TMX Group Ltd. (X.TO) Wednesday reported a profit for the fourth quarter, and declared a dividend of C$0.40 per common share. Acquisitions and ongoing integration impacted the results.
The fourth-quarter results reflect the first full quarter for TMX Group Limited, after the completion of the acquisition of Canadian stock exchange operator TMX Group Inc. in September, 2012 and the acquisitions of the Canadian Depository for Securities Limited, Alpha Trading Systems Inc. and Alpha Trading Systems Limited Partnership in August, 2012, collectively called the Maple transaction.
TMX Group Limited was formed solely to pursue the Maple acquisition along with the CDS and Alpha acquisitions. Prior to the completion of the CDS and Alpha Acquisitions and the take up of 80 percent of the common shares of TMX Group Inc. under the Maple offer, TMX Group Limited had no material assets, no earnings history and had not commenced commercial operations.
Net income attributable to equityholders of the company was C$32.8 million or C$0.61 per share compared to a loss of C$10.2 million or C$54.77 per share last year.
Excluding 18 Canadian cents per share of Maple transaction and integration costs and 16 Canadian cents per share of amortization of intangible assets related to acquisitions, adjusted earnings per share were C$0.95. Adjusted earnings were C$0.03 per share last year
Income from operations fell 6.5 percent as compared to TMX Group Inc. last year, as lower expenses in certain areas and the addition of CDS and Alpha were more than offset by the amortization of intangible assets related to the Maple transaction and lower revenue due to reduced market activity.
Total revenue was C$181.1 million for the quarter. TMX Group Inc. had C$161.7 million in revenue in the same quarter last year.
The latest revenues include C$22.4 million of revenue from CDS and C$4.7 million of revenue from Alpha. The increase was partially offset by lower revenue from derivatives trading and clearing, cash markets trading, as well as issuer services.
Thomas Kloet, CEO, said, "2012 was a year of important change for TMX Group with the successful completion of the Maple transaction and the ongoing integration of the TMX Group Inc., CDS and Alpha businesses. We ended the year a stronger and more internationally competitive organization.''
The Board of Directors declared a dividend of C$0.40 on each common share outstanding, payable on March 8, to shareholders of record at the close of business on February 22.
X.TO settled at C$55.48 on Tuesday, up 3.1 percent from the previous close.
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