0001013762-11-001538.txt : 20110523 0001013762-11-001538.hdr.sgml : 20110523 20110523151038 ACCESSION NUMBER: 0001013762-11-001538 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20110523 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20110523 DATE AS OF CHANGE: 20110523 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Forex International Trading Corp. CENTRAL INDEX KEY: 0001471781 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 270603137 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-161795 FILM NUMBER: 11864824 BUSINESS ADDRESS: STREET 1: 49 FRONT STREET STREET 2: #206 CITY: ROCKVILLE CENTRE STATE: NY ZIP: 11570 BUSINESS PHONE: 888-333-8075 MAIL ADDRESS: STREET 1: 49 FRONT STREET STREET 2: #206 CITY: ROCKVILLE CENTRE STATE: NY ZIP: 11570 8-K 1 form8k.htm FOREX INTERNATIONAL TRADING CORP. FORM 8-K form8k.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities and Exchange Act of 1934

Date of Report (Date of earliest event reported):  May 23, 2011

Commission File Number 333-161795 
 
FOREX INTERNATIONAL TRADING CORP.
(Exact name of small business issuer as specified in its charter)
 
Nevada 
27-0603137
(State or other jurisdiction of incorporation or organization) 
(I.R.S. Employer Identification No.)

49 Front Street, #206
Rockville Centre, New York 11570
(Address of principal executive offices)
 
888-333-8075
(Issuer’s telephone number)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions 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))
 
 

 
 

 
 

 
 
Item 2.02                      Results of Operations and Financial Condition
Item 7.01                      Regulation FD Disclosure

On May 23, 2011, Forex International Trading Corp. (“Forex”) issued a press release regarding the results for the first quarter ended March 31, 2011.  A copy of Forex’s press release is attached hereto as Exhibit 99.1.
 
The information contained in this Current Report shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01                      Financial Statements and Exhibits
 
Exhibit Number
 
  Description
     
99.1
 
Press Release dated May 23, 2011
 
 
 

 
 

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 
FOREX INTERNATIONAL TRADING CORP.
 
       
 
By:
/s/ Darren Dunckel
 
 
Name:
Darren Dunckel
 
 
Title:
CEO, President, CFO, Secretary, Treasurer and Director
 
       
 
 
 
Date: May 23, 2011

 
 
EX-99.1 2 ex991.htm EXHIBIT 99.1 ex991.htm
Exhibit 99.1
 FXIT Announces First Quarter 2011 Results

First Quarter Highlights:

NEW YORK, May 23, 2011 (BUSINESS WIRE) -- --2011 first quarter revenue of approximately $3.2 million represents approximately 42% of Triple 8 prior annual revenues
 
--EBITDA of approximately $130 thousand and gross profit of about $2.59 million
 
--Triple 8 Customer Trading Volume in Q1 2011 over 9 Billion compared to approximately 3.5 Billion in Q1 2010
 
FXIT (OTC: FXIT), a leading online provider of foreign exchange, or FX, trading and related services, Friday announced for the quarter ended March 31, 2011, consolidated revenue of $3.19 million. Consolidated EBITDA for the first quarter 2011 was $128 thousand.
 
"We believe FXIT delivered very strong growth in the quarter -- its quarterly revenue represent more than 42% from ALL of 2010 Triple 8 Limited's revenue, which was accomplished while Triple 8 relocated its off-shore operating division to bigger facilities. We believe this, along with the recruitment of new employees, will position the company to capitalize on the growing online forex market place" said Darren Dunckel, Chief Executive Officer.
 
"I am also excited about the progress we have made at Forex International Trading over the past quarter. We have been able to transition from a development stage company with minimal or no revenue to a consolidated operating company with over $3 million in revenue and EBITDA profitable for the first time. I look forward to continuing to execute our growth strategy" Mr. Dunckel continued.
 
Conference Call
 
As previously announced, FXIT will host a conference call to discuss the results as well as the Company's business outlook for the remainder of the year. The call will take place after the close of the market on Wednesday May 25, 2011 at 4:15 p.m. (EDT) and will be open to all shareholders and interested parties. The conference call will be conducted by President and CEO, Darren Dunckel, and will be available by dialing 712-432-0900. The conference ID number is 758771.
 
Selected Financial Information:
 
Consolidated  
Quarter Ended  
3/31/2011  
UNAUDITED  
 
Revenue      
       
Net gain from foreign currency future operations     3,178,233  
         
Consulting & Services     14,232  
         
Total Revenue     3,192,465  
         
Gross Profit     2,590,633  
         
Total Other Operating Expenses     2,462,016  
         
EBITDA     128,618  
 
 
 
 

 
 
About Forex International Trading Corp.
Headquartered in New York, NY, Forex International Trading Corp. operates an offshore advanced online trading platform for Forex markets to non U.S. residents. The Company focuses on providing individual and institutional investors with a platform for buying and selling currencies, precious metals and commodity futures. The company's platforms allow self-directed, broker-assisted, and managed accounts. Through the platforms, customers have access to over 20 currencies and bullion deliveries. The Foreign Currency Market ("Forex" or "FX") is created by the global exchange of currencies. According to the Bank for International Settlements, the average daily turnover, or, volume in the Global FX market in April 2010 was $4 Trillion compared to only $1.2 Trillion in 2001 (Wall Street Journal, Sept. 1, 2010). Historically, access to the FX market was only available to governments, commercial banks, corporations, and other large financial institutions. The Company is now capitalizing on the growth of online currency trading through its state of the art web-based trading platforms.
 
For more information, please visit: http://www.forex-international-trading.com
Forward-Looking Statements: This press release contains forward-looking statements, including expected industry patterns and other financial and business results that involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from results expressed or implied by this press release. Such risk factors include, among others, whether Forex International Trading Corp. can successfully execute its operating plan; its ability to integrate acquired companies and technology; its ability to retain key employees; its ability to successfully combine product offerings and customer acceptance of combined products; general market conditions; and whether Forex International Trading Corp. can successfully develop new products and the degree to which these gain market acceptance. Actual results may differ materially from those contained in the forward-looking statements in this press release. Forex International Trading Corp. does not undertake any obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
 
SOURCE: Forex International Trading Corp.
 
CONTACT:
 
Core Consulting Group Paul DeRiso, 925-465-6088 paul@coreconsultingroup.com