International Assets Holding Corporation (the 'Company')
(Nasdaq:IAAC) today announced its fiscal 2010 first quarter
financial results. Certain financial metrics discussed in this
press release are non-GAAP, reflecting marked-to-market differences
in the Company's Commodity & Risk Management Services
segment. A reconciliation of those metrics to GAAP equivalents
is provided in the table below, and further discussion of the use
of non-GAAP metrics is provided in the Company's Form 10-Q, to be
filed with the Securities and Exchange Commission ("SEC").
Sean O'Connor, CEO of International Assets, stated, "Market
conditions remained challenging during the quarter and are likely
to remain so during the short term. Despite these challenges,
we are aggressively taking advantage of the current environment,
our strong liquidity position and our international footprint to
expand the depth and breadth of our franchise to drive returns in
the longer term."
International Assets Holding Corporation Summary
Financials
|
Three Months Ended December 31,
|
(Unaudited)
(in millions, except share and per share
amounts)
|
2009
|
2008
|
% Change
|
Total operating revenues
|
$ 59.6
|
$ 28.4
|
110 %
|
Interest expense
|
2.5
|
2.3
|
9 %
|
Net revenues
|
57.1
|
26.1
|
119 %
|
Compensation and benefits
|
24.7
|
12.9
|
91 %
|
Clearing and related expenses
|
18.4
|
4.4
|
318 %
|
Other non-interest expenses
|
15.7
|
2.8
|
461 %
|
Total non-interest expenses
|
58.8
|
20.1
|
193 %
|
Income (loss) from operations, before tax
|
(1.7)
|
6.0
|
(a)
|
Income tax (benefit) expense
|
(0.6)
|
2.5
|
(a)
|
Net income (loss) before discontinued operations
|
(1.1)
|
3.5
|
(a)
|
Loss from discontinued operations, net of tax
|
--
|
0.1
|
(100)%
|
Net income (loss) before extraordinary loss
|
(1.1)
|
3.4
|
(a)
|
Extraordinary loss
|
(3.4)
|
--
|
(a)
|
Net income (loss)
|
(4.5)
|
3.4
|
(a)
|
Less: Net income (loss) attributable to noncontrolling
interests
|
(0.3)
|
0.1
|
(a)
|
Net income (loss) attributable to IAHC common
shareholders
|
$ (4.2)
|
$ 3.3
|
(a)
|
|
|
|
|
Earnings per share:
|
|
|
|
Basic
|
|
|
|
Income (loss) from cont'd operations attributable to
IAHC
|
$ (0.05)
|
$ 0.37
|
(a)
|
Extraordinary loss
|
$ (0.20)
|
$ --
|
(a)
|
Net income (loss) attributable to IAHC
|
$ (0.25)
|
$ 0.37
|
(a)
|
|
|
|
|
Diluted
|
|
|
|
Income (loss) from cont'd operations attributable to
IAHC
|
$ (0.05)
|
$ 0.35
|
(a)
|
Extraordinary loss
|
$ (0.20)
|
$ --
|
(a)
|
Net income (loss) attributable to IAHC
|
$ (0.25)
|
$ 0.35
|
(a)
|
|
|
|
|
Weighted average number of common shares
outstanding:
|
|
|
|
Basic
|
17,225,817
|
8,853,976
|
95 %
|
Diluted
|
17,225,817
|
9,952,452
|
73 %
|
|
|
|
|
Segmental operating revenues (non-GAAP)
reconciliation:
|
|
|
|
Total operating revenues, as reported
(GAAP)
|
59.6
|
28.4
|
110 %
|
Gross marked-to-market adjustment
|
5.6
|
1.4
|
300 %
|
Adjusted operating revenues (non-GAAP)
(b)
|
65.2
|
29.8
|
119 %
|
|
|
|
|
Represented by:
|
|
|
|
Commodity and Risk Management Services
|
29.0
|
7.7
|
277 %
|
Foreign Exchange
|
13.1
|
5.4
|
143 %
|
Securities
|
5.4
|
19.4
|
(72)%
|
Clearing and Execution Services
|
16.1
|
--
|
(a)
|
Other
|
2.2
|
(1.4)
|
(a)
|
Corporate unallocated
|
(0.6)
|
(1.3)
|
(54)%
|
Adjusted operating revenues (non-GAAP)
(b)
|
65.2
|
29.8
|
119 %
|
|
|
|
|
Net income (non-GAAP)
reconciliation:
|
|
|
|
Net income (loss) attributable to IAHC as reported
(GAAP)
|
(4.2)
|
3.3
|
(a)
|
Exclude extraordinary loss
|
3.4
|
--
|
(a)
|
Gross marked-to-market adjustment
|
5.6
|
1.4
|
300 %
|
Pro forma tax effect at 37.5%
|
(2.1)
|
(0.5)
|
320 %
|
Adjusted, Net income attributable to IAHC
(non-GAAP) (c)
|
2.7
|
4.2
|
(36)%
|
|
|
|
|
Reconciliation of Net income (loss) before discontinued
operations to adjusted EBITDA from continuing operations
(non-GAAP)
|
|
|
|
Net income (loss) before discontinued operations
(GAAP)
|
(1.1)
|
3.5
|
(a)
|
Income tax (benefit) expense
|
(0.6)
|
2.5
|
(a)
|
Depreciation and amortization
|
0.2
|
0.2
|
0 %
|
Interest expense
|
2.5
|
2.3
|
9 %
|
Gross marked-to-market adjustment
|
5.6
|
1.4
|
300 %
|
Adjusted EBITDA from continuing operations
(non-GAAP) (d)
|
6.6
|
9.9
|
(33)%
|
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.intlassets.com.
(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 segment, 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 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations' in the Form 10-Q for
the quarter ended December 31, 2009.
(c) Adjusted, net income attributable to IAHC
is a non-GAAP measure that represents net income adjusted by pro
forma, after-tax marked-to-market differences in the Company's
Commodity & Risk Management Services segment and the
extraordinary loss related to the decrease in net deferred tax
assets related to the FCStone merger. The table above reflects all
reconciling items between the GAAP net income (loss) attributable
to IAHC and non-GAAP adjusted net income attributable to IAHC.
(d) Adjusted EBITDA is a non-GAAP
measure. The table above shows a calculation of Adjusted
EBITDA.
For comparative purposes, unaudited pro forma non-GAAP financial
information derived from the historical consolidated financial
statements of International Assets Holding Corporation and FCStone
is being presented in International Assets' 10-Q for the quarter
ended December 31, 2009, which is being filed with the Securities
and Exchange Commission on February 17, 2010. This information
assumes the merger with FCStone occurred on October 1,
2008.
Conference Call & Web Cast
A conference call will be held tomorrow, Wednesday, February 17,
2010 at 9:00 a.m. ET. A live web cast of the conference call
as well as a replay will be available online on the Company's
corporate web site at http://www.intlassets.com. Participants can
also access the call by dialing 1-800-500-0920 (within the United
States), or 1-719-457-2615 (international callers) approximately
ten minutes prior to the start time.
A replay of the call will be available approximately two hours
after the call has ended and will be available through Wednesday,
February 24, 2010. 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 9511469.
About International Assets Holding
Corporation
International Assets Holdings Corporation (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 10,000 commercial customers in more than 100
countries through a network of offices in eleven countries around
the world.
Further information on INTL is available at
www.intlassets.com.
Forward Looking Statements
This press release includes forward-looking statements including
statements regarding the combined company. All statements other
than statements of current or historical fact contained in this
press release are forward-looking statements. The words
"believe," "expect," "anticipate," "should," "plan," "will," "may,"
"could," "intend," "estimate," "predict," "potential," "continue"
or the negative of these terms and similar expressions, as they
relate to International Assets Holding Corporation, are intended to
identify forward-looking statements.
These forward-looking statements are largely on current
expectations and projections about future events and financial
trends that may affect the financial condition, results of
operations, business strategy and financial needs of the combined
company. They can be affected by inaccurate assumptions,
including the risks, uncertainties and assumptions described in the
filings made by International Assets with the Securities and
Exchange Commission. In light of these risks, uncertainties and
assumptions, the forward-looking statements in this press release
may not occur and actual results could differ materially from those
anticipated or implied in the forward-looking statements. When you
consider these forward-looking statements, you should keep in mind
these risk factors and other cautionary statements in this press
release.
These forward-looking statements speak only as of the date of
this press release. International Assets undertakes no obligation
to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise. Accordingly,
readers are cautioned not to place undue reliance on these
forward-looking statements.
CONTACT: International Assets Holding Corporation
Investor inquiries:
Bill Dunaway, CFO
866-522-7188
bdunaway@intlassets.com
Brainerd Communicators, Inc.
Media inquiries:
Joseph LoBello
212-986-6667
lobello@braincomm.com
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