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) | |||
August 7, 2013 | /S/ WILLIAM J. DUNAWAY | ||
(Date) | William J. Dunaway | ||
Chief Financial Officer |
INTL FCStone Inc. Reports Fiscal 2013 Third Quarter Financial Results |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||
(Unaudited) (in millions, except share and per share amounts) | 2013 | 2012 | % Change | 2013 | 2012 | % Change | |||||||||||||||
Operating revenues | $ | 122.1 | $ | 123.8 | (1 | )% | $ | 365.1 | $ | 339.7 | 7 | % | |||||||||
Interest expense | 3.2 | 2.6 | 23 | % | 9.6 | 8.3 | 16 | % | |||||||||||||
Net revenues | 118.9 | 121.2 | (2 | )% | 355.5 | 331.4 | 7 | % | |||||||||||||
Compensation and benefits | 52.2 | 54.6 | (4 | )% | 150.9 | 155.5 | (3 | )% | |||||||||||||
Clearing and related expenses | 29.4 | 30.6 | (4 | )% | 83.5 | 80.4 | 4 | % | |||||||||||||
Introducing broker commissions | 11.0 | 7.9 | 39 | % | 29.0 | 21.7 | 34 | % | |||||||||||||
Other non-interest expenses | 22.2 | 22.2 | — | % | 67.8 | 65.0 | 4 | % | |||||||||||||
Total non-interest expenses | 114.8 | 115.3 | — | % | 331.2 | 322.6 | 3 | % | |||||||||||||
Income from operations, before tax | 4.1 | 5.9 | (31 | )% | 24.3 | 8.8 | 176 | % | |||||||||||||
Income tax expense | 1.3 | 1.2 | 8 | % | 6.7 | 2.2 | 205 | % | |||||||||||||
Net income | 2.8 | 4.7 | (40 | )% | 17.6 | 6.6 | 167 | % | |||||||||||||
Add: Net loss attributable to noncontrolling interests | — | — | — | % | — | 0.1 | (100 | )% | |||||||||||||
Net income attributable to INTL FCStone Inc. common stockholders | $ | 2.8 | $ | 4.7 | (40 | )% | $ | 17.6 | $ | 6.7 | 163 | % | |||||||||
Basic earnings per share: | |||||||||||||||||||||
Net income attributable to INTL FCStone Inc. common stockholders | $ | 0.15 | $ | 0.24 | (38 | )% | $ | 0.92 | $ | 0.35 | 163 | % | |||||||||
Diluted earnings per share: | |||||||||||||||||||||
Net income attributable to INTL FCStone Inc. common stockholders | $ | 0.15 | $ | 0.23 | (35 | )% | $ | 0.90 | $ | 0.33 | 173 | % | |||||||||
Weighted average number of common shares outstanding: | |||||||||||||||||||||
Basic | 18,480,644 | 18,392,823 | — | % | 18,377,965 | 18,286,308 | 1 | % | |||||||||||||
Diluted | 18,864,040 | 19,098,667 | (1 | )% | 18,862,872 | 19,156,471 | (2 | )% |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||
(In millions, except share and per share amounts) | 2013 | 2012 | % Change | 2013 | 2012 | % Change | |||||||||||||||
Segment operating revenues (non-GAAP) reconciliation: | |||||||||||||||||||||
Operating revenues, as reported (GAAP) | $ | 122.1 | $ | 123.8 | (1 | )% | $ | 365.1 | $ | 339.7 | 7 | % | |||||||||
Marked-to-market adjustment | (2.4 | ) | 0.9 | (a) | (12.3 | ) | — | (a) | |||||||||||||
Adjusted operating revenues (non-GAAP) (b) | $ | 119.7 | $ | 124.7 | (4 | )% | $ | 352.8 | $ | 339.7 | 4 | % | |||||||||
Represented by: | |||||||||||||||||||||
Commodity and risk management services | $ | 53.0 | $ | 67.9 | (22 | )% | $ | 159.4 | $ | 182.7 | (13 | )% | |||||||||
Foreign exchange | 19.0 | 16.5 | 15 | % | 51.3 | 47.4 | 8 | % | |||||||||||||
Securities | 13.8 | 8.6 | 60 | % | 42.7 | 28.8 | 48 | % | |||||||||||||
Clearing and execution services | 27.8 | 27.7 | — | % | 75.5 | 70.8 | 7 | % | |||||||||||||
Other | 6.8 | 3.8 | 79 | % | 16.4 | 10.5 | 56 | % | |||||||||||||
Corporate unallocated (d) | (0.7 | ) | 0.2 | (a) | 7.5 | (0.5 | ) | (a) | |||||||||||||
Adjusted operating revenues (non-GAAP) (b) | $ | 119.7 | $ | 124.7 | (4 | )% | $ | 352.8 | $ | 339.7 | 4 | % | |||||||||
Net income attributable to INTL FCStone Inc. common stockholders (non-GAAP) reconciliation: | |||||||||||||||||||||
Net income attributable to INTL FCStone Inc. common stockholders, as reported (GAAP) | $ | 2.8 | $ | 4.7 | (40 | )% | $ | 17.6 | $ | 6.7 | 163 | % | |||||||||
Marked-to-market adjustment (non-GAAP) | (2.4 | ) | 0.9 | (a) | (12.3 | ) | — | (a) | |||||||||||||
Tax effect on marked-to-market adjustment at blended rate of 37.5% (non-GAAP) | 0.9 | (0.3 | ) | (a) | 4.6 | — | (a) | ||||||||||||||
Adjusted net income attributable to INTL FCStone Inc. common stockholders (non-GAAP) (c) | $ | 1.3 | $ | 5.3 | (75 | )% | $ | 9.9 | $ | 6.7 | 48 | % |
(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 and 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 and 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 nine months ended June 30, 2013, 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. |
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