- Market volatility impacts net revenue. Revenue, net of interest and transaction-based expenses (net revenue), was $205.9 million for the second quarter 2012, compared with $240.3 million for the same period last year.
- Compensation ratio was higher on lower net revenues. Employee compensation and benefits (excluding non-recurring IPO awards) as a percentage of net revenue was 64.9 percent for the second quarter, compared with 58.0 percent for the same period last year. Adjusted employee compensation (excluding non-recurring IPO awards) as a percentage of net revenue was 62.3 percent for the second quarter, compared with 56.3 percent for the same period last year. 1
- Certain charges impact GAAP results. GAAP net loss applicable to common shareholders was $191.6 million, or $1.16 per basic and diluted share for the second quarter, compared with a loss of $94.3 million, or $0.59 per basic and diluted share for the same period last year. 2 Significant charges in the quarter included valuation allowances against deferred tax assets of $119.4 million, restructuring charges of $10.0 million and loss on extinguishment of debt of $16.1 million from retiring a portion of the firm’s 9 percent senior notes due 2038.
- Adjusted loss per fully diluted share was $0.09 for the quarter. Adjusted loss per fully diluted share was $0.09 for the second quarter 2012, compared with adjusted earnings per fully diluted share of $0.02 for the same period last year. 3
- Strengthened capital and liquidity position. As of September 30, 2011, the company has over $3.7 billion in available liquidity, including $1.3 billion in available committed revolving credit facilities and $2.5 billion in total capital. 4
MF Global Reports Second Fiscal Quarter 2012 Results
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