-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, C4KNsKMSqWLOjAri3tPzzxcMQd85mo8QLI1GyrOxqFO01aoU6qOXOJmaB8nV8k5w hVj36VL1qGoUlXpLE7wk8A== 0001172665-06-000204.txt : 20060510 0001172665-06-000204.hdr.sgml : 20060510 20060510142412 ACCESSION NUMBER: 0001172665-06-000204 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060510 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060510 DATE AS OF CHANGE: 20060510 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Optionable Inc CENTRAL INDEX KEY: 0001303433 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER PROGRAMMING SERVICES [7371] IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-51837 FILM NUMBER: 06825207 BUSINESS ADDRESS: STREET 1: 555 PLEASANTVILLE ROAD STREET 2: SOUTH BUILDING SUITE 110 CITY: BRIARCLIFF MANOR STATE: NY ZIP: 10510 BUSINESS PHONE: 914-773-1100 MAIL ADDRESS: STREET 1: 555 PLEASANTVILLE ROAD STREET 2: SOUTH BUILDING SUITE 110 CITY: BRIARCLIFF MANOR STATE: NY ZIP: 10510 8-K 1 form8k.txt ITEMS 2.02 & 9.01 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (date of earliest event reported) May 8, 2006 OPTIONABLE, INC. ------------------------------------------------------ (Exact name of Registrant as specified in its charter) Delaware 000-51837 52-2219407 - --------------------------------- ------------ ------------------- (State or other jurisdiction (Commission (IRS Employer of incorporation or organization) File number) Identification No.) 555 Pleasantville Road, South Building, Suite 110 Briarcliff Manor, NY 10150 - ----------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) (914) 773-1100 ---------------------------------------------------- (Registrant's Telephone Number, Including Area Code) --------------------------------------------- (Former Address If Changed since Last Report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation for the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Section 1--Registrant's Business and Operations Item 2.02. Results of Operations and Financial Condition. On May 8, 2006, Optionable, Inc. issued a press release announcing its results of operations for the first quarter of its fiscal 2006. A copy of the press release is attached as Exhibit 99 to this report. The information (including Exhibit 99.1 furnished herewith) in this report shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. Item 9.01. Financial Statements and Exhibits. (c) Exhibits. Exhibit No. Title 99 Press release issued by Optionable, Inc. on May 8, 2006 SIGNATURES In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. OPTIONABLE, INC. Date: May 10, 2006 By: /s/ Marc-Andre Boisseau ----------------------- Marc-Andre Boisseau Chief Financial Officer EX-99 2 ex99.txt PRESS RELEASE For Immediate Release Optionable Reports Record Results and Strong Growth in Average Daily Trading Volumes For First Quarter 2006 Briarcliff Manor, NY - May 8, 2006 - Optionable, Inc. (OTCBB: OPBL), a rapidly growing provider of natural gas and other energy derivatives brokerage services, today announced record results from operations for the quarter ended March 31, 2006. "Our record results for the quarter reflected the strong growth in the volume of options traded along with the growing demand for our brokerage services," said Kevin Cassidy, chief executive officer of Optionable. "Our ability to execute trades in a demanding market and provide access to the broadest group of counterparties provides customers with an advantage in the volatile energy market. Further we achieved our dramatic growth in profitability while also accelerating debt repayments and continuing our research and development investments for OPEX, our new electronic platform for trading energy derivatives." Revenues for the quarter ended March 31, 2006 increased 93% to $2,233,996 from $1,158,802 for the quarter ended March 31, 2005. Net income for the quarter increased 500% to $824,909 compared to $137,288 for the first quarter of 2005. Diluted earnings per common share increased to $0.02 per share, on 52,609,414 diluted shares, for the first quarter of 2006, versus $0.00 per share, on 51,406,431 diluted shares, for the first quarter of 2005. "The much publicized geopolitical events in Iran, Nigeria, Venezuela and elsewhere, together with the strains imposed on domestic energy supply, continue to contribute to increased volatility in the energy market. We believe this will continue to drive increases in the volume of transactions in the energy derivatives market as a growing number of investors seek to realize the opportunities. The combination of our OTC brokerage services along with the introduction of OPEX provides our customers a broad range of opportunities to participate in the energy derivatives market," concluded Cassidy. During the first quarter Optionable expanded its brokerage services to include crude oil options and swaptions trading and a greater array of natural gas options contracts. At the same time the company also completed NYMEX certification for OPEX to electronically clear trades through NYMEX ClearPort(R) and is starting training traders on how to use OPEX. "Our daily average volume of options brokered grew to 21,176 for the first quarter of 2006," commented Edward O'Connor, president of the Company. "This is in addition to a daily average volume of swaps and futures that amounted to 2,887 for the first quarter of 2006. This growth in volume speaks to our ability to find counterparties for a significant number of transactions, including the most complex ones, and demonstrates the growing demand in the energy derivatives market." Optionable, Inc. - Page 2 About Optionable Optionable, Inc. is a leading provider of natural gas and other energy derivatives trading and brokerage services, headquartered in Briarcliff Manor, NY. The company provides its services to brokerage firms, financial institutions, energy traders and hedge funds nationwide. In addition to the traditional voice brokerage business, Optionable is developing an automated derivatives trading platform. OPEX is a real-time electronic trade matching and brokerage system designed to improve liquidity and transparency in the energy derivatives market. For more information about Optionable and OPEX please visit www.optionable.com. Safe Harbor Statement This release contains forward-looking statements which are made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements in this release do not constitute guarantees of future performance. Those statements involve a number of factors that could cause actual results to differ materially, including risks associated with market acceptance of OPEX, our ability to retain key employees, reliance of strategic relationships, intense and increasing competition, concentration of services revenues related to natural gas derivatives, increased governmental regulations as well as other risks detailed in the Company's filings with the Securities and Exchange Commission. Optionable assumes no obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein. OPEX is a servicemark of Optionable, Inc. CONTACTS Allan Jordan The Global Consulting Group Tel: (646) 284-9452 Email: ajordan@hfgcg.com Optionable, Inc. Results of Operations (Unaudited)
For the three-month period ended March 31, ---------------------------------------------- 2006 2005 --------------------- -------------------- Net revenues $ 2,233,996 $ 1,158,802 Cost of revenues 847,768 606,772 --------------------- -------------------- Gross profit 1,386,228 552,030 Total operating expenses 279,207 345,631 Operating income 1,107,021 206,399 Other (expense)/income, net (282,112) (69,111) --------------------- -------------------- Net income $ 824,909 $ 137,288 ===================== ==================== Basic earnings per common share $ 0.02 $ 0.00 ===================== ==================== Diluted earnings per common share $ 0.02 $ 0.00 ===================== ==================== Basic weighted average common shares outstanding 51,406,431 51,406,431 ===================== ==================== Diluted weighted average common shares outstanding 52,609,414 51,406,431 ===================== ====================
Optionable, Inc. Balance Sheet
March 31, 2006 December 31, 2005 (Unaudited) Current Assets: Cash $ 1,989,520 $ 1,811,453 Accounts receivable, net 618,431 352,332 Other receivables 573,982 458,355 ------------------- -------------------- Total current assets 3,181,933 2,622,140 Other assets 210,867 240,274 ------------------- -------------------- Total assets $ 3,392,800 $ 2,862,414 =================== ==================== LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable and accrued expenses $ 478,597 $ 465,540 Due to related parties 1,925,104 2,233,771 ------------------- -------------------- Total liabilities 2,403,701 2,699,311 Stockholders' Equity: 989,099 163,103 ------------------- -------------------- Total liabilities and stockholders' equity $ 3,392,800 $ 2,862,414 =================== ====================
-----END PRIVACY-ENHANCED MESSAGE-----