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INTL FCStone Inc. Reports Fiscal 2013 Third Quarter Financial Results

NEW YORK, Aug. 7, 2013 (GLOBE NEWSWIRE) -- INTL FCStone Inc. (the 'Company') (Nasdaq:INTL) today announced its financial results for the fiscal year 2013 third quarter ended June 30, 2013. Certain financial metrics discussed in this press release are non-GAAP, reflecting marked-to-market differences in the Company's Commodity and 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-Q to be filed with the Securities and Exchange Commission ("SEC").

Sean M. O'Connor, CEO of INTL FCStone Inc., stated, "Improving results in most segments were offset by the non-recurring costs of exiting the physical base metals business, quiet agricultural markets and continuing low interest rates."

INTL FCStone Inc. Summary Financials

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

     
   Three Months Ended June 30,   Nine Months Ended June 30, 
(Unaudited) (in millions, except share and per share amounts)  2013 2012  % Change  2013 2012  % Change 
Operating revenues   $ 122.1  $ 123.8 (1)%  $ 365.1  $ 339.7 7%
Interest expense   3.2  2.6 23%  9.6  8.3 16%
Net revenues   118.9  121.2 (2)%  355.5  331.4 7%
Compensation and benefits   52.2  54.6 (4)%  150.9  155.5 (3)%
Clearing and related expenses   29.4  30.6 (4)%  83.5  80.4 4%
Introducing broker commissions   11.0  7.9 39%  29.0  21.7 34%
Other non-interest expenses   22.2  22.2 -- %  67.8  65.0 4%
Total non-interest expenses   114.8  115.3 -- %  331.2  322.6 3%
Income from operations, before tax   4.1  5.9 (31)%  24.3  8.8 176%
Income tax expense   1.3  1.2 8%  6.7  2.2 205%
Net income   2.8  4.7 (40)%  17.6  6.6 167%
Add: Net loss attributable to noncontrolling interests   --   --  -- %  --   0.1 (100)%
Net income attributable to INTL FCStone Inc. common stockholders   $ 2.8  $ 4.7 (40)%  $ 17.6  $ 6.7 163%
             
Basic Earnings per share:             
Net income attributable to INTL FCStone Inc. common stockholders   $ 0.15  $ 0.24 (38)%  $ 0.92  $ 0.35 163%
             
Diluted Earnings per share:             
Net income attributable to INTL FCStone Inc. common stockholders   $ 0.15  $ 0.23 (35)%  $ 0.90  $ 0.33 173%
             
Weighted average number of common shares outstanding:             
Basic   18,480,644  18,392,823 -- %  18,377,965  18,286,308 1%
Diluted   18,864,040  19,098,667 (1)%  18,862,872  19,156,471 (2)%
             
Segment operating revenues (non-GAAP) reconciliation:             
Operating revenues, as reported (GAAP)   $ 122.1  $ 123.8 (1)%  $ 365.1  $ 339.7 7%
Marked-to-market adjustment   (2.4)  0.9 (a)   (12.3)  --  (a) 
Adjusted operating revenues (non-GAAP) (b)   $ 119.7  $ 124.7 (4)%  $ 352.8  $ 339.7 4%
             
Represented by:             
Commodity and risk management services   $ 53.0  $ 67.9 (22)%  $ 159.4  $ 182.7 (13)%
Foreign exchange   19.0  16.5 15%  51.3  47.4 8%
Securities   13.8  8.6 60%  42.7  28.8 48%
Clearing and execution services   27.8  27.7 -- %  75.5  70.8 7%
Other   6.8  3.8 79%  16.4  10.5 56%
Corporate unallocated (d)   (0.7)  0.2 (a)   7.5  (0.5) (a) 
Adjusted operating revenues (non-GAAP) (b)   $ 119.7  $ 124.7 (4)%  $ 352.8  $ 339.7 4%
             
Net income attributable to INTL FCStone Inc. common stockholders (non-GAAP) reconciliation:             
Net income attributable to INTL FCStone Inc. common stockholders, as reported (GAAP)   $ 2.8  $ 4.7 (40)%  $ 17.6  $ 6.7 163%
Marked-to-market adjustment (non-GAAP)   (2.4)  0.9 (a)   (12.3)  --  (a) 
Tax effect on marked-to-market adjustment at blended rate of 37.5% (non-GAAP)   0.9  (0.3) (a)   4.6  --  (a) 
Adjusted net income attributable to INTL FCStone Inc. common stockholders (non-GAAP) (c)   $ 1.3  $ 5.3 (75)%  $ 9.9  $ 6.7 48%
             
(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 and 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 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 and Risk Management Services and Other segments. 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.
             
(d)  For the nine months ended June 30, 2013, operating and adjusted operating revenues include realized gains of $9.2 million, on the Company's sale of shares in The London Metals Exchange and Kansas City Board of Trade reflected in the Corporate unallocated segment.
 

Conference Call & Web Cast

A conference call will be held tomorrow, Thursday, August 8, 2013 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 1-888-364-3109 (within the United States), or 1-719-325-2455 (international callers) approximately ten minutes prior to the start time.

A replay of the call will be available at http://www.intlfcstone.com approximately two hours after the call has ended and will be available through August 15, 2013. To access the replay, dial 1-888-203-1112 (within the United States), or 1-719-457-0820 (international callers) and enter the replay passcode 2701 302.

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 accounts, representing approximately 11,000 consolidated customers in more than 100 countries through a network of offices in twelve countries around the world.

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