Pension Worldwide, Inc. reported net income of $4.3 million, or $0.17 per diluted share, in the fourth quarter of 2009. The company lost $10.8 million, or ($0.43) per diluted share, in the same quarter of 2008.
Revenues were $74.4 million in the quarter, up approximately 8% from the $69 million in the fourth quarter of 2008. Pension Worldwide, Inc. said that revenues in the fourth quarter of 2009 were artificially boosted by the sale of LCH Clearnet stock by the company.
Pension Worldwide, Inc. also improved its balance sheet on a year over basis. Cash and cash equivalents totaled $48.6 million at December 31, 2009, up from $38.8 million a year earlier. The company also cut its short-term debt to $113.2 million from $130.8 million over the same time frame.
“Our focus is on growing our correspondent base in the US and around the world, expanding the products and services we can offer them and their clients, and increasing efficiencies. When volumes and interest rates rebound from today’s depressed levels, we’ll be well-positioned to significantly expand margins and profitability,” said Philip A. Pendergraft, the CEO of Pension Worldwide, Inc.
Pension Worldwide, Inc. offers various services to its customer, including execution, clearing, custody and settlement services. The company is a member of all major stock exchanges including the New York Stock Exchange, the International Securities Exchange and the Chicago Board of Options Exchange.
Pension Worldwide, Inc. is involved with a range of products for its customers including equities, options, futures and fixed income securities.