IAAC...Given that you like international stocks, thought this company may be of interest. They are trading at a P/E of 17 on trailing earnings that are increasing rapidly. Talked to the CEO and belive they will significantly grow the co and earnings this year. Included some info. below.
International Assets Holding Corporation and its subsidiaries (the "Company") form a financial services group focused on select international markets. The Company uses its capital and expertise to facilitate wholesale cross-border financial flows through market making and trading of international financial instruments and commodities. The Company's activities are currently divided into three functional areas; international equities market-making, international debt capital markets and commodities/foreign exchange trading. The Company was formed in October 1987 and has three wholly-owned subsidiaries; INTL Trading, Inc. a NASD member broker dealer, INTL Assets, Inc. and IAHC Bermuda, Ltd. The Company has been publicly traded since 1994
International Assets Reports Record Fourth Quarter Net Income
Friday December 19, 9:01 am ET
ALTAMONTE SPRINGS, Fla.--(BUSINESS WIRE)--Dec. 19, 2003--International Assets Holding Corporation (the "Company") today announced record net income of $1,022,000 ($0.21 per diluted share) for the three months ended September 30, 2003 ("Q4 2003"). This compares to net income of $324,000 ($0.14 per diluted share) for the three months ended September 30, 2002 ("Q4 2002").
Total revenue for Q4 2003 increased by 158% to $4,579,000 versus $1,775,000 in Q4 2002. The growth in revenue was primarily due to an increase in activity in international equity market-making (which was due to improved market conditions and more effective marketing of the Company's services). Revenues also grew as a result of the Company's addition of international debt capital markets (which began in January 2003) and commodity/foreign exchange trading (which began in July 2003). Total expenses increased by 142% over the same period ($3,514,000 in Q4 2003 vs. $1,451,000 in Q4 2002). This increase was directly attributable to the expansion of the Company's business and increased variable costs accompanying the increase in the Company's revenues.
During Q4 2003, continued implementation of the Company's strategic plan contributed to the growth and diversification of its revenue sources. In light of the improved financial results, the Company has decided to recognize the full value of its deferred tax asset during Q4 2003. Q4 2003's net income includes a $363,000 tax benefit arising from the reversal of the valuation allowance against the deferred tax asset ($0.07 per diluted share), which reduced the income tax expense for Q4 from $574,000 to $211,000.
For the fiscal year ended September 30, 2003 ("FY 2003"), the Company reported net income of $1,264,000 ($0.33 per diluted share) compared to a net loss of $271,000 ($0.11 per diluted share) for the fiscal year ended September 30, 2002 ("FY 2002"). Total revenue for FY 2003 increased by 108% to $10,755,000 versus $5,167,000 in FY 2002, and total expenses increased by 59% over the same period ($9,279,000 in FY 2003 vs. $5,851,000 in FY 2002).
The improved performance for FY 2003 is a result of the expansion and diversification of the Company's wholesale trading activities and better market conditions. As part of this effort, the Company sold its retail brokerage business in December 2001. Prior to this sale, a significant portion of the Company's revenues and expenses related to this business.
Sean O'Connor, CEO stated, "We are encouraged by the positive and accelerating performance arising from the implementation of our strategic plan during fiscal 2003 and look forward to pursuing the full benefits of this plan during 2004."
International Assets Holding Corporation Considers Private Placement of Convertible Subordinated Notes
Monday January 5, 9:02 am ET
ALTAMONTE SPRINGS, Fla.--(BUSINESS WIRE)--Jan. 5, 2004--International Assets Holding Corporation announced today that it is considering raising up to $10 million through a private placement of convertible subordinated notes. The specific terms of the securities to be offered are expected to be finalized within the next few weeks. The offering is subject to market conditions and other factors. The proceeds from the offering will be used by the Company to grow and expand its international trading activities.
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Fiscal Fourth Quarter Results (Unaudited):
For the Three Months Ended
(Unaudited)
Sept. 30, Sept. 30,
2003 2002 %
Q4 2003 Q4 2002 Change
----------- ----------- ------
Total revenue $ 4,578,689 $1,775,014 158%
Total expenses $ 3,514,240 $1,450,617 142%
Income before income taxes $ 1,064,449 $ 324,397 228%
Net income $ 1,022,398 $ 324,397 215%
Net income per share:
Basic $ 0.22 $ 0.14
Diluted $ 0.21 $ 0.14
Weighted average number
of common shares
outstanding:
Basic 4,618,682 2,375,575
Diluted 4,929,197 2,382,333
Fiscal Year Results (i)
For the Twelve Months Ended
Sept. 30, Sept. 30,
2003 2002 %
YTD 2003 YTD 2002 Change
----------- ----------- ------
Total revenue $10,754,755 $5,166,957 108%
Total expenses $ 9,279,061 $5,850,953 59%
Income (loss) before
income taxes $ 1,475,694 $ (270,987)
Net income (loss) $ 1,264,385 $ (270,987)
Net Income (loss) per share:
Basic $ 0.34 $ (0.11)
Diluted $ 0.33 $ (0.11)
Weighted average number
of common shares
outstanding:
Basic 3,688,892 2,359,040
Diluted 3,862,761 2,359,040
Income Statement
Revenue (ttm): 10.75M
Revenue Per Share (ttm): 2.818
Revenue Growth (lfy)³: 102.70%
Share Statistics
Average Volume (3 month): 10,272
Average Volume (10 day): 19,000
Shares Outstanding: 4.73M
Float: 2.20M
% Held by Insiders: 53.53%
% Held by Institutions: 0.96%
Biographies
Sean O’Connor - CEO INTL
Mr. O’Connor was previously an Executive Director of Standard Bank London (“SBL”). Mr. O’Connor was one of the founding executives of SBL, which is now a recognized player in the global emerging markets with a total staff numbering 1,300. As Chief Executive - Americas, Mr. O’Connor had specific responsibility for building, from the ground up, a capital markets trading and originations business in Latin America which is now widely recognized in these markets. More recently, Mr. O’Connor started an asset management business for Standard to leverage the expertise in EM debt. Mr. O’Connor served as CEO and Chief Investment Officer and was responsible for setting investment strategy and overseeing day-to-day investment management of the funds. Over a period of two years more than $500mm was raised for the various products which had top quartile performance over this period.
Scott Branch - President INTL
Mr. Branch was previously with SBL for 8 years and served on the Executive Committee and Country Risk Committee. Mr. Branch was specifically responsible for establishing an emerging market trade finance origination and distribution business for Standard. During this period Mr. Branch established Standard as a leader in this market, active in over 40 EM countries. Mr. Branch was responsible for managing a total portfolio of over $400mm in emerging market trade finance and syndicated loan exposure. More recently, Mr. Branch was transferred to Turkey to establish an office for SBL and take management responsibility for the Eastern Mediterranean.
Edward Cofrancesco - Chief Operating Officer INTL
Mr. Cofrancesco was previously at Lehman Brothers as Vice President Institutional Equity Sales. Prior to that he was with Raymond James where he started and managed the International Equity Division and was also responsible for International Operations. Mr. Cofrancesco has a broad experience in all aspects of the international securities markets including equities, fixed income, foreign exchange and commodities.
Jonathan C. Hinz - Chief Financial Officer
Jonathan C. Hinz joined the Company in October 1995 and currently serves as Chief Financial Officer and Treasurer for the Company and its wholly owned subsidiaries. Prior to joining the Corporation, Mr. Hinz served as Chief Financial Officer and Controller of Computer Science Innovations, Inc. from 1987 to 1995. Mr. Hinz holds a certified public accountant certificate from the state of Illinois. |
