NEW YORK, Dec. 17, 2013 (GLOBE NEWSWIRE) -- INTL FCStone Inc. (Nasdaq:INTL) ("the Company" or "INTL FCStone") today announced that it has filed a Form 12b-25 with the U.S. Securities and Exchange Commission, stating that the Company was not able to file its Form 10-K for the fiscal year ended September 30, 2013 on the due date and providing the following explanation:
In connection with the preparation of its consolidated financial statements for the fiscal year ended September 30, 2013, INTL FCStone identified errors in the reconciliation of the Company's subsidiary INTL FCStone Markets, LLC's accounting records to its back office system, which has resulted in a delay in finalizing the Company's consolidated financial statements required to be included in the Company's Form 10‑K. As a result, the Company is evaluating the effect these errors may have on previously filed consolidated financial statements covering the Company's interim periods for the fiscal year ended September 30, 2013 as well as the previously filed audited and interim consolidated financial statements for the Company's fiscal years ended September 30, 2012 and 2011.
The Company believes these errors may reflect an overstatement of revenues in trading gains, net in prior fiscal periods of up to $10.2 million and correspondingly an overstatement of net income of up to approximately $6.4 million. The errors do not relate to any customer-owned collateral. The Company has not yet determined whether the errors will have a material impact on the Company's previously reported consolidated financial information, and therefore the Audit Committee cannot yet conclude that such consolidated financial statements and the information derived therefrom should no longer be relied upon. If, upon further review, the Audit Committee determines that any previously issued consolidated financial statement should no longer be relied upon because of the errors, the Company will file a Current Report on Form 8-K disclosing the Audit Committee's determination.
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