UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) May 12, 2008
International Assets Holding Corporation
(Exact name of registrant as specified in its charter)
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Delaware |
000-23554 |
59-2921318 |
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(State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
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220 E. Central Parkway, Suite 2060, Altamonte Springs, FL |
32701 |
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| (Address of principal executive offices) | (Zip Code) |
Registrant's telephone number, including area code: 407-741-5300
________________________________________________________________________________
(Former name or former address, if changed since last report)
| Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | ||
| [ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
| [ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
| [ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
| [ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |
Item 2.02. Results of Operations and Financial Condition.
Item 7.01. Regulation FD Disclosure.
The following information is furnished under Item 2.02, "Results of Operations and Financial Condition" and Item 7.01 "Regulation FD Disclosure". This information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1993, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. On May 12, 2008, the Company issued a news release on the subject of its operations and financial condition for the fiscal quarter ended March 31, 2007.
The Press Release is attached hereto as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits.
Exhibit 99.1 Press Release Dated May 12, 2008.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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International Assets Holding Corporation
(Registrant) |
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May 12, 2008
(Date) |
/s/ SEAN M. O'CONNOR
Sean M. O'Connor CEO |
| Exhibit Index | ||
| 99.1 | Press release dated May 12, 2008 | |
EXHIBIT 99.1
International Assets Reports $6 Million Earnings for Second Quarter and Six Month EPS of $2.26
NEW YORK, May 12, 2008 (PRIME NEWSWIRE) -- International Assets Holding Corporation (the 'Company') (Nasdaq:IAAC) today announced its second quarter financial results, which are set out in the table below.
Sean O'Connor, CEO, stated, "Adjusted operating revenues for the second quarter and six months to date were approximately double those of the comparable periods last year. Adjusted EBITDA for the second quarter was up more than three times and for the six months to date more than two-and-a-half times over the comparable periods last year. GAAP earnings for the six months to date were $18.9 million or $2.26 per share. Investors should note that the Company held commodities inventory at the end of the second quarter that was valued on the balance sheet at $16 million less than its fair market value."
(Unaudited)
(In thousands, Three Months Ended Six Months Ended
except per ------------------------- -------------------------
share March 31, March 31, % March 31, March 31, %
amounts) 2008 2007 Change 2008 2007 Change
------- ------- ------ ------- ------- ------
Total operating
revenues $32,499 $14,783 120% $74,566 $23,962 211%
Interest expense $ 2,825 $ 1,751 61% $ 5,836 $ 3,241 80%
------- ------- ------ ------- ------- ------
Net revenues $29,674 $13,032 128% $68,730 $20,721 232%
Total
non-interest
expenses $18,843 $11,752 60% $35,980 $21,498 67%
------- ------- ------ ------- ------- ------
Income (loss)
before income
tax and minority
interest $10,831 $ 1,280 746% $32,750 $ (777) (a)
Income tax
expense
(benefit) $ 4,335 $ 469 824% $12,498 $ (283) (a)
Minority interest
in income of
consolidated
entities $ 489 $ 130 276% $ 1,327 $ 322 312%
------- ------- ------ ------- ------- ------
Net income
(loss) $ 6,007 $ 681 782% $18,925 $ (816) (a)
------- ------- ------ ------- ------- ------
Earnings (loss)
per share:
Basic $ 0.71 $ 0.08 739% 2.26 (0.10) (a)
Diluted $ 0.64 $ 0.08 720% 1.97 (0.10) (a)
Weighted average
number of common
shares
outstanding:
Basic 8,437 8,026 5% 8,362 7,951 5%
Diluted 9,941 8,729 14% 9,945 7,951 25%
Adjusted EBITDA
(non GAAP)
reconciliation
Net income
(loss) $ 6,007 $ 681 782% $18,925 $ (816) (a)
Minority
interests 489 130 276% 1,327 322 312%
Income tax 4,335 469 824% 12,498 (283) (a)
Depreciation and
amortization 276 127 117% 533 240 122%
Interest expense 2,825 1,751 61% 5,836 3,241 80%
Interest income (659) (148) 345% (1,111) (347) 220%
Change in
unrealized fair
market value
gain in physical
commodities
inventory 2,294 1,688 36% (14,014) 6,522 (a)
------- ------- ------ ------- ------- ------
Adjusted
EBITDA(b) $15,567 $ 4,698 231% $23,994 $ 8,879 170%
------- ------- ------ ------- ------- ------
Segmental
Operating
Revenues:
International
equities
market-making $ 8,495 $ 7,326 16% $17,416 $13,161 32%
International
debt capital
markets 1,016 1,276 (20)% 2,115 2,146 (1)%
Foreign exchange
trading 5,116 2,886 77% 11,415 5,482 108%
Commodities
trading 11,880 (47) (a) 30,420 (2,410) (a)
Asset management 5,281 3,186 66% 12,008 5,225 130%
Other 711 156 356% 1,192 358 233%
------- ------- ------ ------- ------- ------
Total $32,499 $14,783 120% $74,566 $23,962 211%
------- ------- ------ ------- ------- ------
Change in
unrealized fair
market value
gain in physical
commodities
inventory 2,294 1,688 36% (14,014) 6,522 (a)
------- ------- ------ ------- ------- ------
Adjusted Revenues
(non-GAAP)(c) $34,793 $16,471 111% $60,552 $30,484 99%
------- ------- ------ ------- ------- ------
Condensed consolidated financial statements will be included in
the Company's 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 EBITDA is a non-GAAP measure that is defined in certain
of the Company's loan covenants and is EBITDA adjusted for the
change over the period in the unrealized fair market gain in
commodities inventory.
(c) Adjusted Revenue is a non-GAAP measure that represents operating
revenues adjusted for the change over the period in the
unrealized fair market gain in commodities inventory.
About International Assets Holding Corporation (Nasdaq:IAAC)
International Assets Holding Corporation and its subsidiaries (the 'Company') form a financial services group focused on select international securities, foreign exchange and commodities markets. We commit our capital and expertise to market-making and trading of international financial instruments, currencies and commodities. The Company's activities are currently divided into five functional areas -- international equities market-making, international debt capital markets, foreign exchange trading, commodities trading and asset management. Additional information regarding the Company is available on the Company's website at www.intlassets.com.
The International Assets Holding Corporation logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=5024
Forward-Looking Statements
Certain statements in this document may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond the Company's control, including adverse changes in economic, political and market conditions, losses from the Company's market-making and trading activities arising from counterparty failures and changes in market conditions, the possible loss of key personnel, the impact of increasing competition, the impact of changes in government regulation, the possibility of liabilities arising from violations of federal and state securities laws and the impact of changes in technology in the securities and commodities brokerage industries. Although the Company believes that its expectations with respect to the forward-looking statements are based upon reasonable assumptions, there can be no assurances that the act ual results, performance or achievement of the Company will not differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements.
CONTACT: International Assets Holding Corporation
Scott Branch, President
(888) 345-4685 x 335
New York, NY 10017