This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

IFMI Reports Second Quarter 2011 Financial Results

Institutional Financial Markets, Inc. (NYSE AMEX: IFMI), a leading investment firm specializing in credit-related fixed income investments, today reported financial results for the quarter and six months ended June 30, 2011.

Adjusted operating income was $3.0 million, or $0.18 per diluted share, for the three months ended June 30, 2011, as compared to $6.4 million, or $0.40 per diluted share, for the three months ended June 30, 2010. Adjusted operating income was $7.2 million, or $0.45 per diluted share, for the six months ended June 30, 2011, as compared to $14.0 million, or $0.90 per diluted share, for the six months ended June 30, 2010. Adjusted operating income is not a measure recognized under generally accepted accounting principles (“GAAP”). See Note 1 on page 3.

On June 1, 2011, IFMI completed its strategic transaction with PrinceRidge Holdings LP (“PrinceRidge”), whereby IFMI contributed its equity interests in a subsidiary comprising a substantial part of its Capital Markets segment to PrinceRidge in exchange for a majority of the equity interest in PrinceRidge. IFMI added 86 capital markets professionals and support staff as a result of the transaction. The combination furthers IFMI’s objective of significantly expanding its Capital Markets business. IFMI’s consolidated financial results for the second quarter of 2011 include one month of PrinceRidge’s operating performance.

“We are disappointed with our results in the second quarter; however, we are optimistic about our future, though we know there is still much work to be done,” said Daniel G. Cohen, Chairman and Chief Executive Officer of IFMI. “Notably, during the quarter we continued to execute on important growth initiatives, including closing our strategic transaction with PrinceRidge and making substantial progress on the integration of the two companies’ platforms. We have already effectuated some of the efficiencies this transaction afforded us, and will continue to seek to both build revenue on the basis of the combination and achieve cost savings, which will make us a more profitable company.”

1 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,122.01 +15.31 0.09%
S&P 500 2,000.12 +0.10 0.00%
NASDAQ 4,569.6210 -1.0160 -0.02%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs