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Gleacher & Company Reports Third Quarter 2012 Financial Results

We faced some challenges with our ClearPoint subsidiary earlier this year. While we have addressed the principal operational issues at ClearPoint, the commercial prospects for this activity on our platform have changed dramatically during this time period. In light of these developments, we have decided to pursue a sale of our ClearPoint business.”

Mr. Hughes also said, “Our Company is comprised of very talented professionals, experts in their craft, who are dedicated to servicing their clients. Their efforts this year have been extraordinary, and I am very proud to be a member of our team.”

  Three Months Ended     Nine Months Ended
September   June   September September   September
(In thousands, except for per share amounts) 2012 2012 2011 2012 2011
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
Net revenues $ 43,330 $ 44,647 $ 54,164 $ 152,718 $ 199,932
Pre-tax loss from continuing operations (5,024) (31,751) (78,785) (42,057) (61,640)
Net loss from continuing operations (2,801) (60,809) (75,700) (68,326) (65,848)
Discontinued operations, net of taxes 33 (23) (5,357) 41 (18,425)
Non-GAAP pre-tax (loss)/income from continuing operations* (5,059) (9,655) 4,003 (18,346) 20,504
Non-GAAP net (loss)/income from continuing operations* (2,821) (7,077) 2,177 (13,681) 10,368
Earnings per share:
Diluted - continuing operations $ (0.02) $ (0.51) $ (0.61) $ (0.57) $ (0.53)
Diluted - continuing operations (Non-GAAP)* (0.02) (0.06) 0.02 (0.11) 0.08

*Designates non-GAAP financial results. A reconciliation of the Company’s GAAP results to non-GAAP financial results is set forth below under the caption “Non-GAAP Financial Results.”

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