TMX Group Limited Reports Results For The First Quarter 2013


  • Revenue of $172.2 million in Q1/13
  • Diluted earnings per share of 70 cents in Q1/13
  • Adjusted diluted earnings per share of 78 cents, excluding 3 cents per share of Maple transaction and integration costs, 16 cents per share of amortization of intangible assets related to acquisitions, and 11 cents per share related to reduction in income tax expense due to recognition of deferred income tax asset
  • Cash flows from operating activities of $57.7 million in Q1/13

TMX Group Limited [TSX:X] announced results for the first quarter ended March 31, 2013.

Commenting on Q1/13, Thomas Kloet, Chief Executive Officer of TMX Group said, “Significant progress was made in the first quarter of 2013 to advance our strategic business priorities, expand our product portfolio and broaden our customer base. This activity took place against a backdrop of sustained market uncertainty, which resulted in lower new listings, financings and equity trading volumes.”

“The integration of CDS and Alpha continues to be an important focus and we are on track to achieve our stated cost synergy targets. In addition, we recently concluded the acquisition of Equity Financial’s transfer agency and corporate trust services business to both further diversify our revenue base and broaden our portfolio of listed company services. On the Information Services side of the business, along with FTSE, we recently launched FTSE TMX Global Debt Capital Markets. This provides us with the opportunity to expand our bond index business globally with one of the world’s leading index brands.”

Michael Ptasznik, Chief Financial Officer of TMX Group said, ”Our revenue in Q1/13 declined by 5% from the previous quarter primarily due to a decrease in both initial and additional listing fees. The revenue reduction was somewhat offset by an increase in cash markets trading and clearing revenue. Operating expenses increased sequentially primarily due to certain items which reduced compensation and benefits expenses in Q4/12 and higher organizational transition costs in Q1/13. Our earnings per share for Q1/13 improved over Q4/12 largely due to lower Maple transaction and integration costs and a tax adjustment relating to the sale of PCBond.”

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