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INTL FCStone Inc. Reports Fiscal Fourth Quarter And Full Year 2012 Financial Results

Record Quarterly Adjusted Operating Revenues and Net Income

Annual Adjusted Operating Revenues up 12%

 

NEW YORK, Dec. 12, 2012 (GLOBE NEWSWIRE) -- INTL FCStone Inc. (the 'Company') (Nasdaq:INTL) today announced its financial results for the fiscal fourth quarter and year ended September 30, 2012. Certain financial metrics discussed in this press release are non-GAAP, reflecting marked-to-market differences in the Company's Commodity & Risk Management Services and Other segments. A reconciliation of those metrics to GAAP equivalents is provided in the table below, and further discussion of the use of non-GAAP metrics will be provided in the Company's Form 10-K to be filed with the Securities and Exchange Commission ("SEC").

Sean O'Connor, CEO of INTL FCStone Inc., stated, "This was a difficult year for the industry but one where we continued to invest in our growing franchise through significant additions to our capabilities. Our efforts culminated in record fourth quarter earnings where we achieved close to a 16% adjusted ROE. This result is continued validation of our commitment to provide high quality customer facilitation and execution in the commodities and financial markets."

INTL FCStone Inc. Summary Financials

Consolidated financial statements for the Company will be included in the Company's annual report on Form 10-K to be filed with the SEC. The Form 10-K will also be made available on the Company's website at www.intlfcstone.com.

   Three Months Ended September 30,   Fiscal Year Ended September 30, 2012 
(Unaudited) (in millions, except share and per share amounts)  2012 2011  % Change  2012 2011  % Change 
 Operating revenues   $ 118.0  $ 108.1 9%  $ 457.7  $ 423.2 8%
 Interest expense   3.3  2.2 50 %  11.6  11.3 3 %
 Net revenues   114.7  105.9 8 %  446.1  411.9 8 %
 Compensation and benefits   46.9  47.0 0 %  202.4  176.6 15 %
 Clearing and related expenses   26.8  19.0 41 %  107.2  77.4 39 %
 Introducing broker commissions   9.3  6.3 48 %  31.0  24.0 29 %
 Other non-interest expenses   21.2  20.6 3 %  86.2  74.4 16 %
 Total non-interest expenses   104.2  92.9 12 %  426.8  352.4 21 %
 Income from continuing operations, before tax   10.5  13.0 (19)%  19.3  59.5 (68)%
 Income tax expense   2.2  5.4 (59)%  4.4  22.5 (80)%
 Income from continuing operations   8.3  7.6 9 %  14.9  37.0 (60)%
 Income from discontinued operations, net of tax   --   --     --   0.2 (a) 
 Net income   8.3  7.6 9 %  14.9  37.2 (60)%
 Add: Net (income) loss attributable to noncontrolling interests   --   (0.1) (a)   0.1  0.1 0 %
 Net income attributable to INTL FCStone Inc. common stockholders   $ 8.3  $ 7.5 11 %  $ 15.0  $ 37.3 (60)%
             
 Earnings per share:             
 Basic             
 Income from continuing operations   $ 0.44  $ 0.41 7 %  $ 0.79  $ 2.06 (62)%
 Income from discontinued operations   --   --     --   0.01 (a) 
 Net income attributable to INTL FCStone Inc. common stockholders   $ 0.44  $ 0.41 7 %  $ 0.79  $ 2.07 (62)%
             
 Diluted             
 Income from continuing operations   $ 0.42  $ 0.39 8 %  $ 0.75  $ 1.95 (62)%
 Income from discontinued operations   --   --     --   0.01 (a) 
 Net income attributable to INTL FCStone Inc. common stockholders   $ 0.42  $ 0.39 8 %  $ 0.75  $ 1.96 (62)%
             
 Weighted average number of common shares outstanding:             
 Basic   18,285,504  17,789,967 3 %  18,282,939  17,618,085 4 %
 Diluted   19,026,758  18,696,536 2 %  19,156,899  18,567,454 3 %
             
 Segment operating revenues (non-GAAP) reconciliation:             
 Operating revenues, as reported (GAAP)   $ 118.0  $ 108.1 9%  $ 457.7  $ 423.2 8%
 Marked-to-market adjustment   6.8  (4.6) (a)   6.8  (8.4) (a) 
 Adjusted operating revenues (non-GAAP) (b)   $ 124.8  $ 103.5 21 %  $ 464.5  $ 414.8 12 %
             
 Represented by:             
 Commodity and risk management services   $ 69.2  $ 58.9 17 %  $ 251.9  $ 244.2 3 %
 Foreign exchange   15.2  17.5 (13)%  62.6  59.3 6 %
 Securities   11.1  7.3 52 %  39.9  30.5 31 %
 Clearing and execution services   23.0  14.8 55 %  93.8  66.1 42 %
 Other   6.0  5.1 18 %  16.5  14.3 15 %
 Corporate unallocated   0.3  (0.1) (a)   (0.2)  0.4 (a) 
 Adjusted operating revenues (non-GAAP) (b)   $ 124.8  $ 103.5 21 %  $ 464.5  $ 414.8 12 %
             
 Net income attributable to INTL FCStone Inc. common stockholders (non-GAAP) reconciliation:         
 Net income attributable to INTL FCStone Inc. common stockholders, as reported (GAAP)   $ 8.3  $ 7.5 11 %  $ 15.0  $ 37.3 (60)%
 Exclude income from discontinued operations   --   --     --   (0.2) (a) 
 Marked-to-market adjustment (non-GAAP)   6.8  (4.6) (a)   6.8  (8.4) (a) 
 Tax effect on marked-to-market adjustment at blended rate of 37.5% (non-GAAP)   (2.6)  1.8 (a)   (2.6)  3.2 (a) 
 Adjusted net income attributable to INTL FCStone Inc. common stockholders from continuing operations (non-GAAP) (c)   $ 12.5  $ 4.7 166 %  $ 19.2  $ 31.9 (40)%
             
(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 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 and Other segments 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.

Conference Call & Web Cast

A conference call will be held tomorrow, Thursday, December 13, 2012 at 9:00 a.m. ET. A live webcast of the conference call as well as additional information to review during the call will be made available in PDF form on line on the Company's corporate web site at http://www.intlfcstone.com . Participants can also access the call by dialing 1-866-516-1003 (within the United States), or 1-973-200-3083 (international callers) approximately ten minutes prior to the start time.

A replay of the call will be available at http://www.intlfcstone.com approximately three hours after the call has ended and will be available through December 20, 2012. To access the replay, dial 1-800-585-8367 (within the United States), or 1-404-537-3406 (international callers) and enter the replay passcode 789 252 97.

About INTL FCStone Inc.

INTL FCStone Inc. (INTL) provides execution and advisory services in commodities, currencies and international securities. INTL's businesses, which include the commodities advisory and transaction execution firm FCStone Group, serve more than 20,000 commercial customers in more than 100 countries through a network of offices in twelve countries around the world.

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