Lenexa-based Bats Global Markets Inc. on Thursday reported a 12 percent drop in second-quarter profits thanks to charges from a debt refinancing.
The operator of the nation’s second-largest stock exchange earned $17.9 million, or 19 cents a share, compared with $20.4 million, or 21 cents a share, a year ago.
Independent of the debt charge, Bats would have earned 38 percent more than a year ago, the company said in its announcement.
Bats shares, which are listed on its own exchange, gained 45 cents to close at $26.05 Thursday, a 1.76 percent gain on the day.
By refinancing $650 million in debt, Bats will pay nearly $7 million less in interest expenses this year and $11 million less next year. It faced an $18 million charge for paying off the more expensive debt ahead of time.
Revenues climbed from a year ago, reaching $465.9 million from $418.2 million in April, May and June of 2015. Bats reported a higher share of trading in the U.S. options market, an increase in revenue not tied to market transactions and additional listings of exchange-traded funds on its market.
The exchange’s average daily stock trading volume trails that of the New York Stock Exchange but exceeds trading on Nasdaq.