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Full Year Adjusted Operating Income of $7.5 million, or $0.47 per Diluted Share
Fourth Quarter Adjusted Operating Income of $4.3 million, or $0.26 per Diluted ShareFourth Quarter Net Income of $4.1 million, or $0.26 per Diluted ShareBoard Declares Dividend of $0.02 per Share
PHILADELPHIA and NEW YORK, Feb. 28, 2013 (GLOBE NEWSWIRE) -- Institutional Financial Markets, Inc. (NYSE MKT:IFMI), a financial services firm specializing in credit-related fixed income investments, today reported financial results for its fourth quarter and year ended December 31, 2012.
Adjusted operating income was $4.3 million, or $0.26 per diluted share, for the three months ended December 31, 2012, compared to adjusted operating income of $0.3 million, or $0.02 per diluted share, for the three months ended December 31, 2011, and adjusted operating income of $4.4 million, or $0.27 per diluted share, for the three months ended September 30, 2012. Adjusted operating income was $7.5 million, or $0.47 per diluted share, for the year ended December 31, 2012, compared to adjusted operating income of $3.5 million, or $0.22 per diluted share, for the year ended December 31, 2011. Adjusted operating income is not a measure recognized under generally accepted accounting principles ("GAAP"). See Note 1 on page 4.
The Company noted that during the fourth quarter, net trading revenue increased $4.5 million, or 33%, from the prior quarter and increased $2.5 million, or 16%, from the year-ago quarter, despite the Company having substantially reduced its headcount and compensation expenses in its capital markets businesses.
"We are pleased with our performance in the fourth quarter, and believe that our full year results are especially meaningful when considering the adverse conditions we have worked to overcome, particularly in the first half of 2012," said Daniel G. Cohen, Chairman and Chief Executive Officer of IFMI. "The fourth quarter was our second profitable quarter in a row at both the adjusted operating income and net income levels. In addition, we continued to work hard to control both our compensation and non-compensation costs across all of our operating segments. While market conditions remain difficult, we are encouraged by the progress made throughout our diverse operating units and our focus remains on increasing value for our shareholders."