National Discount Brokers Group (NYSE: NDB) fell 1 7/8 to 30 1/8 Tuesday after the company, which owns online brokerage NDB.com, reported a first quarter loss, compared with a profit in the year-earlier quarter.
The Jersey City, New Jersey-based company said revenue for the quarter ended August 31st rose 28 percent from a year earlier to $68.1 million, but it posted a loss from continuing operations of $1.3 million, or 6 cents per diluted share, compared with income of $400,000, or 2 cents. The company blamed the loss on “trading performance below expectations and increased fixed expenses.”
“Our results were weighed upon by our inability to take advantage of certain market opportunities during July, as well as higher expenses related to building our businesses,” said president and chief executive officer Arthur Kontos.
Still, NDB.com added 23,300 new customers during the quarter, bringing the total to 268,900.