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Quarterly profit fell 74 percent to $3.3 million and revenues fell 30 percent to $27.3 million, according to its latest report. Earnings-per-share translated to $0.35 in the latest quarter, down from $1.35 in the year-ago quarter.
Company officials said, however, that the investment conglomerate did well considering the "dire environment" that produced devastating losses for many financial-services companies in late 2008.
After opening at about $7.50 a share, International Assets' share price increased to more than $8.25 before closing at $8.13 on Friday. It remained far off its 52-week high of $37.74 last August.
Like other companies, the Altamonte Springs-based firm has wrestled with the fallout from the global financial crisis. The company focuses on some areas that have taken big hits -- international equities market-making, international debt capital markets, foreign exchange trading, commodities trading and asset management.
Still, company officials noted that its pro forma quarterly results actually improved over last year -- when accounting for certain markdowns of its commodities portfolio.
The "mark to market" accounting prices a security based on current market value, not potential future value.
Using that metric, International Assets posted pro forma earnings of $4.5 million, a slight increase from the year-ago quarter, and pro forma revenues of $31 million, up 8 percent from the year-earlier period. Officials called the revenues a quarterly record for the company and the profit translated to a return-on-equity of 21 percent for shareholders.
"Losses in our asset management segment were offset by strong performances in our international equities market-making, commodities and foreign exchange trading," said CEO Sean O'Connor, who called the quarterly results a "validation of our strategy" to develop niche businesses with independent revenue streams.
Some industry observers said time will tell whether International Assets' plan works.
Granted, the company's positive earnings represent a "claim that few of its peers can make," a microcap investor said on seekingalpha.com, the investment opinion site. But the 74 percent decline from last year's unusually high profit figures did not go unnoticed.
"This was not a great quarter for IAAC, but not a disaster either," the investor stated. "Investors appear pleased that, for now, it looks like a survivor. [But] I'm going to wait and see how this one develops."
Merger action
Carr, Riggs & Ingram -- a large accounting firm based in Alabama -- has absorbed the accounting operations of Maitland-based FelsingRankin, officials said recently.
The move boosts Carr Riggs' presence in Central Florida to nearly three dozen staff members. FelsingRankin was a small-business accounting specialist established by principals Marlyn Felsing and Judy Rankin.
All operations are being consolidated at Carr Riggs' Winter Park location.
The Alabama company entered the Orlando market in 2007 with the acquisition of Cuthill & Eddy, a Winter Park accounting firm.
Based in Enterprise, Ala., Carr Riggs & Ingram has nearly 500 employees and 16 offices across the Southeast. With 30,000 clients, it ranks as the fourth largest accounting firm in the Southeast region, according to trade publications.
Richard Burnett can be reached at rburnett@orlandosentinel.com or 407-420-5256.
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