Attached files
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| 8-K - 8-K - STIFEL FINANCIAL CORP | d632943d8k.htm |
Exhibit 99.1
During the third quarter of 2013, Stifel Financial Corp.’s (the “Company”) Canadian subsidiary, Stifel Nicolaus Canada, Inc. (“SN Canada”) ceased business operations. The results of SN Canada were previously reported in the Institutional Group segment. The results of SN Canada were classified as discontinued operations in our Form 10-Q for the period ended September 30, 2013.
The following unaudited supplemental financial information presents the Company’s previously reported consolidated statements of operations, the results of SN Canada shown as discontinued operations, and the consolidated statements of operations after the reclassification of SN Canada to discontinued operations for the three month periods indicated.
| Three months ended June 30, 2013 | Three months ended March 31, 2013 | |||||||||||||||||||||||
| (in 000s, except per share data) | As Reported |
Discontinued Operations |
As Adjusted |
As Reported |
Discontinued Operations |
As Adjusted |
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| Net revenues |
$ | 498,736 | $ | 5,058 | $ | 493,678 | $ | 441,780 | $ | 3,176 | $ | 438,604 | ||||||||||||
| Non-interest expenses: |
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| Compensation and benefits |
321,331 | 4,084 | 317,247 | 315,727 | 815 | 314,912 | ||||||||||||||||||
| Non-comp operating expenses |
126,207 | 2,351 | 123,856 | 102,707 | 2,673 | 100,034 | ||||||||||||||||||
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| Total non-interest expenses |
447,538 | 6,435 | 441,103 | 418,434 | 3,488 | 414,946 | ||||||||||||||||||
| Income from continuing operations before income taxes |
51,198 | (1,377 | ) | 52,575 | 23,346 | (312 | ) | 23,658 | ||||||||||||||||
| Provision for income taxes |
21,763 | 104 | 21,659 | 8,727 | 5 | 8,722 | ||||||||||||||||||
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| Net income from continuing operations |
29,435 | (1,481 | ) | 30,916 | 14,619 | (317 | ) | 14,936 | ||||||||||||||||
| Discontinued operations: |
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| Income/(loss) from discontinued operations, net of tax |
— | 1,481 | (1,481 | ) | — | 317 | (317 | ) | ||||||||||||||||
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| Net income |
$ | 29,435 | $ | — | $ | 29,435 | $ | 14,619 | $ | — | $ | 14,619 | ||||||||||||
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| Earnings per basic common share: |
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| Income from continuing operations |
$ | 0.46 | $ | 0.48 | $ | 0.24 | $ | 0.25 | ||||||||||||||||
| Income from discontinued operations, net of tax |
— | (0.02 | ) | — | (0.01 | ) | ||||||||||||||||||
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| Earnings per basic common share |
$ | 0.46 | $ | 0.46 | $ | 0.24 | $ | 0.24 | ||||||||||||||||
| Earnings per basic common share: |
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| Income from continuing operations |
$ | 0.40 | $ | 0.42 | $ | 0.21 | $ | 0.22 | ||||||||||||||||
| Income from discontinued operations, net of tax |
— | (0.02 | ) | — | (0.01 | ) | ||||||||||||||||||
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| Earnings per basic common share |
$ | 0.40 | $ | 0.40 | $ | 0.21 | $ | 0.21 | ||||||||||||||||
| Weighted average number of common shares outstanding: |
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| Basic |
64,505 | 64,505 | 60,054 | 60,054 | ||||||||||||||||||||
| Diluted |
74,090 | 74,090 | 69,189 | 69,189 | ||||||||||||||||||||
“As Reported” reflects amounts reported in the Company’s Form 10-Q for the periods ended June 30, 2013 and March 31, 2013.
“Discontinued Operations” reflects the results of SN Canada for the three months ended June 30, 2013 and March 31, 2013.
“As Adjusted” reflects the Company’s results after reclassification of SN Canada to discontinued operations for the periods presented.
1
| Three months ended December 31, 2012 | Three months ended September 30, 2012 | |||||||||||||||||||||||
| (in 000s, except per share data) | As Reported |
Discontinued Operations |
As Adjusted |
As Reported |
Discontinued Operations |
As Adjusted |
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| Net revenues |
$ | 417,830 | $ | 6,547 | $ | 411,283 | $ | 420,080 | $ | 5,923 | $ | 414,157 | ||||||||||||
| Non-interest expenses: |
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| Compensation and benefits |
262,213 | 4,064 | 258,149 | 267,652 | 3,194 | 264,458 | ||||||||||||||||||
| Non-comp operating expenses |
94,550 | 1,767 | 92,783 | 90,751 | 2,226 | 88,525 | ||||||||||||||||||
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| Total non-interest expenses |
356,763 | 5,831 | 350,932 | 358,403 | 5,420 | 352,983 | ||||||||||||||||||
| Income from continuing operations before income taxes |
61,067 | 716 | 60,351 | 61,677 | 503 | 61,174 | ||||||||||||||||||
| Provision for income taxes |
21,113 | 4,046 | 17,067 | 23,967 | 227 | 23,740 | ||||||||||||||||||
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| Net income from continuing operations |
39,954 | (3,330 | ) | 43,284 | 37,710 | 276 | 37,434 | |||||||||||||||||
| Discontinued operations: |
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| Income/(loss) from discontinued operations, net of tax |
— | 3,330 | (3,330 | ) | — | (276 | ) | 276 | ||||||||||||||||
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| Net income |
$ | 39,954 | $ | — | $ | 39,954 | $ | 37,710 | $ | — | $ | 37,710 | ||||||||||||
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| Earnings per basic common share: |
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| Income from continuing operations |
$ | 0.74 | $ | 0.80 | $ | 0.70 | $ | 0.70 | ||||||||||||||||
| Income from discontinued operations, net of tax |
— | (0.06 | ) | — | — | |||||||||||||||||||
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| Earnings per basic common share |
$ | 0.74 | $ | 0.74 | $ | 0.70 | $ | 0.70 | ||||||||||||||||
| Earnings per basic common share: |
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| Income from continuing operations |
$ | 0.63 | $ | 0.68 | $ | 0.60 | $ | 0.60 | ||||||||||||||||
| Income from discontinued operations, net of tax |
— | (0.05 | ) | — | — | |||||||||||||||||||
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| Earnings per basic common share |
$ | 0.63 | $ | 0.63 | $ | 0.60 | $ | 0.60 | ||||||||||||||||
| Weighted average number of common shares outstanding: |
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| Basic |
53,835 | 53,835 | 53,601 | 53,601 | ||||||||||||||||||||
| Diluted |
63,301 | 63,301 | 63,054 | 63,054 | ||||||||||||||||||||
“As Reported” reflects amounts reported in the Company’s press release reporting its fourth quarter results for fiscal 2012 furnished as Exhibit 99.1 to Form 8-K filed on February 25, 2013, and the September 30, 2012 Form 10-Q.
“Discontinued Operations” reflects the results of SN Canada for the three months ended December 31, 2012 and September 30, 2012.
“As Adjusted” reflects the Company’s results after reclassification of SN Canada to discontinued operations for the periods presented.
2
| Three months ended June 30, 2012 | Three months ended March 31, 2012 | |||||||||||||||||||||||
| (in 000s, except per share data) | As Reported |
Discontinued Operations |
As Adjusted |
As Reported |
Discontinued Operations |
As Adjusted |
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| Net revenues |
$ | 374,407 | $ | 3,819 | $ | 370,588 | $ | 400,333 | $ | 2,248 | $ | 398,085 | ||||||||||||
| Non-interest expenses: |
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| Compensation and benefits |
239,374 | 3,272 | 236,102 | 254,704 | 3,272 | 251,432 | ||||||||||||||||||
| Non-comp operating expenses |
91,159 | 2,158 | 89,001 | 86,375 | 2,459 | 83,916 | ||||||||||||||||||
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| Total non-interest expenses |
330,533 | 5,430 | 325,103 | 341,079 | 5,731 | 335,348 | ||||||||||||||||||
| Income from continuing operations before income taxes |
43,874 | (1,611 | ) | 45,485 | 59,254 | (3,483 | ) | 62,737 | ||||||||||||||||
| Provision for income taxes |
17,738 | (496 | ) | 18,234 | 24,481 | (929 | ) | 25,410 | ||||||||||||||||
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| Net income from continuing operations |
26,136 | (1,115 | ) | 27,251 | 34,773 | (2,554 | ) | 37,327 | ||||||||||||||||
| Discontinued operations: |
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| Income/(loss) from discontinued operations, net of tax |
— | 1,115 | (1,115 | ) | — | 2,554 | (2,554 | ) | ||||||||||||||||
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| Net income |
$ | 26,136 | $ | — | $ | 26,136 | $ | 34,773 | $ | — | $ | 34,773 | ||||||||||||
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| Earnings per basic common share: |
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| Income from continuing operations |
$ | 0.49 | $ | 0.51 | $ | 0.65 | $ | 0.70 | ||||||||||||||||
| Income from discontinued operations, net of tax |
— | (0.02 | ) | — | (0.05 | ) | ||||||||||||||||||
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| Earnings per basic common share |
$ | 0.49 | $ | 0.49 | $ | 0.65 | $ | 0.65 | ||||||||||||||||
| Earnings per basic common share: |
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| Income from continuing operations |
$ | 0.42 | $ | 0.43 | $ | 0.55 | $ | 0.60 | ||||||||||||||||
| Income from discontinued operations, net of tax |
— | (0.01 | ) | — | (0.05 | ) | ||||||||||||||||||
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| Earnings per basic common share |
$ | 0.42 | $ | 0.42 | $ | 0.55 | $ | 0.55 | ||||||||||||||||
| Weighted average number of common shares outstanding: |
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| Basic |
53,569 | 53,569 | 53,243 | 53,243 | ||||||||||||||||||||
| Diluted |
62,678 | 62,678 | 62,669 | 62,669 | ||||||||||||||||||||
“As Reported” reflects amounts reported in the Company’s Form 10-Q for the periods ended June 30, 2012 and March 31, 2012.
“Discontinued Operations” reflects the results of SN Canada for the three months ended June 30, 2012 and March 31, 2012.
“As Adjusted” reflects the Company’s results after reclassification of SN Canada to discontinued operations for the periods presented.
3
| Three months ended December 31, 2011 | ||||||||||||
| (in 000s, except per share data) | As Reported |
Discontinued Operations |
As Adjusted |
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| Net revenues |
$ | 356,878 | $ | 6,972 | $ | 349,906 | ||||||
| Non-interest expenses: |
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| Compensation and benefits |
228,743 | 3,112 | 225,631 | |||||||||
| Non-comp operating expenses |
83,109 | 3,147 | 79,962 | |||||||||
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| Total non-interest expenses |
311,852 | 6,259 | 305,593 | |||||||||
| Income from continuing operations before income taxes |
45,026 | 713 | 44,313 | |||||||||
| Provision for income taxes |
18,010 | 117 | 17,893 | |||||||||
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| Net income from continuing operations |
27,016 | 596 | 26,420 | |||||||||
| Discontinued operations: |
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| Income/(loss) from discontinued operations, net of tax |
— | (596 | ) | 596 | ||||||||
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| Net income |
$ | 27,016 | $ | — | $ | 27,016 | ||||||
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| Earnings per basic common share: |
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| Income from continuing operations |
$ | 0.52 | $ | 0.51 | ||||||||
| Income from discontinued operations, net of tax |
— | 0.01 | ||||||||||
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| Earnings per basic common share |
$ | 0.52 | $ | 0.52 | ||||||||
| Earnings per basic common share: |
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| Income from continuing operations |
$ | 0.43 | $ | 0.42 | ||||||||
| Income from discontinued operations, net of tax |
— | 0.01 | ||||||||||
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| Earnings per basic common share |
$ | 0.43 | $ | 0.43 | ||||||||
| Weighted average number of common shares outstanding: |
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| Basic |
51,849 | 51,849 | ||||||||||
| Diluted |
62,695 | 62,695 | ||||||||||
“As Reported” reflects amounts reported in the Company’s press release reporting its fourth quarter results for fiscal 2011 furnished as Exhibit 99.1 to Form 8-K filed on February 15, 2012.
“Discontinued Operations” reflects the results of SN Canada for the three months ended December 31, 2011.
“As Adjusted” reflects the Company’s results after reclassification of SN Canada to discontinued operations for the period presented.
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