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Gleacher & Company Reports Third Quarter 2012 Financial Results

The Company has included in this press release “non-GAAP financial results.” A non-GAAP financial result is a numerical measure of financial position or results of operations that includes amounts that are excluded, or excludes amounts that are included, in the most directly comparable result calculated and presented in accordance with generally accepted accounting principles (“GAAP”).

In the financial data included in this press release, the items for which the Company adjusted its GAAP results consist of the following:
  • the reversal of certain severance expense in the third quarter of 2012, previously accrued during the first quarter,
  • legal, consulting and advisory costs incurred in connection with our strategic alternatives process during the second quarter and third quarter of 2012,
  • impairment of goodwill and intangibles recorded during the second quarter of 2012 and the third quarter of 2011, as well as other non-compensation expenses incurred in connection with the Investment Banking realignment,
  • valuation allowance on deferred tax assets recorded during the second quarter of 2012,
  • severance expense recorded during the first quarter of 2012 and third quarter of 2011,
  • compensation expense related to the resignation of the former interim CEO in the second quarter of 2011, and
  • the bargain purchase gain related to the ClearPoint acquisition in the first quarter of 2011.

For detailed information on the adjustments made, and a reconciliation of the non-GAAP financial results included in this press release to the most directly comparable GAAP financial metrics, refer to “Non-GAAP Financial Results” below. While the Company believes that the non-GAAP financial results included herein are instructive, they should only be considered together with their corresponding GAAP financial metrics.
Business Segment Results (including Non-GAAP results)
Three Months Ended Nine Months Ended
September June September September September
(In thousands of dollars) 2012 2012 2011 2012 2011
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
Net revenues:
Investment Banking $ 1,499 $ 8,730 $ 7,075 $ 14,762 $ 23,674
MBS & Rates 8,943 5,282 13,714 34,556 89,189
Credit Products 18,804 17,872 15,722 58,393 51,038
ClearPoint   12,899   11,316   12,742   39,760   26,109
Net revenues - operating segments 42,145 43,200 49,253 147,471 190,010
Other   1,185   1,447   4,911   5,247   7,592*
Total $ 43,330 $ 44,647 $ 54,164 $ 152,718 $ 197,602*
Pre-tax (loss)/income from continuing operations:
Investment Banking $ (257) $ 2,195 $ 842* $ 2,517 $ 5,833*
MBS & Rates 1,814 (1,746) 4,247 5,556 29,655
Credit Products 2,619* 1,285 3,495 4,866* 6,338
ClearPoint   (524)   (2,512)   (335)   (5,878)   (2,907)
Pre-tax income/(loss) - operating segments 3,652 (778) 8,249 7,061 38,919
Other   (8,711)*   (8,877)*   (4,246)*   (25,407)*   (18,415)*
Total $ (5,059) $ (9,655)* $ 4,003* $ (18,346)* $ 20,504*

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

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