icon-avatar

Empresas

FXCM Inc. Announces Second Quarter 2014 Results

    FXCM Inc. (NYSE:FXCM), a leading online provider of foreign exchange, or FX, trading and related services, today announced for the quarter ended June 30, 2014, U.S. GAAP revenues of $97.9 million, compared to $140.1 million for the quarter ended June 30, 2013, a decrease of 30%. U.S. GAAP net loss attributable to FXCM Inc. was $3.1 million for the Second Quarter 2014 or $(0.08) per diluted share, compared to U.S. GAAP net income of $10.1 million or $0.32 per diluted share for the Second Quarter 2013, a decrease of 130% and 125% respectively.

    For the six months ended June 30, 2014, U.S. GAAP revenues were $212.9 million, compared to $263.0 million for the six months ended June 30, 2013, a decrease of 19%. U.S. GAAP net loss attributable to FXCM Inc. was $1.0 million for the six months ended June 30, 2014 or $(0.03) per diluted share, compared to U.S. GAAP net income of $17.0 million or $0.55 per diluted share for the six months ended June 30, 2013, a decrease of 106% and 105% respectively.

    “In the second quarter of 2014, volatility in the currency markets hit all-time lows with FXCM seeing retail customer volumes the lowest they have been in years,” said Drew Niv, Chief Executive Officer. “However, despite the difficult trading conditions, we continue to gain market share and had another strong quarter of growth in customer equity, in part reflecting our strong brand and competitive position. Since year-end 2013, we have grown customer equity by $121 million or 10% and believe we are well positioned for when market conditions improve.”

    Adjusted Pro Forma EBITDA for the Second Quarter 2014 was $13.4 million, compared to $54.5 million for the Second Quarter 2013, a decrease of 75%. Adjusted Pro Forma Net Loss was $1.5 million or $(0.02) per share for the Second Quarter 2014, compared to Adjusted Pro Forma Net Income of $23.3 million or $0.31 per diluted, fully exchanged share for the Second Quarter 2013, a decrease of 107% and 106% respectively.

    Adjusted Pro Forma EBITDA for the six months ended June 30, 2014 was $38.0 million, compared to $98.3 million for the six months ended June 30, 2013, a decrease of 61%. Adjusted Pro Forma Net Income was $3.7 million or $0.05 per share for the six months ended June 30, 2014, compared to $40.8 million or $0.54 per diluted, fully exchanged share for the six months ended June 30, 2013, a decrease of 91% and 91% respectively.

    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 non-recurring charges and certain equity based compensation expense granted at the time of FXCM´s initial public offering in December 2010.

    FXCM Inc. today announced certain key operating metrics for July 2014 for its retail and institutional foreign exchange businesses. Monthly activities included:

    July 2014 Operating Metrics

    Retail Trading Metrics

    • Retail customer trading volume(1) of $263 billion in July 2014, 4% higher than June 2014 and 32% lower than July 2013.
    • Average retail customer trading volume(1) per day of $11.4 billion in July 2014, 6% lower than June 2014 and 33% lower than July 2013.
    • An average of 345,589 retail client trades per day in July 2014, 1% lower than June 2014 and 24% lower than July 2013.
    • Tradeable accounts(2) of 201,794 as of July 30, 2014, an decrease of 6,571, or 3%, from June 2014, and an increase of 7,275,or 4%, from July 2013.

    Institutional Trading Metrics

    • Institutional customer trading volume(1) of $262 billion in July 2014, 16% higher than June 2014 and 42% higher than July 2013.
    • Average institutional trading volume(1) per day of $11.4 billion in July 2014, 6% higher than June 2014 and 43% higher than July 2013.
    • An average of 45,223 institutional client trades per day in July 2014, 17% lower than June 2014 and 2% higher than July 2013.

    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 www.fxcmespanol.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.fxcmespanol.com.

    (1) Volume that FXCM customers traded in period is translated into US dollars.

    (2) A Tradeable Account is an account with sufficient funds to place a trade in accordance with FXCM trading policies.

    Condensed Consolidated U.S. GAAP and Adjusted Pro Forma Results
                                 
        Unaudited       Unaudited
       

    U.S. GAAP (thousands, except per
    share amounts)

    		      

    U.S. GAAP (thousands, except per
    share amounts)
        Three Months Ended June 30,       Six Months Ended June 30,
        2014   2013   % Change       2014   2013   % Change
                                 
    Total net revenues   $ 97,927     $ 140,133     -30 %       $ 212,935     $ 262,997     -19 %
                                 
    Compensation and benefits     28,821       26,587     8 %         58,711       50,120     17 %
    Allocation of net income to Lucid members for services provided     2,315       15,004     -85 %         5,288       15,004     -65 %
    Total compensation and benefits     31,136       41,591     -25 %         63,999       65,124     -2 %
    Referring broker fees     16,495       22,422     -26 %         35,617       43,772     -19 %
    Other expenses     42,756       38,306     12 %         85,746       74,421     15 %
    Loss on equity method investments, net     224       397     -44 %         534       545     -2 %
    Depreciation and amortization     13,122       12,481     5 %         25,752       24,455     5 %
    Interest on borrowings     3,096       1,290     140 %         6,093       2,107     189 %
    (Loss) Income before income taxes     (8,902 )     23,646     -138 %         (4,806 )     52,573     -109 %
    Income tax (benefit) provision     (747 )     6,390     -112 %         504       14,349     -96 %
    Net (Loss) Income     (8,155 )     17,256     -147 %         (5,310 )     38,224     -114 %
    Net (loss) income attributable to non-controlling interest in FXCM Holdings, LLC     (2,209 )     14,093     -116 %         218       24,323     -99 %
    Net loss attributable to other non-controlling interests     (2,868 )     (6,961 )   -59 %         (4,527 )     (3,083 )   47 %
                                 
    Net (Loss) Income Attributable to FXCM Inc.   $ (3,078 )   $ 10,124     -130 %       $ (1,001 )   $ 16,984     -106 %
                                 
    Weighted average Class A shares outstanding - Basic     40,287       30,695     31 %         37,793       29,589     28 %
    Weighted average Class A shares outstanding - Diluted     40,287       31,829     27 %         37,793       30,759     23 %
                                 
    Net (Loss) Income per Class A Share                            
    Basic   $ (0.08 )   $ 0.33     -123 %       $ (0.03 )   $ 0.57     -105 %
    Net (Loss) Income per Class A Share                            
    Diluted   $ (0.08 )   $ 0.32     -125 %       $ (0.03 )   $ 0.55     -105 %
                       

     

    		        
                                 
        Unaudited      

    Unaudited
       

    Adjusted Pro Forma (thousands,
    except per share amounts)

    		      

    Adjusted Pro Forma (thousands,
    except per share amounts)
        Three Months Ended June 30,       Six Months Ended June 30,
        2014   2013   % Change       2014   2013   % Change
                                 
    Total Net Revenues   $ 97,927     $ 140,133     -30 %       $ 209,263     $ 262,997     -20 %
                                 
    Compensation and benefits     26,589       24,529     8 %         54,305       45,999     18 %
    Allocation of net income to Lucid members for services provided     -       -     -           -       -      
    Total compensation and benefits     26,589       24,529     8 %         54,305       45,999     18 %
    Referring broker fees     16,495       22,422     -26 %         35,617       43,772     -19 %
    Loss on equity method investments, net     224       397     -44 %         534       545     -2 %
    Other expenses     41,212       38,306     8 %         80,796       74,421     9 %
                                 
    EBITDA     13,407       54,479     -75 %         38,011       98,260     -61 %
                                 
    Depreciation and amortization     13,122       12,481     5 %         25,752       24,455     5 %
    Interest on borrowings     3,096       1,290     140 %         6,093       2,107     189 %
    (Loss) Income before income taxes     (2,811 )     40,708     -107 %         6,166       71,698     -91 %
    Income tax (benefit) provision     (724 )     9,365     -108 %         1,454       18,960     -92 %
    Net (Loss) Income     (2,087 )     31,343     -107 %         4,712       52,738     -91 %
    Net income attributable to non-controlling interest in FXCM Holdings, LLC     -       -     -           -       -      
    Net (loss) income attributable to other non-controlling interests     (553 )     8,043     -107 %         1,051       11,921     -91 %
                                 
    Net (Loss) Income Attributable to FXCM Inc.   $ (1,534 )   $ 23,300     -107 %       $ 3,661     $ 40,817     -91 %
                                 
    Pro forma fully exchanged, fully diluted weighted average shares outstanding     76,169       75,715     1 %         78,139       75,750     3 %
                                 
    (Loss) Earnings Per Share   $ (0.02 )   $ 0.31     -106 %       $ 0.05     $ 0.54     -91 %
                                                     

    Selected Operating Metrics
                                 
        (Unaudited)
        Three Months Ended June 30,       Six Months Ended June 30,
        2014   2013   % Change       2014   2013   % Change
                                 
    Total retail trading volume ($ in billions)   $ 769   $ 1,152   -33 %       $ 1,706   $ 2,193   -22 %
                                 
    Total institutional trading volume ($ in billions)   $ 596   $ 558   7 %       $ 1,142   $ 931   23 %
                                 
    Total active accounts     178,536     182,225   -2 %         178,536     182,225   -2 %
                                 
    Trading days in period     if (typeof visitadas === "undefined") { let cookie_now = new Date(); cookie_now.setFullYear(cookie_now.getFullYear() + 1); let visitadas = getCookie("ee_idVisited"); let idNoticia = 5998918; if (visitadas !== null) { let idVisited = JSON.parse(visitadas); if (!idVisited.includes(idNoticia)) { if(idVisited.length >= 15) idVisited.pop(); idVisited.unshift(idNoticia); document.cookie = "ee_idVisited="+JSON.stringify(idVisited)+"; expires="+cookie_now.toUTCString()+"; domain=.eleconomista.es; path=/"; } } else { let idVisited = [idNoticia]; document.cookie = "ee_idVisited=" + JSON.stringify(idVisited) +"; expires="+cookie_now.toUTCString()+"; domain=.eleconomista.es; path=/"; } }
    WhatsAppFacebookFacebookTwitterTwitterLinkedinLinkedinBeloudBeloudBluesky