US based Forex Broker FXCM reports its quarterly financial report, which saw revenues of $122.9 million, 20% more than the same quarter in 2012. The company also released operating metrics for April, which saw retail customer volume jump 48% in comparison with April 2012 and institutional volume leap 78%, and reach the highest levels ever for the firm.
FXCM has recently made an offer to buy Gain Captial. Eventually, Gain bought GFT and the proposal didn’t go through. Here are the details of the Q1 report and the April metrics, from the official press release:
First Quarter 2013 Highlights:
- Revenues of $122.9 million, up 20% versus the same period in 2012 and highest in FXCM history
- US GAAP net income attributable to FXCM Inc. of $6.9 million or $0.23 per fully diluted share up 138% and 44% respectively versus the same period in 2012
- Adjusted Pro Forma EBITDA of $43.8 million, up 76% versus the same period in 2012
- Adjusted Pro Forma net income of $17.5 million or $0.23 per fully exchanged, fully diluted share up 40% and 35% respectively versus the same period in 2012
April 2013 Operating Metric Highlights:
- Retail customer trading volume of $366 billion, 48% higher than April 2012 and third highest in FXCM history
- Institutional customer trading volume of $183 billion, 78% higher than April 2012 and highest in FXCM history
NEW YORK–(BUSINESS WIRE)– FXCM Inc. (NYSE: FXCM), a leading online provider of foreign exchange, or FX, trading and related services, today announced for the quarter ended March 31, 2013, revenues of $122.9 million, compared to $102.6 million for the quarter ended March 31, 2012, an increase of 20%. U.S. GAAP net income attributable to FXCM Inc. was $6.9 million for the First Quarter 2013 or $0.23 per diluted share, compared to $2.9 million or $0.16 per diluted share for the First Quarter 2012, an increase of 138% and 44% respectively.
Adjusted Pro Forma EBITDA for the First Quarter 2013 was $43.8 million, compared to $24.9 million for the First Quarter 2012, an increase of 76%. Adjusted Pro Forma Net Income was $17.5 million or $0.23 per share for the First Quarter 2013, compared to $12.5 million or $0.17 per diluted, fully exchanged share for the First Quarter 2012, an increase of 40% and 35% respectively.
“FXCM turned in one of its best quarters with record revenues and our second highest EBITDA ever,” said Drew Niv, Chief Executive Officer. “Having grown our client base so significantly over the past few years, we were well positioned to benefit from the improvement in currency trading conditions that occurred in the first quarter of this year.”
“FXCM today is over four times the size in client equity than it was just five years ago,” he continued.
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 the equity based compensation expense regarding a grant of stock options at the time of FXCM’s initial public offering (“IPO”) in December 2010 as well as certain other non-recurring charges.
FXCM Inc. today announced certain key operating metrics for April 2013 for its retail and institutional foreign exchange businesses. Monthly activities included:
April 2013 Operating Metrics
Retail Trading Metrics
- Retail customer trading volume(1) of $366 billion in April 2013, third highest in FXCM history and 15% higher than March 2013 and 48% higher than April 2012.
- Average retail customer trading volume(1) per day of $16.6 billion in April 2013, third highest in FXCM history and 9% higher than March 2013 and 41% higher than April 2012.
- An average of 498,808 retail client trades per day in April 2013, the highest in FXCM history and 18% higher than March 2013 and 54% higher than April 2012.
- Tradeable accounts(2) of 196,174 as of April 30, 2013, an increase of 545, or 0.3%, from March 2013, and a decrease of 6,365,or 3%, from April 2012.
Institutional Trading Metrics
- Institutional customer trading volume(1) of $183 billion in April 2013, the highest in FXCM history and 46% higher than March 2013 and 78% higher than April 2012.
- Average institutional trading volume(1) per day of $8.3 billion in April 2013, the highest in FXCM history and 38% higher than March 2013and 69% higher than April 2012.
- An average of 22,851 institutional client trades per day in April 2013, 27% higher than March 2013 and 68% higher than April 2012.
“April continued the strong trading environment of the First Quarter,” continued Niv. “We are pleased to report record or near-records in most of our key operating metrics.”
(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.