Friday, March 10, 2006

TD Ameritrade Aims to Double Its Profits by 2013

  
Omaha, Neb. (AP) -- Online brokerage TD Ameritrade Holding Corp. aims to double its profits within the next seven years, company officials said at their annual shareholders' meeting.

That assumes a growth rate of 10 percent to 15 percent a year, which is achievable, said Ed Clark, chief executive of Toronto Dominion Bank Financial Group, at the company's annual meeting on Thursday.

The pre-merger Ameritrade had a "terrific" technology platform for active traders, Clark said. It has added the long-term investor services of TD Waterhouse and aims to maintain its 50 percent operating margins.

TD Ameritrade projects earnings per share at 82 cents this year, rising to $1.15 in 2007.

Last year the company reported net earnings per share of 81 cents -- or $334.8 million -- in 2005 on revenue that topped $1 billion for the first time.

The Canadian bank Clark leads has five directors on Ameritrade's 12-member board, and holds roughly 33 percent of the brokerage's stock.
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