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Gleacher & Company Reports Fourth Quarter And Year End 2012 Financial Results

Gleacher & Company, Inc. (Nasdaq: GLCH) today reported net revenues of $50.9 million, net loss from continuing operations of ($11.5) million, or ($10.8) million on a non-GAAP basis, and diluted loss per share of ($0.10), or ($0.09) on a non-GAAP basis for the quarter ended December 31, 2012. The Company also announced that it has entered into an agreement with Homeward Residential, Inc., a wholly owned subsidiary of Ocwen Financial Corporation (NYSE: OCN) pursuant to which Homeward will purchase substantially all of the assets of ClearPoint. Finally, having considered a range of opportunities during its previously announced strategic review, including partnering with one or more equity investors, strategic acquisitions and divestitures, and business combinations, the Company determined that the available opportunities were not in the best interests of Gleacher’s stockholders at this time.

  • FY2012 dominated by restructuring the management team and compensation methodologies, and a review of strategic alternatives. The Company suffered a natural interruption in revenue generation as a result of those actions.
  • Q4 results benefitted by performance in Investment Banking and Credit Products; MBS & Rates suffered from weaker sales volumes.
  • ClearPoint entered into an agreement to sell substantially all of its assets to Homeward.
  • Company concludes formal strategic review.
  • The Board of Directors renewed the Company’s stock repurchase program, authorizing up to $10 million in stock repurchases.

Thomas Hughes, Chief Executive Officer, said, “We accomplished a great deal during the course of 2012, and I believe we are better positioned to begin sustained growth and profitability. We have assembled a management team and producers who possess deep experience serving clients in the product efforts that comprise our strategy. We have revamped our compensation methodologies in an effort to achieve our stated goal of a 60% compensation to revenue ratio in the coming years. And we have entered into an agreement to sell ClearPoint in a transaction that we expect will close in the first quarter.”

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