INTL FCStone 2014 Annual Report Download - page 43

INTL FCSTONE INC.  Form 10K 27
PART II
ITEM 6 Selected Financial Data
(in millions, except share and per share amounts)
Year Ended September 30,
2014 2013 2012 2011 2010
Earnings per share:
Basic $ 1.01 $ 1.01 $ 0.67 $ 1.93 $ 0.24
Diluted $ 0.98 $ 0.97 $ 0.64 $ 1.83 $ 0.23
Number of shares:
Basic 18,528,302 18,443,233 18,282,939 17,618,085 17,306,019
Diluted 19,132,302 19,068,497 19,156,899 18,567,454 17,883,233
Selected Balance Sheet Information:
Total assets $ 3,039.7 $ 2,848.0 $ 2,953.0 $ 2,632.0 $ 2,019.8
Lenders under loans $ 22.5 $ 61.0 $ 218.2 $ 77.4 $ 114.9
Senior unsecured notes $ 45.5 $ 45.5 $  $  $ 
Convertible notes $  $  $  $ 16.7 $ 16.7
Stockholders’ equity(a) $ 345.4 $ 335.4 $ 313.2 $ 292.6 $ 240.1
Other Data:
Return on average stockholders’ equity
(from continuing operations)(b) 5.8%5.7%5.6%11.2%4.2%
EBITDA(c) $ 43.8 $ 37.1 $ 35.3 $ 59.2 $ 24.6
Employees, end of period 1,141 1,094 1,074 904 729
Compensation and benefits as a percentage
of net operating revenues 62.7%64.2%64.4%58.2%60.4%
(a) Net income and stockholders’ equity for fiscal 2010 includes a $7.0 million extraordinary loss resulting from purchase price adjustments and the correction of immaterial
errors related to the acquisition of FCStone Group, Inc. on September 30, 2009.
(b) For all periods presented, the return on average stockholders’ equity (from continuing operations) excludes the effects of discontinued operations, extraordinary loss and
net loss attributable to noncontrolling interests.
(c) See “Non-GAAP Financial Measure” below.
As discussed in previous filings and elsewhere in this
Form 10-K, U.S. GAAP requires us to carry derivatives at fair
value but physical commodities inventory at the lower of cost or
fair value. Under U.S. GAAP, gains and losses on commodities
inventory and derivatives which we intend to be offsetting are
often recognized in different periods. Additionally, in certain
circumstances, U.S. GAAP does not permit us to reflect changes
in estimated values of forward commitments to purchase and sell
commodities. In such circumstances, the forward commitments
to purchase and sell commodities, which we do not reflect in the
consolidated balance sheets, do not qualify as a derivative under
the Derivatives and Hedging Topic of the ASC.
ese requirements may have a temporary impact on our reported
earnings. Following the discontinuance of our physical base
metals business, we believe the effects of these requirements on
our results have lessened and whereas we previously managed
our Physical Commodities business segment as well as assessed
our overall performance on an adjusted marked-to-market basis,
we now manage both on a U.S. GAAP basis.
Non-GAAP Financial Measure
EBITDA consists of net income from continuing operations
before interest expense, income tax expense and depreciation
and amortization. We have included EBITDA in our Form 10-K
because we use it as an important supplemental measure of our
performance and believe that it is frequently used by securities
analysts, investors and other interested persons in the evaluation
of companies in our industry, some of which present EBITDA
when reporting their financial results. EBITDA is a financial
measure that is not recognized by U.S. GAAP, and should
not be considered as an alternative to operating revenues, net
operating revenues, net income from continuing operations, net
income or stockholders’ equity calculated under U.S. GAAP or
as an alternative to any other measures of performance derived
in accordance with U.S. GAAP. e following table reconciles
EBITDA with our net income from continuing operations.
(in millions)
Year Ended September 30,
2014 2013 2012 2011 2010
Net income from continuing operations $ 19.6 $ 18.6 $ 17.0 $ 29.9 $ 10.0
Plus: interest expense 10.5 7.9 5.6 6.4 7.5
Plus: depreciation and amortization 7.3 8.0 7.2 4.7 1.6
Plus: income taxes 6.4 2.6 5.5 18.2 5.5
EBITDA $ 43.8 $ 37.1 $ 35.3 $ 59.2 $ 24.6