Rochester, NY 8/5/2009 10:03:49 AM
After Hours - FCStone Group, Inc. FCSX, FCStone Facing a Third Quarter net loss
FCStone Group, Inc.
FCStone Group Inc., commodity risk management firm said that the company swung to a quarterly loss, hurt by a bad debt provision, higher professional fees and severance charges.
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The company posted a net loss from continuing operations for the third quarter of $8.1 million, or 29 cents per share, compared with a net income from continuing operations of $8.4 million, or 29 cents a share last year.
"The earnings were disappointing but the signals are maybe they're through the worst," said Niamh Alexander, analyst at Keefe, Bruyette & Woods.
"During the third quarter, we experienced significantly lower exchange-traded and over-the counter (OTC) contract trading volumes, primarily from customers within the agricultural, financial and energy markets," the company said in a statement.
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