Years Ended 2011 vs. 2010Net revenues declined by $12.2 million to $68.5 million for the year ended December 31, 2011, compared to $80.7 million in the prior year. The decrease in net revenues was attributable to lower commissions and principal transaction revenues of $12.7 million, primarily due to decreased spreads during the year, partially offset by higher volumes. Pre-tax income of $8.5 million for the year ended December 31, 2011 increased by $4.0 million, compared to non-GAAP pre-tax income of $4.5 million in the prior year. This increase is the result of a larger portion of compensation expense expected to be paid in stock-based compensation compared to the prior year. Non-GAAP pre-tax income of $4.5 million for 2010 was also impacted by higher compensation expense recorded in the fourth quarter, resulting from the previously mentioned change in vesting provisions to equity compensation awards expected to be granted as part of year-end compensation for services in 2010.
Gleacher & Company Reports Fourth Quarter And Year End 2011 Financial Results
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