Gleacher & Company, Inc. (Nasdaq: GLCH) today reported net revenues of $61.8 million for the quarter ended December 31, 2011. The Company reported net income from continuing operations of $2.2 million, or $0.02 per diluted share, for the quarter ended December 31, 2011, compared to a net loss from continuing operations of ($9.4) million, or ($0.08) per diluted share, for the fourth quarter of 2010.
- Implemented key components of previously announced strategic plan to leverage strengths in core competencies and focus on key industry verticals
- Made further progress toward achieving targeted operating margin, compensation to revenue, and return on equity goals
- Announced a number of meaningful senior hires, and continue to recruit Investment Banking, Fixed Income, and Asset Management professionals
- Board of Directors renewed share repurchase program, authorizing up to $25 million in share repurchases
“Gleacher & Company accomplished a great deal in 2011,” said Thomas Hughes, Chief Executive Officer. “We established a strategy that is aligned with our traditional skill set, and that positions the Company to both serve our clients in a superior manner, and produce meaningful returns for all stakeholders. We instilled greater discipline throughout the firm regarding the execution of that strategy, as well as around our processes and our expense base. We also exited a business that did not fit our vision, and we introduced metrics against which we should be measured, namely targeted goals of 10% operating margin, 60% compensation to revenue ratio, and 15% return on equity.
Hughes added, “We are making great progress attracting best in class professionals to our firm. And our efforts are now positively impacting the Company’s financial results, as evidenced by our improved earnings and stronger margins in the fourth quarter. We believe our current and prospective mix of businesses gives us a differentiable competitive edge – an edge for hiring talent, for serving our clients, and for producing returns. We are excited about our prospects in 2012.”
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