Years Ended 2011 vs. 2010Net revenues declined by $12.4 million to $33.0 million for the year ended December 31, 2011, compared to $45.4 million in the prior year. Advisory revenues decreased $8.2 million to $24.3 million, compared to $32.5 million in the prior year. Capital markets revenues decreased $4.2 million to $8.7 million, compared to $12.9 million in the prior year. Non-GAAP pre-tax income increased by $2.9 million to $7.5 million for the year ended December 31, 2011, compared to non-GAAP pre-tax income of $4.6 million in the prior year. This increase was a result of lower variable compensation expense resulting from the previously mentioned realignment of the division, as well as a larger portion of compensation expense to be paid in stock-based compensation compared to the prior year. Non-GAAP pre-tax income of $4.6 million for the prior year was also impacted by higher compensation expense recorded in the fourth quarter of 2010 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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