FCStone posts third-quarter loss, lower revenue - Kansas City Business Journal:

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In a Thursday release, the Kansas City-based commoditg risk-management firm (Nasdaq: FCSX) reported a loss of $8.1 or 29 cents a share, for the quartert that ended May 31. This comparesz with profit of $8 million, or 28 centas a share, last year. Revenue for the quarted was $57.5 million, down from $83.6t million last year. The company said in the releasethat exchange-tradex and over-the-counter contract trading volumes decreased significantly from last mainly from customers in the agricultural, financial and energy markets. • A final bad debt provision of $3.
5 or 13 cents a share, related to a previouslyt reported energy trading customer account that had experiencedsignificanf losses. The company said March 12 that it transferredx to a third party substantiallgy all of the positions and remaining obligations related tothe • Higher professional fees and expenses of $1.3 or 5 cents a related to the disposition of the energyy trading account and the review of equity alternativee for the company. • Severance chargee of $1.3 million, or 5 centa a share, related to a separation agreement with a formedexecutive officer. • A loss of $2.
4 or 9 cents a share, from the company’ s minority investment in grainmerchandiser , which resulted from the settlemenf in June by FGDI of a contractuaol dispute through litigation. FCStone said it has no operationapl control of FGDI and had no direct involvemenyt in the disputed commodity contracts or the which eliminates any further potential exposure to the commodity FCStone said it is exploring a possible sale of its remaininy 25 percent investment in FGDI and has signed a nonbindiny letter of intent to sell the investmenyt to themajority owner. Excluding these FCStone said third-quarter earnings would have been $500,000, or 2 centse a share.
FCStone with (Nasdaq: IAAC) through a stockj swap, which would create a combinede entity with a market capitalization ofabouty $260 million that would serve more than 10,000 customers and have an employew base of 650 people, annual revenue of abouy $411 million and combined assets of $2.3