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Gleacher & Company Reports Third Quarter 2012 Financial Results

Discontinued Operations

The Company has classified the results of its Equities segment as discontinued operations due to the Company’s decision to exit this business on August 22, 2011. Results of these discontinued operations are presented in the following table:
  Three Months Ended     Nine Months Ended
September   June   September September   September
(In thousands) 2012 2012 2011* 2012 2011*
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
 
Net revenues $ 11 $ 6 $ 2,595 $ 54 $ 12,794
Total expenses (excluding interest)   (22)   (31)   11,395   (125)   38,802
Income/(loss) from discontinued operations before income taxes 33 37 (8,800) 179 (26,008)
 
Provisions for income taxes   -   60   (3,443)   138   (7,583)
Income/(loss) from discontinued operations, net of taxes $ 33 $ (23) $ (5,357) $ 41 $ (18,425)
 

*Included within the table above for the three and nine months ended June 30, 2011 is a goodwill and intangible impairment charge of approximately $14.3 million.

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