Jon Corzine Delivers First Profitable Quarter For MF Global In Over A Year

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The feat of strength was accomplished mostly through firing people but whatever, the point is he got the job done, as promised. Not only that, but he did the whole thing while planning a wedding at the same time.

Net income was $8.8 million, or 1 cent a share, in the fiscal first quarter ended in June, compared with a net loss of $25.2 million, or 27 cents, a year earlier, the New York-based company said in a statement. Excluding certain costs, MF Global earned 16 cents. On that basis, it was estimated to earn 2 cents, according to the average estimate of 11 analysts surveyed by Bloomberg. Corzine earlier this year promised investors a return to profitability. The results “in no way meet our long-term objectives or the firm’s potential,” Corzine, the chief executive officer, said on a conference call with analysts. “Much work remains in the next few quarters.” In May, he called the company’s fiscal 2010 performance “unacceptable” and announced job cuts of as much as 15 percent of its 3,200 workers. So far, 12 percent of the payroll has been eliminated, according to today’s statement.

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