Gleacher & Company, Inc. (Nasdaq: GLCH) today reported net revenues of $43.3 million, net loss from continuing operations of ($2.8) million, and diluted loss per share of ($0.02).
- Hired industry veteran Randy Barker as Head of Investment Banking, and continue to make progress recruiting MDs to industry verticals
- Recruited 27 professionals to MBS & Rates Business, including the RangeMark mortgage analytics team; unit is now repositioned and substantially rebuilt
- Recruited 5 professionals throughout High Grade and High Yield Businesses; results continued to improve vs. previous quarters
- Reduced market exposure in MBS & Rates by winding down repo book; balance sheet usage now 70% lower than reported high at Q1 end
- ClearPoint results were in line with expectations; pursuing sale of business
Thomas Hughes, Chief Executive Officer, said, “We have now assembled a deeply experienced leadership team, as well as producers throughout our organization who are expert content providers, who are trusted advisors to their clients, and who can drive the operating margin and ROE goals we have established. We have adjusted certain of our business strategies and compensation methodologies, and I am delighted with the progress we have made managing those changes. Additionally, we have strengthened our balance sheet by winding down our repo book, and our capital position remains strong.”
Mr. Hughes continued, “As we stated previously, we embarked upon a process exploring our strategic options, and we continue to evaluate identified opportunities. The process may end in merger with a strategic counterparty, a strategic acquisition, divestiture of business units, investment in our company by a third party, or a stay the course outcome. Market dynamics continue to develop in our favor, and we are stronger and better positioned today than we were a year ago.
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