NEW YORK - Sunday, November 10th 2013 [ME NewsWire]
Releases October 2013 Operating Metrics
Third Quarter 2013 Summary:
Revenues of $113.2 million, a decrease of 1% versus Third Quarter 2012
Adjusted Pro Forma EBITDA of $33.0 million, a decrease of 11% versus Third Quarter 2012
Adjusted Pro Forma net income of $9.7 million or $0.13 per fully diluted share, a decrease of 22% and 24% respectively versus Third Quarter 2012
U.S. GAAP net loss attributable to FXCM Inc. of $5.1 million or $0.15 per diluted share - includes a $15.0 million reserve established for certain regulatory matters – versus net income of $4.5 million or $0.17 per diluted share in the Third Quarter 2012
Year to date 2013 cash flow from operating activities of $140.8 million versus $53.4 million in the same period 2012
October 2013 Operating Metrics Summary:
Retail customer trading volume of $315 billion, up 11% from September 2013
Institutional customer trading volume of $176 billion, down 3% from September 2013
(BUSINESS WIRE) FXCM Inc. (NYSE: FXCM), a leading online provider of foreign exchange, or FX, trading and related services, today announced for the quarter ended September 30, 2013, revenues of $113.2 million, compared to $114.9 million for the quarter ended September 30, 2012, a decrease of 1%.
Adjusted Pro Forma EBITDA for the Third Quarter 2013 was $33.0 million, compared to $37.2 million for the Third Quarter 2012, a decrease of 11%. Adjusted Pro Forma Net Income was $9.7 million or $0.13 per share for the Third Quarter 2013, compared to $12.5 million or $0.17 per fully diluted, fully exchanged share for the Third Quarter 2012, a decrease of 22% and 24% respectively.
U.S. GAAP net loss attributable to FXCM Inc. was $5.1 million for the Third Quarter 2013 or ($0.15) per diluted FXCM Inc. Class A share, compared to net income of $4.5 million or $0.17 per diluted FXCM Inc. Class A share for the Third Quarter 2012. Third Quarter 2013 results include a $15.0 million reserve established for certain regulatory matters.
For the nine months ended September 30, 2013, revenues were $376.2 million, compared to $309.2 million for the nine months ended September 30, 2012, an increase of 22%.
Adjusted Pro Forma EBITDA for the nine months ended September 30, 2013 was $131.2 million, compared to $83.1 million for the nine months ended September 30, 2012, an increase of 58%. Adjusted Pro Forma Net Income was $50.5 million or $0.66 per fully diluted, fully exchanged share for the nine months ended September 30, 2013, compared to $32.9 million or $0.45 per fully diluted, fully exchanged share for the nine months ended September 30, 2012, an increase of 53% and 47%, respectively.
U.S. GAAP net income attributable to FXCM Inc. was $11.9 million for the nine months ended September 30, 2013 or $0.37 per diluted FXCM Inc. Class A share, compared to $6.0 million or $0.27 per diluted FXCM Inc. Class A share for the nine months ended September 30, 2012, an increase of 98%% and 37% respectively.
"Despite a muted trading environment, we are pleased to see the business still generating strong cash flow,” said Drew Niv Chief Executive Officer. "Volatility declined throughout the quarter, resulting in lower trading activity, but our business is built to withstand these headwinds.”
"When such market conditions occur, diversity and scale are critical. With $422 million of cash and all of our $155 million credit facility available – we have more than enough liquidity to pursue acquisitions and return capital to shareholders,” he added.
Adjusted Pro Forma results assume the conversion and exchange of all FXCM Holdings, LLC Units into FXCM Inc. Class A common stock, resulting in the elimination of the non-controlling interest and the corresponding adjustment to the entity’s tax provision. In addition, Adjusted Pro Forma results eliminate certain expenses not in the ordinary course of business as well as reclassifies the allocation of earnings of Lucid non-controlling members recorded as compensation expense to net income attributable to non-controlling interest.
FXCM Inc. today announced certain key operating metrics for October 2013 for its retail and institutional foreign exchange business. Monthly activities included:
October 2013 Operating Metrics
Retail Trading Metrics
Retail customer trading volume(1) of $315 billion in October 2013, 11% higher than September 2013 and 3% lower than October 2012.
Average retail customer trading volume(1) per day of $13.7 billion in October 2013, 1% higher than September 2013 and 3% lower than October 2012.
An average of 379,280 retail client trades per day in October 2013, 1% lower than September 2013 and 11% higher than October 2012.
Tradable accounts(2) of 188,814 as of October 31, 2013, a decrease of 174, or flat from September 2013, and a decrease of 14,900 or 7%, from October 2012.
Institutional Trading Metrics
Institutional customer trading volume(1) of $176 billion in October 2013, 3% lower than September 2013 and 232% higher than October 2012.
Average institutional trading volume(1) per day of $7.7 billion in October 2013, 10% lower than September 2013 and 235% higher than October 2012.
An average of 29,063 institutional client trades per day in October 2013, 24% lower than September 2013 and 397% higher than October 2012.
More information, including historical results for each of the above metrics, can be found on the investor relations page of the Company's corporate website, http://ir.fxcm.com/
This operating data is preliminary and subject to revision and should not be taken as an indication of the financial performance of FXCM Inc. FXCM undertakes no obligation to publicly update or review previously reported operating data. Any updates to previously reported operating data will be reflected in the historical operating data that can be found on the Investor Relations page of the Company’s corporate website, www.fxcm.com.
(1) Volume that FXCM’s customers traded in period is translated into U.S. dollars.
(2) A Tradable Account is an account with sufficient funds to place a trade in accordance with FXCM’s trading policies.
To view the full release including the tables, please click here
Contacts
For Media:
FXCM Inc.
Jaclyn Klein, 646-432-2463
Vice-President, Corporate Communications
jklein@fxcm.com
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