Condensed Financial Information of Registrant

12 Months Ended

Dec. 31, 2013

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Financial Information of Registrant

SCHEDULE I

INSTITUTIONAL FINANCIAL MARKETS, INC.
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
INSTITUTIONAL FINANCIAL MARKETS, INC. (PARENT COMPANY)
Balance Sheet
(Dollars in Thousands)
	December 31, 2013		December 31, 2012
Assets
Cash	$	7	$	140
Investment in IFMI, LLC		85,401		89,292
Other assets		666		28
Total assets	$	86,074	$	89,460
Liabilities
Accrued interest and other liabilities		375		301
Deferred income taxes		4,530		6,674
Debt		29,674		25,505
Total liabilities	$	34,579	$	32,480
Stockholders’ Equity
Preferred Stock:		5		5
Common Stock		14		11
Additional paid-in capital		73,866		64,829
Accumulated deficit		(21,754)		(7,370)
Accumulated other comprehensive loss		(636)		(495)
Total stockholders’ equity	$	51,495	$	56,980
Total liabilities and stockholders’ equity	$	86,074	$	89,460

See accompanying notes to condensed financial statements.  

INSTITUTIONAL FINANCIAL MARKETS, INC.
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
INSTITUTIONAL FINANCIAL MARKETS, INC. (PARENT COMPANY)
Statement of Operations
(Dollars in Thousands)
	For the Year Ended December 31, 2013		For the Year Ended December 31, 2012		For the Year Ended December 31, 2011
Revenues
Equity in undistributed earnings / (loss) from IFMI, LLC	$	(11,502)	$	2,666	$	(5,480)
Total revenues		(11,502)		2,666		(5,480)
Operating income / (loss)		(11,502)		2,666		(5,480)
Non-operating expense
Interest expense		(4,001)		(4,397)		(5,617)
Income / (loss) before income taxes		(15,503)		(1,731)		(11,097)
Income tax (benefit) / expense		(2,185)		(763)		(1,709)
Net income / (loss)	$	(13,318)	$	(968)	$	(9,388)

See accompanying notes to condensed financial statements.

INSTITUTIONAL FINANCIAL MARKETS, INC.
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
INSTITUTIONAL FINANCIAL MARKETS, INC. (PARENT COMPANY)
Statement of cash flows
(Dollars in Thousands)
	For the Year Ended December 31, 2013		For the Year Ended December 31, 2012		For the Year Ended December 31, 2011
Operating activities
Net income / (loss)	$	(13,318)	$	(968)	$	(9,388)
Adjustments to reconcile net income / (loss) to net cash provided by / (used) in operating activities:
Equity in undistributed earnings / (loss) from IFMI, LLC		11,502		(2,666)		5,480
Distributions from / (Contributions to) IFMI, LLC		(3,653)		15,943		8,346
Other (income) / expense		15		(3)		(33)
Amortization of discount of debt		906		189		429
(Increase) / decrease in other assets		32		246		12
Increase / (decrease) in accounts payable and other liabilities		74		(330)		9
Increase / (decrease) in deferred income taxes		(2,144)		(826)		(1,708)
Net cash provided by / (used in) operating activities		(6,586)		11,585		3,147
Financing activities
Repurchase of debt		(5,000)		(10,357)		(984)
Issuance of debt		8,248		-		-
Payments for deferred financing costs		(670)		-		-
Cash used to net share settle equity awards		(110)		(135)		(48)
Proceeds from issuance of stock, net		5,051		-		-
Dividends paid to stockholders		(1,066)		(953)		(2,115)
Net cash provided by / (used in) financing activities		6,453		(11,445)		(3,147)
Net increase (decrease) in cash and cash equivalents		(133)		140		-
Cash and cash equivalents, beginning of period		140		-		-
Cash and cash equivalents, end of period	$	7	$	140	$	-

See accompanying notes to condensed financial statements.

INSTITUTIONAL FINANCIAL MARKETS, INC.

CONDENSED FINANCIAL INFORMATION OF REGISTRANT

INSTITUTIONAL FINANCIAL MARKETS, INC. (PARENT COMPANY)

NOTES TO CONDENSED FINANCIAL STATEMENTS

(Dollars in Thousands)

The accompanying condensed financial statements should be read in conjunction with the consolidated financial statements and related notes of Institutional Financial Markets, Inc. Certain prior period amounts have been reclassified to conform to the current period presentation.

The Company paid or received cash distributions to / from IFMI, LLC as disclosed above in the statements of cash flow.