INTL FCStone Inc. Reports Fiscal 2013 First Quarter Financial Results

NEW YORK, Feb. 6, 2013 (GLOBE NEWSWIRE) -- INTL FCStone Inc. (the 'Company') (Nasdaq:INTL) today announced its financial results for its fiscal first quarter ending December 31, 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-Q to be filed with the Securities and Exchange Commission ("SEC").

Sean O'Connor, CEO of INTL FCStone Inc., stated, "We were pleased to see year over year revenue growth, along with continued cost containment driving the bottom line, which also benefited from some non-recurring revenue items, most notably the sale of our LME shares."

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 December 31, 
 (Unaudited) (in millions, except share and per share amounts)  2012 2011  % Change 
 Operating revenues   $ 125.7  $ 96.3 31%
 Interest expense   3.5  2.1 67 %
 Net revenues   122.2  94.2 30 %
 Compensation and benefits   46.7  45.8 2 %
 Clearing and related expenses   25.0  22.7 10 %
 Introducing broker commissions   8.4  5.8 45 %
 Other non-interest expenses   23.3  20.6 13 %
 Total non-interest expenses   103.4  94.9 9 %
 Income (loss) from operations, before tax   18.8  (0.7) (a) 
 Income tax expense (benefit)   5.5  (0.2) (a) 
 Net income (loss)   13.3  (0.5) (a) 
 Add: Net loss attributable to noncontrolling interests   --   0.1 (100)%
 Net income (loss) attributable to INTL FCStone Inc. common stockholders   $ 13.3  $ (0.4) (a) 
       
       
 Basic earnings (loss) per share:       
 Net income (loss) attributable to INTL FCStone Inc. common stockholders   $ 0.70  $ (0.02) (a) 
       
 Diluted earnings (loss) per share:       
 Net income (loss) attributable to INTL FCStone Inc. common stockholders   $ 0.68  $ (0.02) (a) 
       
 Weighted average number of common shares outstanding:       
 Basic   18,266,338  18,163,489 1 %
 Diluted   18,778,675  18,163,489 3 %
       
 Segment operating revenues (non-GAAP) reconciliation:       
 Operating revenues, as reported (GAAP)   $ 125.7  $ 96.3 31%
 Marked-to-market adjustment   (9.2)  (3.2) (a) 
 Adjusted operating revenues (non-GAAP) (b)   $ 116.5  $ 93.1 25 %
       
 Represented by:       
 Commodity and risk management services   $ 51.4  $ 46.8 10 %
 Foreign exchange   16.2  17.9 (9)%
 Securities   12.9  9.9 30 %
 Clearing and execution services   22.4  17.7 27 %
 Other   4.9  3.1 58 %
 Corporate unallocated   8.7  (2.3) (a) 
  Adjusted operating revenues (non-GAAP) (b)  $ 116.5  $ 93.1 25 %
       
 Net income (loss) attributable to INTL FCStone Inc. common stockholders (non-GAAP) reconciliation:       
 Net income (loss) attributable to INTL FCStone Inc. common stockholders, as reported (GAAP)   $ 13.3  $ (0.4) (a) 
 Marked-to-market adjustment (non-GAAP)   (9.2)  (3.2) (a) 
 Tax effect on marked-to-market adjustment at blended rate of 37.5% (non-GAAP)   3.4  1.2 (a) 
  Adjusted net income (loss) attributable to INTL FCStone Inc. common stockholders (non-GAAP) (c)   $ 7.5  $ (2.4) (a) 
       
(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 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. 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 three months ended December 31, 2012, 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, February 7, 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 1-888-556-4997 (within the United States), or 1-719-325-2354 (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 February 14, 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 323 4402.

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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