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) | |||
May 10, 2011 | /s/ William J. Dunaway | ||
(Date) | William J. Dunaway | ||
Chief Financial Officer |
Exhibit No. | Description | |
Exhibit 99.1 | Press release dated May 10, 2011. |
INTL FCStone Inc. Reports Fiscal 2011 Second Quarter Financial Results |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||||||
(Unaudited) (in millions, except share and per share amounts) | 2011 | 2010 | % Change | 2011 | 2010 | % Change | |||||||||||||||
Total operating revenues | $ | 113.0 | $ | 65.3 | 73 | % | $ | 209.7 | $ | 124.9 | 68 | % | |||||||||
Interest expense | 3.3 | 2.3 | 43 | % | 7.1 | 4.8 | 48 | % | |||||||||||||
Net revenues | 109.7 | 63.0 | 74 | % | 202.6 | 120.1 | 69 | % | |||||||||||||
Compensation and benefits | 43.1 | 23.0 | 87 | % | 85.6 | 47.1 | 82 | % | |||||||||||||
Clearing and related expenses | 20.2 | 15.3 | 32 | % | 40.4 | 33.8 | 20 | % | |||||||||||||
Other non-interest expenses | 23.1 | 15.0 | 54 | % | 47.4 | 30.0 | 58 | % | |||||||||||||
Total non-interest expenses | 86.4 | 53.3 | 62 | % | 173.4 | 110.9 | 56 | % | |||||||||||||
Income from continuing operations, before tax | 23.3 | 9.7 | 140 | % | 29.2 | 9.2 | 217 | % | |||||||||||||
Income tax expense | 8.0 | 3.5 | 129 | % | 10.1 | 3.3 | 206 | % | |||||||||||||
Income from continuing operations | 15.3 | 6.2 | 147 | % | 19.1 | 5.9 | 224 | % | |||||||||||||
Income from discontinued operations, net of tax | — | 1.2 | (a) | 0.2 | 0.4 | (50 | )% | ||||||||||||||
Income before extraordinary loss | 15.3 | 7.4 | 107 | % | 19.3 | 6.3 | 206 | % | |||||||||||||
Extraordinary loss | — | — | (a) | — | (3.4 | ) | (a) | ||||||||||||||
Net income | 15.3 | 7.4 | 107 | % | 19.3 | 2.9 | 566 | % | |||||||||||||
Add: Net loss attributable to noncontrolling interests | 0.1 | — | (a) | 0.1 | 0.3 | (67 | )% | ||||||||||||||
Net income attributable to INTL FCStone Inc. common stockholders | $ | 15.4 | $ | 7.4 | 108 | % | $ | 19.4 | $ | 3.2 | 506 | % | |||||||||
Earnings per share: | |||||||||||||||||||||
Basic | |||||||||||||||||||||
Income from continuing operations | $ | 0.87 | $ | 0.36 | 142 | % | $ | 1.09 | $ | 0.35 | 211 | % | |||||||||
Income from discontinued operations | — | 0.07 | (a) | 0.01 | 0.02 | (50 | )% | ||||||||||||||
Extraordinary loss | — | — | (a) | — | (0.19 | ) | (a) | ||||||||||||||
Net income attributable to INTL FCStone Inc. common stockholders | $ | 0.87 | $ | 0.43 | 102 | % | $ | 1.10 | $ | 0.18 | 511 | % | |||||||||
Diluted | |||||||||||||||||||||
Income from continuing operations | $ | 0.81 | $ | 0.34 | 138 | % | $ | 1.02 | $ | 0.34 | 200 | % | |||||||||
Income from discontinued operations | — | 0.07 | (a) | 0.01 | 0.02 | (50 | )% | ||||||||||||||
Extraordinary loss | — | — | (a) | — | (0.19 | ) | (a) | ||||||||||||||
Net income attributable to INTL FCStone Inc. common stockholders | $ | 0.81 | $ | 0.41 | 98 | % | $ | 1.03 | $ | 0.17 | 506 | % | |||||||||
Weighted average number of common shares outstanding: | |||||||||||||||||||||
Basic | 17,830,888 | 17,319,170 | 3 | % | 17,622,306 | 17,271,940 | 2 | % | |||||||||||||
Diluted | 19,224,588 | 18,483,752 | 4 | % | 19,181,158 | 17,821,990 | 8 | % | |||||||||||||
Segmental operating revenues (non-GAAP) reconciliation: | |||||||||||||||||||||
Total operating revenues, as reported (GAAP) | $ | 113.0 | $ | 65.3 | 73 | % | $ | 209.7 | $ | 124.9 | 68 | % | |||||||||
Marked-to-market adjustment (non-GAAP) | (14.0 | ) | (4.8 | ) | 192 | % | (1.9 | ) | 0.8 | (a) | |||||||||||
Adjusted operating revenues (non-GAAP) (b) | $ | 99.0 | $ | 60.5 | 64 | % | $ | 207.8 | $ | 125.7 | 65 | % | |||||||||
Represented by: | |||||||||||||||||||||
Commodity and risk management services | $ | 55.5 | $ | 28.8 | 93 | % | $ | 121.7 | $ | 57.7 | 111 | % | |||||||||
Foreign exchange | 13.0 | 10.9 | 19 | % | 27.5 | 24.0 | 15 | % | |||||||||||||
Securities | 9.8 | 5.0 | 96 | % | 17.7 | 10.4 | 70 | % | |||||||||||||
Clearing and execution services | 18.3 | 14.4 | 27 | % | 35.4 | 30.5 | 16 | % | |||||||||||||
Other | 3.1 | 2.2 | 41 | % | 5.9 | 4.4 | 34 | % | |||||||||||||
Corporate unallocated | (0.7 | ) | (0.8 | ) | (13 | )% | (0.4 | ) | (1.3 | ) | (69 | )% | |||||||||
Adjusted operating revenues (non-GAAP) (b) | $ | 99.0 | $ | 60.5 | 64 | % | $ | 207.8 | $ | 125.7 | 65 | % | |||||||||
Net income attributable to INTL FCStone Inc. common stockholders (non-GAAP) reconciliation: | |||||||||||||||||||||
Net income attributable to INTL FCStone Inc. common stockholders, as reported (GAAP) | $ | 15.4 | $ | 7.4 | 108 | % | $ | 19.4 | $ | 3.2 | 506 | % | |||||||||
Exclude income from discontinued operations | — | (1.2 | ) | (a) | (0.2 | ) | (0.4 | ) | (50 | )% | |||||||||||
Exclude extraordinary loss | — | — | (a) | — | 3.4 | (a) | |||||||||||||||
Marked-to-market adjustment (non-GAAP) | (14.0 | ) | (4.8 | ) | 192 | % | (1.9 | ) | 0.8 | (a) | |||||||||||
Tax effect on marked-to-market adjustment at blended rate of 37.5% (non-GAAP) | 5.2 | 1.8 | 189 | % | 0.7 | (0.3 | ) | (a) | |||||||||||||
Adjusted net income attributable to INTL FCStone Inc. common stockholders from continuing operations (non-GAAP) (c) | $ | 6.6 | $ | 3.2 | 106 | % | $ | 18.0 | $ | 6.7 | 169 | % |
(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 segment, 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, 2010. |
(c) | Adjusted net income attributable to INTL FCStone Inc. common stockholders from continuing operations 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 segment, the extraordinary loss related to the decrease in net deferred tax assets related to the FCStone merger and the income from discontinued operations, net of tax. 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 from continuing operations. |