This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Gleacher & Company Reports Second Quarter 2012 Financial Results

Gleacher & Company, Inc. (Nasdaq: GLCH) today reported net revenues of $44.6 million, net loss from continuing operations of ($60.8) million, or ($7.6) million on a non-GAAP basis, and diluted loss per share of ($0.51), or ($0.06) on a non-GAAP basis for the quarter ended June 30, 2012. A reconciliation of the Company’s GAAP results to these non-GAAP results is discussed below under “Non-GAAP Financial Results.”

Highlights
  • Continued actions consistent with previously announced long term strategic plan
  • Substantially rebuilt MBS & Rates business unit
  • Added experienced professionals to Credit Products unit
  • Reduced balance sheet usage including adjustments to repo book

Thomas Hughes, Chief Executive Officer, said, “One year ago, after my arrival, we announced a strategic plan to better position Gleacher & Company for profitability and meaningful returns for all stakeholders.  We described the major building blocks of the plan, including: a cultural shift to foster coordination among business units; growing our Investment Banking capabilities to include additional industry verticals; assembling best in class content and problem solving skills in particular business units; and achieving significant expense reductions, especially regarding our compensation to revenue ratio.  We stated that the plan would take time to implement, and that the roadmap for implementation included critical mileposts.  One year later, we have effected a great deal of change against that roadmap: we have recruited new leadership for two business units who are experienced professionals, aligned with our cultural values; we have upgraded our staff, and we are delivering more relevant content and a deeper skill set to our clients; we have reduced expenses by exiting unprofitable activities, and through adjustments to our compensation practices; and we have repositioned our balance sheet so that it is more easily understood. That said, we still have work to do regarding our Investment Banking division, and we continue to analyze our ClearPoint options.

1 of 17

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,689.86 -56.12 -0.32%
S&P 500 2,103.84 -4.79 -0.23%
NASDAQ 5,128.2810 -0.5040 -0.01%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs