Eric Gleacher, Chairman, said, “Tom and his team have done a wonderful job repositioning the Company and attracting new talent to our platform. The strategic plan they are executing is sound and gaining traction. Today, the quality and strength of our service offerings are better than ever, and I am confident that our businesses are poised to gain market share and deliver profitability in the years ahead.”
The Company also announced today that its Board of Directors has renewed the Company’s share repurchase program and has authorized up to $25 million in repurchases of Company common stock through the date on which the Company publicly releases its results of operations for fiscal 2012. In implementing the repurchase program, the Company intends to review market conditions and make purchases at such times as it believes prudent and in accordance with applicable securities laws.
Summary Results of Operations (Unaudited)
| Three Months Ended
| Years Ended
|(In thousands, except for per share amounts)||2011||2010||2011||2010|
|Pre-tax income/(loss) from continuing operations||364||(16,767||)||(61,277||)||(25,783||)|
|Net income/(loss) from continuing operations||2,165||(9,410||)||(63,684||)||(16,243||)|
|Discontinued operations, net of taxes||383||(3,027||)||(18,626||)||(4,378||)|
|Non-GAAP pre-tax (loss)/income from continuing operations *||n/a||(8,625||)||20,867||3,531|
|Non-GAAP net (loss)/income from continuing operations *||n/a||(4,483||)||12,532||(221||)|
|Earnings per share:|
|Diluted – continuing operations||$||0.02||$||(0.08||)||$||(0.52||)||$||(0.13||)|
|Diluted – continuing operations (Non-GAAP) *||n/a||(0.04||)||0.10||(0.00||)|
|* Designates non-GAAP financial results. A reconciliation of the Company’s GAAP results to non-GAAP financial results is set forth below under the caption “Non-GAAP Financial Results.”|
The Company has included in this press release “non-GAAP financial results.” A non-GAAP financial result is a numerical measure of financial position or results of operations that includes amounts that are excluded, or excludes amounts that are included, in the most directly comparable result calculated and presented in accordance with generally accepted accounting principles (“GAAP”). In the financial data included in this press release, the principal (but not only) items for which the Company adjusted its GAAP results consist of the following:
- severance costs for senior executives whose employment with the Company was terminated,
- costs associated with a change in the Company’s equity compensation programs implemented in the fourth quarter of 2010, and
- impairment and severance costs associated with the Company’s realignment of its investment banking segment in August 2011.
There are no non-GAAP financial results included in this press release with respect to the three months ended December 31, 2011.