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Gleacher & Company Reports Second Quarter 2012 Financial Results

A limitation of utilizing these non-GAAP financial results is that the GAAP accounting effects of these excluded items do in fact reflect the underlying financial results of the Company’s business, and these effects should not be ignored in evaluating and analyzing its financial results. Therefore, the Company believes that non-GAAP results should always be considered together with their corresponding GAAP results.

 
Reconciliation of GAAP to Non-GAAP Loss from Continuing Operations
               

Three Months Ended June 30, 2012

Three Months Ended June 30, 2011

(Dollars in thousands, except per share amounts) (Unaudited) (Unaudited)
GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP
 
Net revenues: $ 44,647   $ -   $ 44,647   $ 56,379   $ -   $ 56,379  
 
Expenses (excluding interest):
Compensation and benefits 32,606 - 32,606 37,286

(1,685

) 1

35,601
Non-compensation expenses   43,792    

(21,096

) 2

  22,696     16,677     -     16,677  
Total expenses (excluding interest)   76,398    

(21,096

)

  55,302     53,963     (1,685 )   52,278  
 
Loss from continuing operations before income taxes (31,751 ) 21,096 (10,655 ) 2,416 1,685 4,101
Provision for income taxes   29,058    

(32,074

) 3

  (3,016 )   1,164    

718

4

  1,882  
Net (loss)/income from continuing operations $ (60,809 ) $ 53,170   $ (7,639 ) $ 1,252   $ 967   $ 2,219  
 
Earnings per share:
Diluted - continuing operations $ (0.51 ) $

(0.06

) 5

$ 0.01 $

0.02

5

As a percentage of net revenues:
Compensation and benefits 73.0 % 73.0 % 66.1 % 63.1 %
(Loss)/income from continuing operations before income taxes (71.1 %) (23.9 %) 2.2 % 7.3 %
 

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