Years Ended 2011 vs. 2010Non-GAAP net revenues of $11.0 million for the year ended December 31, 2011 increased by $5.7 million, compared to net revenues of $5.3 million in the prior year. This increase was attributable to $2.7 million of higher investment gains from the change in value of the Company’s investment in FATV and a gain of $0.9 million resulting from the sale of an investment security. Net interest income also increased by $1.6 million, primarily due to interest expense no longer being incurred on our mandatorily redeemable preferred stock, which was redeemed in September 2010. Non-GAAP pre-tax loss improved by $17.6 million to $22.9 million for the year ended December 31, 2011, compared to non-GAAP pre-tax loss of $40.5 million in the prior year. This improvement was a result of the higher net revenues, as well as lower variable compensation, including annual compensation expense for members of senior management.
Gleacher & Company Reports Fourth Quarter And Year End 2011 Financial Results
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