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Strategies & Market Trends : Rande Is . . . HOME -- Ignore unavailable to you. Want to Upgrade?

To: JLS who wrote (20238)	2/10/2000 11:11:00 AM
From: KevinThompson	Read Replies (1) \| Respond to of 57584

IAAC News: ----------------- International Assets Holding Corporation Reports Record Quarterly Revenues and Earnings for the First Fiscal Quarter Ended December 31, 1999 WINTER PARK, Fla.--(BUSINESS WIRE)--Feb. 10, 2000--International Assets Holding Corporation (``The Company') (Nasdaq:IAAC - news) announced today unaudited revenues and earnings for the first fiscal quarter ended December 31, 1999. Since the Company's initial public offering in February 1994, the results reported for the quarter ended December 31, 1999 established a Company record for quarterly revenues, income before taxes, net income and earnings per share. Operating first Quarter Results (Unaudited): Basic earnings per share increased by $0.11 per share, or 92%, to $0.23 per share, for the first quarter ended December 31, 1999 as compared to $0.12 per share for the quarter ended December 31, 1998. Diluted earnings per share increased by $0.07 per share, or 58%, to $0.19 per share, for the first quarter ended December 31, 1999 as compared to $0.12 per share for the quarter ended December 31, 1998. Reported earnings for the first quarter ended December 31, 1999 includes expensed start-up costs for INTLTRADER.COM, INC. (ITCI). ITCI is a wholly owned subsidiary the Company launched on January 25, 2000 to provide online Internet based securities trading for foreign and domestic securities. Reported earnings for the first quarter ended December 31, 1999 also include the Company's pro-rata share of start-up costs related to International Assets New York, LLC (IANY), a 50/50 joint venture with Lakeside Investments, LLC. This joint venture offers a variety of financial strategies to high net worth private investors in the U.S. and certain foreign countries. The related start-up costs for both new entities for the first quarter ended December 31, 1999 had the effect of reducing reported diluted earnings per share by an incremental $0.08 per share, (42% reducing effect) compared to the first quarter ended December 31, 1998 where the start-up costs had the effect of reducing reported diluted earnings per share by an incremental $0.01 per share, (8% reducing effect). Total revenues increased by $990,461, or 39% for the first quarter ended December 31, 1999, as compared to the quarter ended December 31, 1998. Income before income taxes increased by $332,349, or 99% for the quarter ended December 31, 1999, as compared to the same period in 1998. Net income increased by $202,227, or 101% for the first quarter ended December 31, 1999, as compared to the same quarter ended December 31, 1998. -------------------- KT