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Segment And Geographic Information | 12 Months Ended
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Dec. 31, 2015
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, Principal Investing, and Asset Management. 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 i n 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, 2015
(Dollars in Thousands)
|  | Capital |  | Asset |  | Principal |  | Segment |  | Unallocated |  |  |
|  | Markets |  | Management |  | Investing |  | Total |  | (1) |  | Total
Net trading |  | $ | 31,026 |  | $ | - |  | $ | - |  | $ | 31,026 |  | $ | - |  | $ | 31,026
Asset management |  |  | - |  |  | 9,682 |  |  | - |  |  | 9,682 |  |  | - |  |  | 9,682
New issue and advisory |  |  | 5,370 |  |  | - |  |  | - |  |  | 5,370 |  |  | - |  |  | 5,370
Principal transactions and other income |  |  | (1,759) |  |  | 3,568 |  |  | (1,731) |  |  | 78 |  |  | - |  |  | 78
Total revenues |  |  | 34,637 |  |  | 13,250 |  |  | (1,731) |  |  | 46,156 |  |  | - |  |  | 46,156
Total operating expenses |  |  | 32,276 |  |  | 4,523 |  |  | 503 |  |  | 37,302 |  |  | 10,515 |  |  | 47,817
Operating income / (loss) |  |  | 2,361 |  |  | 8,727 |  |  | (2,234) |  |  | 8,854 |  |  | (10,515) |  |  | (1,661)
Income / (loss) from equity method affiliates |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | -
Other non-operating income / (expense) |  |  | (29) |  |  | - |  |  | - |  |  | (29) |  |  | (3,893) |  |  | (3,922)
Income / (loss) before income taxes |  |  | 2,332 |  |  | 8,727 |  |  | (2,234) |  |  | 8,825 |  |  | (14,408) |  |  | (5,583)
Income tax expense / (benefit) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 85 |  |  | 85
Net income / (loss) |  |  | 2,332 |  |  | 8,727 |  |  | (2,234) |  |  | 8,825 |  |  | (14,493) |  |  | (5,668)
Less: Net income / (loss) attributable to the |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
non-controlling interest |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (1,589) |  |  | (1,589)
Net income / (loss) attributable to IFMI |  | $ | 2,332 |  | $ | 8,727 |  | $ | (2,234) |  | $ | 8,825 |  | $ | (12,904) |  | $ | (4,079)
Other statement of operations data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization (included in |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
total operating expense) |  | $ | 468 |  | $ | 33 |  | $ | - |  | $ | 501 |  | $ | 232 |  | $ | 733
SEGMENT INFORMATION
Statement of Operations Information
For the Year Ended December 31, 2014
(Dollars in Thousands)
|  | Capital |  | Asset |  | Principal |  | Segment |  | Unallocated |  |  |
|  | Markets |  | Management |  | Investing |  | Total |  | (1) |  | Total
Net trading |  | $ | 28,056 |  | $ | - |  | $ | - |  | $ | 28,056 |  | $ | - |  | $ | 28,056
Asset management |  |  | - |  |  | 14,496 |  |  | - |  |  | 14,496 |  |  | - |  |  | 14,496
New issue and advisory |  |  | 5,219 |  |  | - |  |  | - |  |  | 5,219 |  |  | - |  |  | 5,219
Principal transactions and other income |  |  | 397 |  |  | 5,362 |  |  | 2,220 |  |  | 7,979 |  |  | - |  |  | 7,979
Total revenues |  |  | 33,672 |  |  | 19,858 |  |  | 2,220 |  |  | 55,750 |  |  | - |  |  | 55,750
Total operating expenses |  |  | 32,831 |  |  | 10,500 |  |  | 370 |  |  | 43,701 |  |  | 11,761 |  |  | 55,462
Operating income / (loss) |  |  | 841 |  |  | 9,358 |  |  | 1,850 |  |  | 12,049 |  |  | (11,761) |  |  | 288
Income / (loss) from equity method affiliates |  |  | - |  |  | 27 |  |  | - |  |  | 27 |  |  | - |  |  | 27
Other non-operating income / (expense) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (4,401) |  |  | (4,401)
Income / (loss) before income taxes |  |  | 841 |  |  | 9,385 |  |  | 1,850 |  |  | 12,076 |  |  | (16,162) |  |  | (4,086)
Income tax expense / (benefit) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (414) |  |  | (414)
Net income / (loss) |  |  | 841 |  |  | 9,385 |  |  | 1,850 |  |  | 12,076 |  |  | (15,748) |  |  | (3,672)
Less: Net income / (loss) attributable to the |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
non-controlling interest |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (1,087) |  |  | (1,087)
Net income / (loss) attributable to IFMI |  | $ | 841 |  | $ | 9,385 |  | $ | 1,850 |  | $ | 12,076 |  | $ | (14,661) |  | $ | (2,585)
Other statement of operations data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization (included in |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
total operating expense) |  | $ | 756 |  | $ | 57 |  | $ | - |  | $ | 813 |  | $ | 290 |  | $ | 1,103
SEGMENT INFORMATION
Statement of Operations Information
For the Year Ended December 31, 2013
(Dollars in Thousands)
|  | Capital |  | Asset |  | Principal |  | Segment |  | Unallocated |  |  |
|  | Markets |  | Management |  | Investing |  | Total |  | (1) |  | Total
Net trading |  | $ | 38,528 |  | $ | - |  | $ | - |  | $ | 38,528 |  | $ | - |  | $ | 38,528
Asset management |  |  | - |  |  | 19,239 |  |  | - |  |  | 19,239 |  |  | - |  |  | 19,239
New issue and advisory |  |  | 6,418 |  |  | - |  |  | - |  |  | 6,418 |  |  | - |  |  | 6,418
Principal transactions and other income |  |  | 542 |  |  | 2,276 |  |  | (9,486) |  |  | (6,668) |  |  | - |  |  | (6,668)
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
(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 bus iness segment reporting to the chief operating decision m aker.
Balance Sheet Data
As of December 31, 2015
(Dollars in Thousands)
|  | Capital |  | Asset |  | Principal |  | Segment |  | Unallocated |  |  |
|  | Markets |  | Management |  | Investing |  | Total |  | (1) |  | Total
Total Assets |  | $ | 281,813 |  | $ | 3,245 |  | $ | 15,039 |  | $ | 300,097 |  | $ | 8,728 |  | $ | 308,825
Included within total assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment in equity method affiliates |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | -
Goodwill (2) |  | $ | 7,937 |  | $ | 55 |  | $ | - |  | $ | 7,992 |  | $ | - |  | $ | 7,992
Intangible assets (2) |  | $ | 166 |  | $ | - |  | $ | - |  | $ | 166 |  | $ | - |  | $ | 166
Balance Sheet Data
As of December 31, 2014
(Dollars in Thousands)
|  | Capital |  | Asset |  | Principal |  | Segment |  | Unallocated |  |  |
|  | Markets |  | Management |  | Investing |  | Total |  | (1) |  | Total
Total Assets |  | $ | 295,311 |  | $ | 5,548 |  | $ | 28,649 |  | $ | 329,508 |  | $ | 13,010 |  | $ | 342,518
Included within total assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment in equity method affiliates |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | -
Goodwill (2) |  | $ | 7,937 |  | $ | 55 |  | $ | - |  | $ | 7,992 |  | $ | - |  | $ | 7,992
Intangible assets (2) |  | $ | 166 |  | $ | - |  | $ | - |  | $ | 166 |  | $ | - |  | $ | 166
(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 m aker. (2)Goodwill and intangible assets are allocated to the Capital Markets and Asset Management business segments as indicated in the table from above. Asset management total operating expenses include an impairment charge of $3,121 for the year ended December 31, 2014 related to the impairment of Cira SCM goodwill. Geographic Information The Company has conducted 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,
| 2015 |  | 2014 |  | 2013
Total Revenues: |  |  |  |  |  |  |  |
United States | $ | 39,524 |  | $ | 44,991 |  | $ | 44,043
United Kingdom & Other |  | 6,632 |  |  | 10,636 |  |  | 11,178
Asia |  | - |  |  | 123 |  |  | 2,296
Total | $ | 46,156 |  | $ | 55,750 |  | $ | 57,517
Long-lived assets attributable to an individual country, other than the United States, are not material. The Company no longer earns revenue in Asia effective with the sale of Star Asia Group. See note 5.

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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 34 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8981-108599 Reference 2: 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=51669610&loc=d3e9038-108599 Reference 3: 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=51669610&loc=d3e8971-108599 Reference 4: 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=51669610&loc=d3e8595-108599 Reference 5: 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=51669610&loc=d3e8380-108599 Reference 6: 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=51669610&loc=d3e8933-108599 Reference 7: 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=51669610&loc=d3e8844-108599 Reference 8: 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=51669610&loc=d3e8984-108599 Reference 9: 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=51669610&loc=d3e9031-108599 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=51669610&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 10 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8538-108599 Reference 12: 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=51669610&loc=d3e8864-108599 Reference 13: 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=51669610&loc=d3e8924-108599 Reference 14: 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=51669610&loc=d3e8906-108599 + Details
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