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ULTRASHORT S&P500 PROSHARES Reports Operating Results (10-Q)

May 17, 2010 | About:

10qk

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ULTRASHORT S&P500 PROSHARES (SDS) filed Quarterly Report for the period ended 2010-03-31.

Ultrashort S&p500 Proshares has a market cap of $455.1 million; its shares were traded at around $32.058 . The dividend yield of Ultrashort S&p500 Proshares stocks is 2.2%.SDS is in the portfolios of Richard Snow of Snow Capital Management, L.P., John Keeley of Keeley Fund Management, Chuck Royce of Royce& Associates.

Highlight of Business Operations:

FS revenue decreased $83 million or 11% in the first quarter of 2010 from the prior year period. Organic revenue decreased 13% in the quarter. Excluding the broker/dealer business, organic revenue was up 4%. Professional services revenue increased $5 million or 4%. Revenue from license and resale fees included software license revenue of $40 million, an increase of $20 million compared to the same quarter in 2009, reflecting the recognition in 2010 of $15 million that was in backlog at December 31, 2009.

HE revenue decreased $12 million or 9% for the three months ended March 31, 2010 compared to the corresponding period in 2009 due to a decrease in organic revenue. HE services revenue decreased $11 million, primarily due to revenue associated with a customer user conference held in the first quarter of 2009 that is planned for the second quarter of 2010 and a decrease in professional services. Revenue from license and resale fees included software license revenue of $5 million in the three months ended March 31, 2010, unchanged from the prior year period.

PS revenue increased $10 million or 11% for the three months ended March 31, 2010 compared to the corresponding period in 2009. Organic revenue increased 5%. Revenue from license and resale fees included software license revenue of $2 million and $5 million in the three months ended March 31, 2010 and 2009, respectively.

Interest expense was $159 million and $151 million for the three months ended March 31, 2010 and 2009, respectively. The increase in interest expense was due primarily to interest rate increases mainly due to amending the term loan in 2009 and increased average borrowings under our receivables facility, partially offset by reduced borrowings under our revolving credit facility.

Other income was $7 million for the three months ended March 31, 2009. The change is primarily attributable to $7 million of foreign currency translation gains related to our Euro denominated term loan in the three months ended March 31, 2009.

Accreted dividends on SCCIIs cumulative preferred stock were $47 million and $42 million for the three months ended March 31, 2010 and 2009,

Read the The complete Report

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10qk
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