INTL FCStone Inc. Reports Fiscal 2020 Second Quarter Financial Results
Record Quarterly Operating Revenues of
Record Quarterly Net Income of
EPS of
Sean M. O’Connor, CEO of
Consolidated financial statements for the Company will be included in our Quarterly Report on Form 10-Q to be filed with the
Three Months Ended |
Six Months Ended |
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(Unaudited) (in millions, except share and per share amounts) | 2020 | 2019 | % Change |
2020 | 2019 | % Change |
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Revenues: | |||||||||||||||||||||
Sales of physical commodities | $ | 20,016.9 | $ | 6,929.5 | 189 | % | $ | 30,994.9 | $ | 13,225.3 | 134 | % | |||||||||
Principal gains, net | 168.5 | 110.3 | 53 | % | 281.0 | 203.1 | 38 | % | |||||||||||||
Commission and clearing fees | 116.6 | 85.1 | 37 | % | 203.8 | 184.6 | 10 | % | |||||||||||||
Consulting, management and account fees | 22.6 | 19.1 | 18 | % | 43.9 | 38.2 | 15 | % | |||||||||||||
Interest income | 41.7 | 48.2 | (13 | )% | 87.7 | 93.2 | (6 | )% | |||||||||||||
Total revenues | 20,366.3 | 7,192.2 | 183 | % | 31,611.3 | 13,744.4 | 130 | % | |||||||||||||
Cost of sales of physical commodities | 19,999.5 | 6,921.1 | 189 | % | 30,967.7 | 13,208.6 | 134 | % | |||||||||||||
Operating revenues | 366.8 | 271.1 | 35 | % | 643.6 | 535.8 | 20 | % | |||||||||||||
Transaction-based clearing expenses | 63.8 | 42.7 | 49 | % | 110.1 | 92.8 | 19 | % | |||||||||||||
Introducing broker commissions | 29.6 | 24.8 | 19 | % | 55.8 | 57.4 | (3 | )% | |||||||||||||
Interest expense | 30.0 | 38.4 | (22 | )% | 63.8 | 71.4 | (11 | )% | |||||||||||||
Net operating revenues | 243.4 | 165.2 | 47 | % | 413.9 | 314.2 | 32 | % | |||||||||||||
Compensation and other expenses: | |||||||||||||||||||||
Variable compensation and benefits | 82.6 | 51.4 | 61 | % | 137.2 | 99.1 | 38 | % | |||||||||||||
Fixed compensation and benefits | 54.1 | 46.5 | 16 | % | 103.5 | 87.9 | 18 | % | |||||||||||||
Trading systems and market information | 11.2 | 9.5 | 18 | % | 21.6 | 18.7 | 16 | % | |||||||||||||
Occupancy and equipment rental | 4.9 | 5.0 | (2 | )% | 9.9 | 9.4 | 5 | % | |||||||||||||
Professional fees | 4.7 | 5.0 | (6 | )% | 10.7 | 10.3 | 4 | % | |||||||||||||
Travel and business development | 3.2 | 4.0 | (20 | )% | 7.7 | 7.8 | (1 | )% | |||||||||||||
Non-trading technology and support | 5.9 | 5.0 | 18 | % | 11.9 | 9.2 | 29 | % | |||||||||||||
Depreciation and amortization | 4.2 | 3.2 | 31 | % | 8.1 | 6.1 | 33 | % | |||||||||||||
Communications | 1.5 | 2.0 | (25 | )% | 3.1 | 3.3 | (6 | )% | |||||||||||||
Bad debts | 4.4 | 0.7 | 529 | % | 4.4 | 1.0 | 340 | % | |||||||||||||
Recovery of bad debt on physical coal | — | — | — | % | — | (2.4 | ) | n/m | |||||||||||||
Other | 10.6 | 7.4 | 43 | % | 18.1 | 13.9 | 30 | % | |||||||||||||
Total compensation and other expenses | 187.3 | 139.7 | 34 | % | 336.2 | 264.3 | 27 | % | |||||||||||||
Other gain | — | 5.4 | n/m | 0.1 | 5.4 | (98 | )% | ||||||||||||||
Income before tax | 56.1 | 30.9 | 82 | % | 77.8 | 55.3 | 41 | % | |||||||||||||
Income tax expense | 16.8 | 7.5 | 124 | % | 22.2 | 13.7 | 62 | % | |||||||||||||
Net income | $ | 39.3 | $ | 23.4 | 68 | % | $ | 55.6 | $ | 41.6 | 34 | % | |||||||||
Earnings per share: | |||||||||||||||||||||
Basic | $ | 2.03 | $ | 1.23 | 65 | % | $ | 2.88 | $ | 2.19 | 32 | % | |||||||||
Diluted | $ | 2.00 | $ | 1.21 | 65 | % | $ | 2.84 | $ | 2.15 | 32 | % | |||||||||
Weighted-average number of common shares outstanding: | |||||||||||||||||||||
Basic | 18,872,937 | 18,753,490 | 1 | % | 18,811,268 | 18,706,104 | 1 | % | |||||||||||||
Diluted | 19,189,953 | 19,004,793 | 1 | % | 19,132,497 | 18,999,889 | 1 | % | |||||||||||||
n/m = not meaningful to present as a percentage |
Key Operating Metrics
The following table reflects key operating metrics used by management in evaluating our product lines.
Three Months Ended |
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2020 | 2019 | % Change | 2020 | 2019 | % Change | ||||||||||||||||
Volumes and Other Data: | |||||||||||||||||||||
Exchange-traded - futures and options (contracts, 000’s) | 47,611.4 | 29,060.3 | 64 | % | 81,671.9 | 66,587.4 | 23 | % | |||||||||||||
Over-the-counter (“OTC”) (contracts, 000’s) | 609.5 | 383.5 | 59 | % | 1,098.5 | 792.8 | 39 | % | |||||||||||||
Global Payments (# of payments, 000’s) | 203.9 | 162.8 | 25 | % | 398.1 | 329.4 | 21 | % | |||||||||||||
Gold equivalent ounces traded (000’s) | 121,618.2 | 77,721.1 | 56 | % | 228,833.7 | 172,940.7 | 32 | % | |||||||||||||
$ | 86,953.2 | $ | 37,238.8 | 134 | % | $ | 126,884.2 | $ | 80,547.5 | 58 | % | ||||||||||
$ | 51,612.0 | $ | 58,230.1 | (11 | )% | $ | 91,815.7 | $ | 118,907.3 | (23 | )% | ||||||||||
FX Prime Brokerage volume ( |
$ | 129,998.7 | $ | 80,435.6 | 62 | % | $ | 204,350.3 | $ | 170,380.3 | 20 | % | |||||||||
Average assets under management in |
$ | 331.3 | $ | 347.3 | (5 | )% | $ | 306.5 | $ | 315.0 | (3 | )% | |||||||||
Average client equity - futures and options (millions) | $ | 2,444.8 | $ | 1,936.6 | 26 | % | $ | 2,351.0 | $ | 2,134.6 | 10 | % | |||||||||
Average money market / |
$ | 956.9 | $ | 772.5 | 24 | % | $ | 969.2 | $ | 772.1 | 26 | % |
COVID Impact
During the second quarter of fiscal 2020, worldwide social and economic activity became severely impacted by the spread and threat of coronavirus (“COVID-19”). In
Current Results of Operations
The COVID-19 pandemic has resulted in unprecedented market conditions and significant volatility in the markets. Our second quarter results reflect strong revenue growth in
Impact on Customers
Our top priority is to service and care for our current customers. During this period of time, we have worked to prudently manage or reduce market risk exposure to these highly volatile markets.
Employees
We have taken actions to minimize risk to our employees, including restricting travel and providing secure and efficient remote work options for our team members. This leveraged our existing operational contingency plans at every level of the organization which ensured business process and control continuity. These actions have helped prevent major disruption to our clients and operations.
Business Continuity plans
We deployed business continuity plans to ensure operational flexibility through any environment, including the ability to work remotely. We continue to serve our customers while maintaining social distancing and other safety protocols to keep our employees and customers safe.
The full extent to which the COVID-19 pandemic will impact our business and operating results will depend on future developments that are highly uncertain and cannot be accurately predicted, including new information that may emerge concerning COVID-19 and the mitigation efforts by government entities, as well as our own immediate COVID-19 operational response. We have and will continue to take active and decisive steps in this time of uncertainty and remain committed to the safety of our employees, while also continuing to serve our customers.
Interest Income/Expense
Interest income decreased
Interest expense decreased
Variable vs. Fixed Expenses
The table below shows an analysis of our variable expenses and non-variable expenses as a percentage of total non-interest expenses for the periods indicated.
Three Months Ended |
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(in millions) | 2020 |
% of Total | 2019 |
% of Total | 2020 |
% of Total | 2019 |
% of Total | |||||||||||||||||||
Variable compensation and benefits | $ | 82.6 | 29 | % | $ | 51.4 | 25 | % | $ | 137.2 | 27 | % | $ | 99.1 | 24 | % | |||||||||||
Transaction-based clearing expenses | 63.8 | 23 | % | 42.7 | 21 | % | 110.1 | 22 | % | 92.8 | 22 | % | |||||||||||||||
Introducing broker commissions | 29.6 | 11 | % | 24.8 | 11 | % | 55.8 | 11 | % | 57.4 | 14 | % | |||||||||||||||
Total variable expenses | 176.0 | 63 | % | 118.9 | 57 | % | 303.1 | 60 | % | 249.3 | 60 | % | |||||||||||||||
Fixed compensation and benefits | 54.1 | 19 | % | 46.5 | 22 | % | 103.5 | 21 | % | 87.9 | 21 | % | |||||||||||||||
Other fixed expenses | 46.2 | 16 | % | 41.1 | 21 | % | 91.1 | 18 | % | 78.7 | 20 | % | |||||||||||||||
Bad debts | 4.4 | 2 | % | 0.7 | — | % | 4.4 | 1 | % | 1.0 | — | % | |||||||||||||||
Recovery of bad debt on physical coal | — | — | % | — | — | % | — | — | % | (2.4 | ) | (1 | )% | ||||||||||||||
Total non-variable expenses | 104.7 | 37 | % | 88.3 | 43 | % | 199.0 | 40 | % | 165.2 | 40 | % | |||||||||||||||
Total non-interest expenses | $ | 280.7 | 100 | % | $ | 207.2 | 100 | % | $ | 502.1 | 100 | % | $ | 414.5 | 100 | % |
Our variable expenses include variable compensation paid to traders and risk management consultants, bonuses paid to operational, administrative, and executive employees, transaction-based clearing expenses and introducing broker commissions. We seek to make non-interest expenses variable to the greatest extent possible, and to keep our fixed costs as low as possible.
Variable expenses were 63% of total non-interest expenses in the current period compared to 57% in the prior year period. During the second quarter, non-variable expenses, excluding bad debts, increased
Unallocated Costs and Expenses
The following table is a breakout of our unallocated costs and expenses from the compensation and other expenses in the
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(in millions) | 2020 | % Change | 2019 | 2020 | % Change | 2019 | |||||||||||||||
Compensation and benefits: | |||||||||||||||||||||
Variable compensation and benefits | $ | 9.9 | 55 | % | $ | 6.4 | 16.3 | 36 | % | 12.0 | |||||||||||
Fixed compensation and benefits | 21.4 | 16 | % | 18.5 | 41.7 | 17 | % | 35.6 | |||||||||||||
31.3 | 26 | % | 24.9 | 58.0 | 22 | % | 47.6 | ||||||||||||||
Other expenses: | |||||||||||||||||||||
Trading systems and market information | 0.7 | 133 | % | 0.3 | 1.2 | 71 | % | 0.7 | |||||||||||||
Occupancy and equipment rental | 4.9 | — | % | 4.9 | 9.9 | 6 | % | 9.3 | |||||||||||||
Professional fees | 3.9 | 11 | % | 3.5 | 7.9 | 16 | % | 6.8 | |||||||||||||
Travel and business development | 0.6 | (40) | % | 1.0 | 2.0 | (5 | )% | 2.1 | |||||||||||||
Non-trading technology and support | 4.7 | 21 | % | 3.9 | 9.4 | 36 | % | 6.9 | |||||||||||||
Depreciation and amortization | 3.8 | 46 | % | 2.6 | 7.7 | 57 | % | 4.9 | |||||||||||||
Communications | 1.3 | (35) | % | 2.0 | 2.7 | (16) | % | 3.2 | |||||||||||||
Bad debts | — | — | % | — | — | — | % | — | |||||||||||||
Other | 6.5 | 44 | % | 4.5 | 10.4 | 28 | % | 8.1 | |||||||||||||
26.4 | 16 | % | 22.7 | 51.2 | 22 | % | 42.0 | ||||||||||||||
Total compensation and other expenses | $ | 57.7 | 21 | % | $ | 47.6 | $ | 109.2 | 22 | % | $ | 89.6 | |||||||||
Total unallocated costs and other expenses increased
Other non-compensation expenses increased
Recovery of Bad debt on Physical Coal
The six months ended
Other Gain
The three and six months ended
Balance Sheet Summary
The following table below provides a summary of asset, liability, and stockholders’ equity information for the periods indicated.
(Unaudited) (in millions, except for share and per share amounts) | 2020 |
2019 |
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Summary asset information: | |||||||
Cash and cash equivalents | $ | 519.5 | $ | 471.3 | |||
Cash, securities and other assets segregated under federal and other regulations | $ | 1,176.1 | $ | 1,049.9 | |||
Securities purchased under agreements to resell | $ | 1,260.0 | $ | 1,424.5 | |||
Securities borrowed | $ | 1,063.8 | $ | 1,423.2 | |||
Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net | $ | 3,359.5 | $ | 2,540.5 | |||
Receivables from clients, net and notes receivable, net | $ | 485.0 | $ | 425.2 | |||
Financial instruments owned, at fair value | $ | 2,525.7 | $ | 2,175.2 | |||
Physical commodities inventory, net | $ | 255.2 | $ | 229.3 | |||
Property and equipment, net | $ | 43.0 | $ | 43.9 | |||
Operating right of use assets | $ | 31.6 | $ | — | |||
$ | 73.1 | $ | 67.9 | ||||
Other | $ | 78.4 | $ | 85.2 | |||
Summary liability and stockholders’ equity information: | |||||||
Accounts payable and other accrued liabilities | $ | 184.8 | $ | 157.5 | |||
Operating lease liabilities | $ | 34.2 | $ | — | |||
Payables to clients | $ | 4,531.5 | $ | 3,589.5 | |||
Payables to broker-dealers, clearing organizations and counterparties | $ | 429.2 | $ | 266.2 | |||
Payables to lenders under loans | $ | 275.0 | $ | 202.3 | |||
Senior secured term loan, net | $ | 184.3 | $ | 167.6 | |||
Income taxes payable | $ | 10.6 | $ | 10.4 | |||
Securities sold under agreements to repurchase | $ | 2,800.3 | $ | 2,773.7 | |||
Securities loaned | $ | 1,068.8 | $ | 1,459.9 | |||
Financial instruments sold, not yet purchased, at fair value | $ | 703.6 | $ | 714.8 | |||
Stockholders’ equity | $ | 648.6 | $ | 594.2 | |||
Common stock outstanding - shares | 19,216,468 | 19,075,360 | |||||
Net asset value per share | $ | 33.75 | $ | 31.15 | |||
Segment Results
The following table reflects operating revenues by segment for the periods indicated.
Three Months Ended |
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(in millions) | 2020 |
2019 |
% Change |
2020 |
2019 |
% Change |
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Segment operating revenues represented by: | ||||||||||||||||||||||
Commercial Hedging | $ | 101.7 | $ | 80.6 | 26 | % | $ | 171.4 | $ | 140.4 | 22 | % | ||||||||||
Global Payments | 29.4 | 27.4 | 7 | % | 60.8 | 57.1 | 6 | % | ||||||||||||||
Securities | 117.9 | 72.6 | 62 | % | 199.0 | 141.6 | 41 | % | ||||||||||||||
24.0 | 19.8 | 21 | % | 44.1 | 34.1 | 29 | % | |||||||||||||||
Clearing and Execution Services | 96.5 | 73.6 | 31 | % | 172.4 | 168.8 | 2 | % | ||||||||||||||
Corporate Unallocated | 4.0 | 4.1 | (2 | )% | 9.2 | 7.0 | 31 | % | ||||||||||||||
Eliminations | (6.7 | ) | (7.0 | ) | (4 | )% | (13.3 | ) | (13.2 | ) | 1 | % | ||||||||||
Operating revenues | $ | 366.8 | $ | 271.1 | 35 | % | $ | 643.6 | $ | 535.8 | 20 | % | ||||||||||
The following table reflects segment income by segment for the periods indicated.
Three Months Ended |
Six Months Ended |
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(in millions) | 2020 | 2019 | % Change |
2020 | 2019 | % Change |
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Segment income represented by: | ||||||||||||||||||||||
Commercial Hedging | $ | 35.8 | $ | 30.2 | 19 | % | $ | 57.3 | $ | 43.5 | 32 | % | ||||||||||
Global Payments | 17.2 | 15.8 | 9 | % | 36.1 | 34.4 | 5 | % | ||||||||||||||
Securities | 38.4 | 11.8 | 225 | % | 55.1 | 27.8 | 98 | % | ||||||||||||||
9.6 | 7.8 | 23 | % | 17.2 | 13.7 | 26 | % | |||||||||||||||
Clearing and Execution Services | 16.3 | 11.6 | 41 | % | 27.4 | 29.3 | (6 | )% | ||||||||||||||
Total segment income | $ | 117.3 | $ | 77.2 | 52 | % | $ | 193.1 | $ | 148.7 | 30 | % | ||||||||||
Reconciliation of segment income to income before tax: | ||||||||||||||||||||||
Segment income | $ | 117.3 | $ | 77.2 | 52 | % | $ | 193.1 | $ | 148.7 | 30 | % | ||||||||||
Net costs not allocated to operating segments | 61.2 | 51.7 | 18 | % | 115.4 | 98.8 | 17 | % | ||||||||||||||
Other gain | — | 5.4 | nm | 0.1 | 5.4 | (98 | )% | |||||||||||||||
Income before tax | $ | 56.1 | $ | 30.9 | 82 | % | $ | 77.8 | $ | 55.3 | 41 | % | ||||||||||
Commercial Hedging
We serve our commercial clients through our team of risk management consultants, providing a high-value-added service that we believe differentiates us from our competitors and maximizes the opportunity to retain our clients. Our risk management consulting services are designed to quantify and monitor commercial entities’ exposure to commodity and financial risk. Upon assessing this exposure, we develop a plan to control and hedge these risks with post-trade reporting against specific client objectives. Our clients are assisted in the execution of their hedging strategies through a wide range of products from listed exchange-traded futures and options, to basic OTC instruments that offer greater flexibility and structured OTC products designed for customized solutions.
Our services span virtually all traded commodity markets, with the largest concentrations in agricultural and energy commodities (consisting primarily of grains, energy and renewable fuels, coffee, sugar, cotton, and food service) and base metals products listed on the LME. Our base metals business includes a position as a Category One ring dealing member of the LME, providing execution, clearing and advisory services in exchange-traded futures and OTC products. We also provide execution of foreign currency forwards and options and interest rate swaps as well as a wide range of structured product solutions to our commercial clients who are seeking cost-effective hedging strategies. Generally, our clients direct their own trading activity, and our risk management consultants do not have discretionary authority to transact trades on behalf of our clients.
Operating revenues increased 26% to a record
OTC revenues increased 46%, to
Consulting, management, and account fees increased 11% compared to the prior year to
Segment income increased 19% to
Global Payments
We provide customized foreign exchange and treasury services to banks and commercial businesses as well as charities and non-governmental and government organizations. We provide transparent pricing and offer payments services in more than 170 countries and 140 currencies, which we believe is more than any other payments solution provider.
Our proprietary FXecute global payments platform is integrated with a financial information exchange (“FIX”) protocol. This FIX protocol is an electronic communication method for the real-time exchange of information, and we believe it represents one of the first FIX offerings for cross-border payments in exotic currencies. FIX functionality allows clients to view real time market rates for various currencies, execute and manage orders in real-time, and view the status of their payments through the easy-to-use portal.
Additionally, as a member of the
Through this single comprehensive platform and our commitment to client service, we believe we are able to provide simple and fast execution, ensuring delivery of funds in local currencies in any of these countries quickly through our global network of approximately 325 correspondent banks. In this business, we primarily act as a principal in buying and selling foreign currencies on a spot basis. We derive revenue from the difference between the purchase and sale prices.
We believe our clients value our ability to provide exchange rates that are significantly more competitive than those offered by large international banks, a competitive advantage that stems from our years of foreign exchange expertise focused on smaller, less liquid currencies.
Operating revenues increased 7% to a record
Segment income increased 9% to
Securities
We provide value-added solutions that facilitate cross-border trading and believe our clients value our ability to manage complex transactions, including foreign exchange, utilizing our understanding of local market convention, liquidity and settlement protocols around the world. Our clients include
We act as an institutional dealer in fixed income securities, including
We originate, structure and place debt instruments in the international and domestic capital markets. These instruments include complex asset-backed securities (primarily in
Operating revenues increased 62% to a record
Operating revenues in
Operating revenues in
Operating revenues in Asset Management increased 31% in the second quarter compared to the prior year as average assets under management in
Segment income increased 225% to
In our Physical Ag & Energy commodity business, we act as a principal to facilitate financing, structured pricing and logistics services to clients across the commodity complex, including energy commodities, grains, oil seeds, cotton, coffee, cocoa, edible oils and feed products. We provide financing to commercial commodity-related companies against physical inventories. We use sale and repurchase agreements to purchase commodities evidenced by warehouse receipts, subject to a simultaneous agreement to sell such commodities back to the original seller at a later date.
We generally mitigate the price risk associated with commodities held in inventory through the use of derivatives. We do not elect hedge accounting under
Operating revenues for
Operating revenues in Physical Ag & Energy increased 18% to
Segment income increased 23% to
Clearing and Execution Services
We provide competitive and efficient clearing and execution in all major futures and securities exchanges globally as well as prime brokerage in all major foreign currency pairs and swap transactions. Through our platform, client orders are accepted and directed to the appropriate exchange for execution. We then facilitate the clearing of client transactions. Clearing involves the matching of client trades with the exchange, the collection and management of client margin deposits to support the transactions, and the accounting and reporting of the transactions to clients.
As of
We are an independent full-service provider to introducing broker-dealers (“IBD’s”) of clearing, custody, research, syndicated and security-based lending products and services, including a proprietary technology platform which offers seamless connectivity to ensure a positive client experience through the clearing and settlement process. Our independent wealth management business, which offers a comprehensive product suite to retail clients nationwide, clears through this platform. We believe we are one of the leading mid-market clearers in the securities industry, with approximately 70 correspondent clearing relationships with over
We provide prime brokerage foreign exchange (“FX”) services to financial institutions and professional traders. We provide our clients with the full range of OTC products, including 24-hour a day execution of spot, forwards and options as well as non-deliverable forwards in both liquid and exotic currencies. We also operate a proprietary foreign exchange desk that arbitrages the exchange-traded foreign exchange markets with the cash markets.
Through our
Operating revenues increased 31% to
Operating revenues in our Exchange-Traded Futures & Options business increased 43% to
Operating revenues in our FX Prime Brokerage increased 92% compared to the prior year to
Correspondent Clearing operating revenues decreased 5% compared to the prior year to
Segment income increased to
Conference Call & Web Cast
A conference call will be held tomorrow,
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
About
Serving more than 30,000 commercial and institutional clients and over 125,000 retail clients located in more than 130 countries on five continents, the company provides products and services across five market segments: commercial hedging, global payments, securities, physical commodities, and clearing and execution services. Our clients include the producers, processors and end users of virtually every major traded commodity, as well as asset managers, introducing broker-dealers, insurance companies, brokers, institutional and retail investors, commercial and investment banks, and governmental, non-governmental and charitable organizations. A Fortune 500 company headquartered in
Further information on INTL is available at www.intlfcstone.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
These forward-looking statements are largely based 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 company. They can be affected by inaccurate assumptions, including the risks, uncertainties and assumptions described in the filings made by
These forward-looking statements speak only as of the date of this press release.
Investor inquiries:
1-866-522-7188
bruce.fields@intlfcstone.com
INTL-G
Source: INTL FCStone Inc.