weighted Average Number of
     Common Shares:
         Basic                        53,245    34,812      43,754     34,696
         Diluted                      53,564    35,199      44,107     35,124



                       CME Group Inc. and Subsidiaries
             Pro Forma Non-GAAP Consolidated Statements of Income
                   (in thousands, except per share amounts)

                                     Quarter Ended           Year Ended
                                      December 31,           December 31,
                                     2007      2006        2007        2006
    Revenues
         Clearing and transaction
          fees                     $438,517  $354,283  $1,766,879  $1,347,337
         Quotation data fees         49,891    45,070     197,449     179,443
         Processing services         16,104     8,704      58,417      14,739
         Access and communication
          fees                       10,459     8,960      39,064      35,645
         Building and other          14,568    14,331      61,186      58,465
         Total Revenues             529,539   431,348   2,122,995   1,635,629

    Expenses
         Compensation and benefits   71,756    74,146     306,776     283,794
         Communications              13,498    12,178      51,754      49,058
         Technology support
          services                   17,196    15,718      66,878      63,097
         Professional fees and
          outside services           14,142    12,742      48,917      49,347
         Amortization of purchased
          intangibles                17,287    16,694      68,763      66,543
         Depreciation and
          amortization               29,312    31,443     122,740     127,581
         Occupancy and building
          operations                 15,367    12,584      58,748      49,331
         Licensing and other fee
          agreements                 10,351     9,525      42,524      37,329
         Marketing and other         15,517    18,173      68,473      66,440
         Total Expenses             204,426   203,203     835,573     792,520

    Operating Income                325,113   228,145   1,287,422     843,109

    Non-Operating Income and Expense
         Investment income           15,272    22,882      87,220      74,899
         Securities lending
          interest income            29,934    23,590     121,494      94,028
         Securities lending
          interest expense          (26,347)  (23,294)   (114,453)    (92,103)
         Interest expense            (2,185)     (292)     (3,874)     (1,736)
         Equity in losses of
          unconsolidated
          subsidiaries               (3,941)   (5,008)    (14,765)     (7,941)
         Total Non-Operating         12,733    17,878      75,622      67,147

    Income Before Income Taxes      337,846   246,023   1,363,044     910,256

    Income tax provision           (136,099)  (98,409)   (546,178)   (364,102)
    Net Income                     $201,747  $147,614    $816,866    $546,154

    Earnings per Diluted Common
     Share                            $3.77     $2.68      $14.96       $9.94

    Weighted Avg. Number of
     Diluted Common Shares*          53,564    55,032      54,599      54,947

    Note:  Pro Forma Non-GAAP results exclude merger-related costs and include
    CBOT operating results for the full quarter.  The pro forma comparative
    results for 2006 reflect both the operating results for CME and CBOT as if
    they were combined.  See CME Group Inc. Reconciliation of GAAP to Pro
    Forma Non-GAAP Measures for detail on the adjustments made to reach the
    pro forma results.

    *Weighted average number of diluted common shares includes CBOT sharecount
    for the entire period reported.



                       CME Group Inc. and Subsidiaries
            Reconciliation of GAAP to Pro Forma Non-GAAP Measures
                                (in thousands)

                                     Quarter Ended            Year Ended
                                      December 31,           December 31,
                                     2007      2006        2007        2006
    GAAP Results
    Revenues                       $529,539  $281,316  $1,756,101  $1,089,947
    Expenses                        216,913   123,005     705,608     468,869
    Operating Income                312,626   158,311   1,050,493     621,078

    Non-Operating Income and
     Expense                         24,066    12,437      45,309      50,579
    Income before income taxes      336,692   170,748   1,095,802     671,657
    Income tax provision           (135,634)  (68,146)   (437,269)   (264,309)
         Net Income                $201,058  $102,602    $658,533    $407,348


    Pro Forma Adjustments
    Revenues:
    CBOT premerger revenue               $-  $169,257    $414,881    $621,091
    Common clearing service
     elimination(1)                       -   (19,225)    (47,987)    (75,409)
    Total Pro Forma Revenue
     Adjustment                           -   150,032     366,894     545,682

    Expenses:
    CBOT premerger expense                -    93,452     219,296     345,054
    Common clearing service
     elimination(1)                       -   (19,225)    (47,987)    (75,409)
    Amortization of intangibles(2)        -    16,357      34,825      65,428
    Other(3)                        (12,487)  (10,386)    (76,169)    (11,422)
    Total Pro Forma Expense
     Adjustment                     (12,487)   80,198     129,965     323,651

    Adjustment to Operating Income   12,487    69,834     236,929     222,031

    Non-Operating Income and
     Expense:
    CBOT premerger non-operating
     income                               -     5,441      13,146      16,568
    Other(4)                        (11,333)        -      17,167           -
    Total Pro Forma Non-Operating
     Income and Expense Adjustment  (11,333)    5,441      30,313      16,568
    Adjustment to income before
     income taxes                     1,154    75,275     267,242     238,599
    Adjustment to income tax
     provision(5)                      (465)  (30,263)   (108,909)    (99,793)
         Adjustment to Net Income      $689   $45,012    $158,333    $138,806


    Pro Forma Non-GAAP Results
    Revenues                       $529,539  $431,348  $2,122,995  $1,635,629
    Expenses                        204,426   203,203     835,573     792,520
    Operating Income                325,113   228,145   1,287,422     843,109

    Non-Operating Income and
     Expense                         12,733    17,878      75,622      67,147
    Income before income taxes      337,846   246,023   1,363,044     910,256
    Income tax provision           (136,099)  (98,409)   (546,178)   (364,102)
         Net Income                $201,747  $147,614    $816,866    $546,154

    Notes:
    (1)  Eliminate clearing services provided to CBOT prior to the merger.
    (2)  Add amortization of intangible assets recorded in purchase of CBOT.
    (3)  Reverse effect of restructuring, accelerated depreciation,
         integration and legal expenses related to the merger with CBOT.  Also
         removes CBOT merger-related transaction costs that were expensed.
    (4)  Reverse impact of exercise right guarantee associated with CBOT
         merger.
    (5)  Includes an adjustment to arrive at an average effective tax rate of
         40% on pro forma income.



                                CME Group Inc.
                        Pro Forma Operating Statistics

                                   4Q 2006  1Q 2007  2Q 2007  3Q 2007  4Q 2007
    Trading Days                        63       62       64       63       64



                          Average Daily Volume (ADV)
                         (in thousands, average daily
                     volumes combined for entire period)

    Product Line                   4Q 2006  1Q 2007  2Q 2007  3Q 2007  4Q 2007
    Interest Rates                  5,470    6,671    6,670    8,060    6,290
    Equity E-mini                   1,700    2,107    2,127    3,057    2,817
    Equity standard-size              156      197      180      202      166
    Foreign Exchange                  508      555      527      635      561
    Commodities & Alternative
     Investments                      748      789      818      716      740
         Total                      8,581   10,320   10,322   12,670   10,574

    Venue
    Open outcry                     2,106    2,312    2,297    2,652    1,876
    Electronic (excluding TRAKRS)   6,342    7,846    7,838    9,806    8,528
    Privately negotiated              133      162      188      212      169
         Total                      8,581   10,320   10,322   12,670   10,574



                       Average Rate Per Contract (RPC)
    (in thousands, rate per contract generated from combined average daily
                          volumes for entire period)

    Product Line                   4Q 2006  1Q 2007  2Q 2007  3Q 2007  4Q 2007
    Interest Rates                 $0.536   $0.519   $0.516   $0.519   $0.530
    Equity E-mini                   0.714    0.712    0.700    0.673    0.687
    Equity standard-size            1.385    1.387    1.334    1.451    1.427
    Foreign Exchange                1.085    1.106    1.090    0.951    0.985
    Commodities & Alternative
     Investments                    0.938    0.952    1.034    1.032    1.074
         Average RPC (excluding
          TRAKRS)                  $0.654   $0.640   $0.639   $0.622   $0.648

    Venue
    Open outcry                    $0.516   $0.498   $0.492   $0.473   $0.517
    Electronic (excluding TRAKRS)   0.642    0.630    0.626    0.613    0.629
    Privately negotiated            3.389    3.130    2.948    2.878    3.057

    Note:  All volume and rate per contract data is based upon pro forma
    results.  All data excludes our non-traditional TRAKRS products, for which
    CME Group receives significantly lower clearing fees than other CME Group
    products.  Additionally, all data excludes Swapstream products and CME
    Group Auction Markets products while the CME Group Auction Market products
    were available prior to July 2007.

    CME-E

SOURCE CME Group Inc.

http://www.cme.com

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