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Segment And Geographic Information | 12 Months Ended
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Dec. 31, 2013
Segment and Geographic Information [Abstract] |
Segment And Geographic Information | 27. SEGMENT AND GEOGRAPHIC INFORMATION Segment Information The Company operates within three business segments: Capital Markets, Asset Management, and Principal Investing. See note 1. The Company’s business segment information was prepared using the following methodologies and generally represents the information that is relied upon by management in its decision making processes: (a) Revenues and expenses directly associated with each business segment are included in determining net income / (loss) by segment. (b) Indirect expenses (such as general and administrative expenses including executive and indirect overhead costs) not directly associated with specific business segments are not allocated to the business segments’ statements of operations. Accordingly, the Company presents segment information consistent with internal management reporting. See note (1) in the table below for more detail on unallocated items. The following tables present the financial information for the Company’s segments for the periods indicated.
SEGMENT INFORMATION
Statement of Operations Information
For the Year Ended December 31, 2013
|  | Capital |  | Asset |  | Principal |  | Segment |  | Unallocated |  |  |
|  | Markets |  | Management |  | Investing |  | Total |  | (1) |  | Total
Net trading |  | $ | 38,528 |  | $ | - |  | $ | - |  | $ | 38,528 |  | $ | - |  | $ | 38,528
Asset management |  |  | - |  |  | 19,803 |  |  | - |  |  | 19,803 |  |  | - |  |  | 19,803
New issue and advisory |  |  | 6,418 |  |  | - |  |  | - |  |  | 6,418 |  |  | - |  |  | 6,418
Principal transactions and other income |  |  | 542 |  |  | 1,712 |  |  | (9,486) |  |  | (7,232) |  |  | - |  |  | (7,232)
Total revenues |  |  | 45,488 |  |  | 21,515 |  |  | (9,486) |  |  | 57,517 |  |  | - |  |  | 57,517
Total operating expenses |  |  | 53,518 |  |  | 11,523 |  |  | 319 |  |  | 65,360 |  |  | 13,261 |  |  | 78,621
Operating income / (loss) |  |  | (8,030) |  |  | 9,992 |  |  | (9,805) |  |  | (7,843) |  |  | (13,261) |  |  | (21,104)
Income / (loss) from equity method affiliates |  |  | - |  |  | 546 |  |  | 1,282 |  |  | 1,828 |  |  | - |  |  | 1,828
Other non-operating income / (expense) |  |  | (164) |  |  | (9) |  |  | - |  |  | (173) |  |  | (4,035) |  |  | (4,208)
Income / (loss) before income taxes |  |  | (8,194) |  |  | 10,529 |  |  | (8,523) |  |  | (6,188) |  |  | (17,296) |  |  | (23,484)
Income tax expense / (benefit) |  |  | 14 |  |  | - |  |  | - |  |  | 14 |  |  | (3,579) |  |  | (3,565)
Net income / (loss) |  |  | (8,208) |  |  | 10,529 |  |  | (8,523) |  |  | (6,202) |  |  | (13,717) |  |  | (19,919)
Less: Net income / (loss) attributable to the |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
non-controlling interest |  |  | (9) |  |  | - |  |  | - |  |  | (9) |  |  | (6,592) |  |  | (6,601)
Net income / (loss) attributable to IFMI |  | $ | (8,199) |  | $ | 10,529 |  | $ | (8,523) |  | $ | (6,193) |  | $ | (7,125) |  | $ | (13,318)
Other statement of operations data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization (included in |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
total operating expense) |  | $ | 795 |  | $ | 317 |  | $ | - |  | $ | 1,112 |  | $ | 293 |  | $ | 1,405
SEGMENT INFORMATION
Statement of Operations Information
For the Year Ended December 31, 2012
|  | Capital |  | Asset |  | Principal |  | Segment |  | Unallocated |  |  |
|  | Markets |  | Management |  | Investing |  | Total |  | (1) |  | Total
Net trading |  | $ | 69,486 |  | $ | - |  | $ | - |  | $ | 69,486 |  | $ | - |  | $ | 69,486
Asset management |  |  | - |  |  | 23,172 |  |  | - |  |  | 23,172 |  |  | - |  |  | 23,172
New issue and advisory |  |  | 6,021 |  |  | - |  |  | - |  |  | 6,021 |  |  | (1,000) |  |  | 5,021
Principal transactions and other income |  |  | 166 |  |  | 894 |  |  | (3,499) |  |  | (2,439) |  |  | - |  |  | (2,439)
Total revenues |  |  | 75,673 |  |  | 24,066 |  |  | (3,499) |  |  | 96,240 |  |  | (1,000) |  |  | 95,240
Total operating expenses |  |  | 74,595 |  |  | 8,690 |  |  | 347 |  |  | 83,632 |  |  | 11,313 |  |  | 94,945
Operating income / (loss) |  |  | 1,078 |  |  | 15,376 |  |  | (3,846) |  |  | 12,608 |  |  | (12,313) |  |  | 295
Income / (loss) from equity method affiliates |  |  | - |  |  | 3,309 |  |  | 1,743 |  |  | 5,052 |  |  | - |  |  | 5,052
Other non-operating income / (expense) |  |  | (3,554) |  |  | - |  |  | - |  |  | (3,554) |  |  | (4,449) |  |  | (8,003)
Income / (loss) before income taxes |  |  | (2,476) |  |  | 18,685 |  |  | (2,103) |  |  | 14,106 |  |  | (16,762) |  |  | (2,656)
Income tax expense / (benefit) |  |  | 49 |  |  | - |  |  | - |  |  | 49 |  |  | (664) |  |  | (615)
Net income / (loss) |  |  | (2,525) |  |  | 18,685 |  |  | (2,103) |  |  | 14,057 |  |  | (16,098) |  |  | (2,041)
Less: Net income / (loss) attributable to the |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
non-controlling interest |  |  | (216) |  |  | - |  |  | - |  |  | (216) |  |  | (857) |  |  | (1,073)
Net income / (loss) attributable to IFMI |  | $ | (2,309) |  | $ | 18,685 |  | $ | (2,103) |  | $ | 14,273 |  | $ | (15,241) |  | $ | (968)
Other statement of operations data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization (included in |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
total operating expense) |  | $ | 859 |  | $ | 17 |  | $ | - |  | $ | 876 |  | $ | 429 |  | $ | 1,305
SEGMENT INFORMATION
Statement of Operations Information
For the Year Ended December 31, 2011
|  | Capital |  | Asset |  | Principal |  | Segment |  | Unallocated |  |  |
|  | Markets |  | Management |  | Investing |  | Total |  | (1) |  | Total
Net trading |  | $ | 73,167 |  | $ | - |  | $ | - |  | $ | 73,167 |  | $ | - |  | $ | 73,167
Asset management |  |  | - |  |  | 21,698 |  |  | - |  |  | 21,698 |  |  | - |  |  | 21,698
New issue and advisory |  |  | 3,585 |  |  | - |  |  | - |  |  | 3,585 |  |  | - |  |  | 3,585
Principal transactions and other income |  |  | 199 |  |  | 1,316 |  |  | 366 |  |  | 1,881 |  |  | - |  |  | 1,881
Total revenues |  |  | 76,951 |  |  | 23,014 |  |  | 366 |  |  | 100,331 |  |  | - |  |  | 100,331
Total operating expenses |  |  | 79,986 |  |  | 6,017 |  |  | 690 |  |  | 86,693 |  |  | 31,803 |  |  | 118,496
Operating income / (loss) |  |  | (3,035) |  |  | 16,997 |  |  | (324) |  |  | 13,638 |  |  | (31,803) |  |  | (18,165)
Income / (loss) from equity method affiliates |  |  | (204) |  |  | 5,329 |  |  | 1,107 |  |  | 6,232 |  |  | - |  |  | 6,232
Other non-operating income / (expense) |  |  | 386 |  |  | - |  |  | - |  |  | 386 |  |  | (6,329) |  |  | (5,943)
Income / (loss) before income taxes |  |  | (2,853) |  |  | 22,326 |  |  | 783 |  |  | 20,256 |  |  | (38,132) |  |  | (17,876)
Income tax expense / (benefit) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (1,149) |  |  | (1,149)
Net income / (loss) |  |  | (2,853) |  |  | 22,326 |  |  | 783 |  |  | 20,256 |  |  | (36,983) |  |  | (16,727)
Less: Net income / (loss) attributable to the |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
non-controlling interest |  |  | (1,768) |  |  | - |  |  | - |  |  | (1,768) |  |  | (5,571) |  |  | (7,339)
Net income / (loss) attributable to IFMI |  | $ | (1,085) |  | $ | 22,326 |  | $ | 783 |  | $ | 22,024 |  | $ | (31,412) |  | $ | (9,388)
Other statement of operations data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization (included in |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
total operating expense) |  | $ | 596 |  | $ | 15 |  | $ | - |  | $ | 611 |  | $ | 1,627 |  | $ | 2,238
(1)Unallocated includes certain expenses incurred by indirect overhead and support departments (such as the executive, finance, legal, information technology, human resources, risk, compliance, and other similar overhead and support departments). Some of the items not allocated include: (1) operating expenses (such as cash compensation and benefits, equity-based compensation expense, professional fees, travel and entertainment, consulting fees, and rent) related to support departments excluding certain departments that directly support the Capital Markets business segment; (2) interest expense on debt; and (3) income taxes. Management does not consider these items necessary for an understanding of the operating results of these business segments and such amounts are excluded in business segment reporting to the Chief Operating Decision Maker. During the third quarter of 2012, PrinceRidge (Capital Markets business segment) entered into an intercompany engagement with CCFL (Asset Management business segment). This intercompany transaction was eliminated in the unallocated segment.
Balance Sheet Data
As of December 31, 2013
|  | Capital |  | Asset |  | Principal |  | Segment |  | Unallocated |  |  |
|  | Markets |  | Management |  | Investing |  | Total |  | (1) |  | Total
Total Assets |  | $ | 172,271 |  | $ | 9,938 |  | $ | 26,897 |  | $ | 209,106 |  | $ | 7,689 |  | $ | 216,795
Included within total assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment in equity method affiliates |  | $ | - |  | $ | (48) |  | $ | 17 |  | $ | (31) |  | $ | - |  | $ | (31)
Goodwill (2) |  | $ | 7,937 |  | $ | 3,176 |  | $ | - |  | $ | 11,113 |  | $ | - |  | $ | 11,113
Intangible assets (2) |  | $ | 332 |  | $ | 151 |  | $ | - |  | $ | 483 |  | $ | - |  | $ | 483
Balance Sheet Data
As of December 31, 2012
|  | Capital |  | Asset |  | Principal |  | Segment |  | Unallocated |  |  |
|  | Markets |  | Management |  | Investing |  | Total |  | (1) |  | Total
Total Assets |  | $ | 279,863 |  | $ | 7,257 |  | $ | 39,741 |  | $ | 326,861 |  | $ | 14,140 |  | $ | 341,001
Included within total assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment in equity method affiliates |  | $ | - |  | $ | 493 |  | $ | 1,417 |  | $ | 1,910 |  | $ | - |  | $ | 1,910
Goodwill (2) |  | $ | 7,937 |  | $ | 3,176 |  | $ | - |  | $ | 11,113 |  | $ | - |  | $ | 11,113
Intangible assets (2) |  | $ | 332 |  | $ | - |  | $ | - |  | $ | 332 |  | $ | - |  | $ | 332
(1)Unallocated assets primarily include (1) amounts due from related parties; (2) furniture and equipment, net; and (3) other assets that are not considered necessary for an understanding of business segment assets and such amounts are excluded in business segment reporting to the Chief Operating Decision Maker. (2)Goodwill and intangible assets are allocated to the Capital Markets and Asset Management business segments as indicated in the table from above. Geographic Information The Company conducts its business activities through offices in the following locations: (1) United States; (2) United Kingdom and other; and (3) Asia. Total revenues by geographic area are summarized as follows:
GEOGRAPHIC DATA
(Dollars in Thousands)
| For the year ended December 31,
| 2013 |  | 2012 |  | 2011
Total Revenues: |  |  |  |  |  |  |  |
United States | $ | 44,043 |  | $ | 78,597 |  | $ | 90,475
United Kingdom & Other |  | 11,178 |  |  | 16,643 |  |  | 9,856
Asia |  | 2,296 |  |  | - |  |  | -
Total | $ | 57,517 |  | $ | 95,240 |  | $ | 100,331
Long-lived assets attributable to an individual country, other than the United States, are not material. See note 31.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 + Details
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