Delaware | 000-23554 | 59-2921318 | ||
(State of Incorporation) | (Commission File Number) | (IRS Employer ID No.) |
[ ] | 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)) |
INTL FCStone Inc. | |||
(Registrant) | |||
February 6, 2013 | /S/ WILLIAM J. DUNAWAY | ||
(Date) | William J. Dunaway | ||
Chief Financial Officer |
INTL FCStone Inc. Reports Fiscal 2013 First Quarter Financial Results |
Three Months Ended December 31, | ||||||||||
(Unaudited) (in millions, except share and per share amounts) | 2012 | 2011 | % Change | |||||||
Operating revenues | $ | 125.7 | $ | 96.3 | 31 | % | ||||
Interest expense | 3.5 | 2.1 | 67 | % | ||||||
Net revenues | 122.2 | 94.2 | 30 | % | ||||||
Compensation and benefits | 46.7 | 45.8 | 2 | % | ||||||
Clearing and related expenses | 25.0 | 22.7 | 10 | % | ||||||
Introducing broker commissions | 8.4 | 5.8 | 45 | % | ||||||
Other non-interest expenses | 23.3 | 20.6 | 13 | % | ||||||
Total non-interest expenses | 103.4 | 94.9 | 9 | % | ||||||
Income (loss) from operations, before tax | 18.8 | (0.7 | ) | (a) | ||||||
Income tax expense (benefit) | 5.5 | (0.2 | ) | (a) | ||||||
Net income (loss) | 13.3 | (0.5 | ) | (a) | ||||||
Add: Net loss attributable to noncontrolling interests | — | 0.1 | (100 | )% | ||||||
Net income (loss) attributable to INTL FCStone Inc. common stockholders | $ | 13.3 | $ | (0.4 | ) | (a) | ||||
Basic earnings (loss) per share: | ||||||||||
Net income (loss) attributable to INTL FCStone Inc. common stockholders | $ | 0.70 | $ | (0.02 | ) | (a) | ||||
Diluted earnings (loss) per share: | ||||||||||
Net income (loss) attributable to INTL FCStone Inc. common stockholders | $ | 0.68 | $ | (0.02 | ) | (a) | ||||
Weighted average number of common shares outstanding: | ||||||||||
Basic | 18,266,338 | 18,163,489 | 1 | % | ||||||
Diluted | 18,778,675 | 18,163,489 | 3 | % |
Three Months Ended December 31, | ||||||||||
(In millions, except share and per share amounts) | 2012 | 2011 | % Change | |||||||
Segment operating revenues (non-GAAP) reconciliation: | ||||||||||
Operating revenues, as reported (GAAP) | $ | 125.7 | $ | 96.3 | 31 | % | ||||
Marked-to-market adjustment | (9.2 | ) | (3.2 | ) | (a) | |||||
Adjusted operating revenues (non-GAAP) (b) | $ | 116.5 | $ | 93.1 | 25 | % | ||||
Represented by: | ||||||||||
Commodity and risk management services | $ | 51.4 | $ | 46.8 | 10 | % | ||||
Foreign exchange | 16.2 | 17.9 | (9 | )% | ||||||
Securities | 12.9 | 9.9 | 30 | % | ||||||
Clearing and execution services | 22.4 | 17.7 | 27 | % | ||||||
Other | 4.9 | 3.1 | 58 | % | ||||||
Corporate unallocated (d) | 8.7 | (2.3 | ) | (a) | ||||||
Adjusted operating revenues (non-GAAP) (b) | $ | 116.5 | $ | 93.1 | 25 | % | ||||
Net income (loss) attributable to INTL FCStone Inc. common stockholders (non-GAAP) reconciliation: | ||||||||||
Net income (loss) attributable to INTL FCStone Inc. common stockholders, as reported (GAAP) | $ | 13.3 | $ | (0.4 | ) | (a) | ||||
Marked-to-market adjustment (non-GAAP) | (9.2 | ) | (3.2 | ) | (a) | |||||
Tax effect on marked-to-market adjustment at blended rate of 37.5% (non-GAAP) | 3.4 | 1.2 | (a) | |||||||
Adjusted net income (loss) attributable to INTL FCStone Inc. common stockholders (non-GAAP) (c) | $ | 7.5 | $ | (2.4 | ) | (a) |
(a) | Comparison not meaningful. |
(b) | Adjusted operating revenue is a non-GAAP measure that represents operating revenues adjusted by marked-to-market differences in the Company’s Commodity & Risk Management Services and Other segments, as shown in the table. The table above reflects all reconciling items between the GAAP operating revenues and non-GAAP adjusted operating revenues. For a full discussion of management’s reasons for disclosing these adjustments, see ‘Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations’ in the Form 10-K for the fiscal year ended September 30, 2012. |
(c) | Adjusted net income attributable to INTL FCStone Inc. common stockholders is a non-GAAP measure that represents net income attributable to INTL FCStone Inc. common stockholders adjusted by the after-tax marked-to-market differences in the Company’s Commodity & Risk Management Services and Other segments. The table above reflects all reconciling items between the GAAP net income attributable to INTL FCStone Inc. common stockholders and non-GAAP adjusted net income attributable to INTL FCStone Inc. common stockholders. |
(d) | For the three months ended December 31, 2012, operating and adjusted operating revenues include realized gains of $9.2 million, on the Company's sale of shares in The London Metals Exchange and Kansas City Board of Trade reflected in the Corporate unallocated segment. |