INTL FCStone 2005 Annual Report Download - page 78

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INTERNATIONAL ASSETS HOLDING CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements—(Continued)
September 30, 2005 and 2004
Quarter
Ended
Dec. 31,
2004
Quarter
Ended
Dec. 31,
2004
Quarter
Ended
Dec. 31,
2004
Quarter
Ended
Mar. 31,
2005
Quarter
Ended
Jun. 30,
2005
Quarter
Ended
Sep. 30,
2005
previously
reported
restatement
adjustment as restated
(All figures below are in $)
Total revenues ....................... 6,085,299 6,085,299 6,157,050 6,282,382 7,615,300
Interest expense ...................... 176,912 176,912 295,747 313,875 548,927
Net revenues ........................ 5,908,387 5,908,387 5,861,303 5,968,507 7,066,373
Occupancy and equipment rental ........ 165,224 7,911 173,135 187,143 211,855 230,729
Total non-interest expenses ............. 4,906,545 7,911 4,914,456 5,279,120 5,069,996 5,421,787
Income (loss) before income taxes and
minority interest ................... 1,001,842 (7,911) 993,931 582,183 898,511 1,644,586
Income tax expense ................... 378,550 (3,223) 375,327 196,341 298,424 613,805
Income before minority interest ......... 623,292 (4,688) 618,604 385,842 600,087 1,030,781
Net income (loss) .................... 616,855 (4,688) 612,167 379,313 576,202 1,045,953
Net income (loss) per share - basic ....... 0.09 0.09 0.05 0.08 0.14
Net income (loss) per share - diluted ..... 0.08 0.08 0.05 0.07 0.13
Deferred income tax asset, net .......... 407,738 33,632 441,370
Income taxes receivable ............... 67,453 (67,453)
Total assets ......................... 108,104,583 (33,821) 108,070,762
Income taxes payable ................. 312,957 101,907 414,864
Other liabilities ...................... 366,906 45,084 411,990
Total liabilities ...................... 82,040,841 146,991 82,187,832
Additional paid-in capital .............. 24,946,663 2,483,478 27,430,141
Retained earnings (accumulated deficit) . . . 610,390 (2,664,290) (2,053,900)
Total stockholders’ equity .............. 25,628,163 (180,812) 25,447,351
(26) Segment Analysis
International Assets Holding Corporation and its subsidiaries form a financial services group focused on
select international securities and commodities markets. The Company’s activities are currently divided into four
functional areas — international equities market-making, international debt capital markets, foreign exchange/
commodities trading and asset management. In May 2004, the Company expanded into the asset management
business through its 50.1% investment in INTL Consilium. The Company’s asset management activities will not
be separately reported until certain asset and revenue levels are achieved.
International Equities Market-Making:
Through INTL Trading, the Company acts as a wholesale market-maker in select foreign and domestic
over-the-counter Bulletin Board securities, including unlisted American Depositary Receipts (ADRs) and foreign
ordinary shares. INTL Trading provides execution and liquidity to national broker-dealers, regional broker-
dealers and institutional investors.
International Debt Capital Markets:
The Company actively trades a wide variety of international debt instruments. The Company also invests in
international debt instruments on a proprietary basis and arranges international debt transactions. The Company
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