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TMX Group to cut 100 jobs as economic downturn hits results

09 November 2012  |  2187 views  |  0 Source: TMX Group

TMX Group Limited [TSX:X] announced results for the third quarter ended September 30, 2012 which reflected operating activity for its recent acquisitions TMX Group Inc., The Canadian Depository for Securities Limited (CDS) and Alpha Trading Systems Inc. and Alpha Trading Systems Limited Partnership (collectively, Alpha), for August and September, 2012.

  • First report for TMX Group Limited reflecting two months of operating activity for TMX Group Inc., CDS and Alpha
  • Revenue of $113.4 million in Q3/12 reflecting two months of operating activity
  • Diluted earnings per share of 53 cents in Q3/12 after 14 cents per share of Maple related costs and 18 cents per share of amortization costs related to recent acquisitions reflecting two months of operating activity
  • Adjusted diluted earnings per share of 67 cents (excluding 14 cents per share of Maple related costs) in Q3/12 reflecting two months of operating activity
  • Diluted and adjusted earnings per share based on a weighted average of 28.8 million common shares outstanding during Q3/12 

Commenting on the third quarter of 2012, Thomas Kloet, Chief Executive Officer of TMX Group said: "Similar to other exchange operators around the world, continued global economic uncertainty and a decline in domestic and international capital market activity impacted TMX Group's financial results in the third quarter of 2012. Operationally, we advanced the company's strategic imperatives and initiated the CDS and Alpha integrations. As we enter the final weeks of 2012, we remain focused on the execution of our business strategy and will enter 2013 with a strong and more globally competitive business focused on future growth."

Michael Ptasznik, Chief Financial Officer of TMX Group said: "This quarter's financial report represents only two months of operating results for TMX Group Inc, CDS and Alpha. As noted, slower capital markets activity and macroeconomic conditions impacted our operating and financial results in the quarter. Integration plans are now in place across the businesses and we are moving forward with notifications to impacted employees as well as technology and backoffice integration. We remain committed to achieving our goal of approximately $20.0 million in run-rate cost-synergies in the first quarter of 2014." 

Read the full statement here:

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