Dec. 18, 2013
/PRNewswire/ -- BGC Partners, Inc. (NASDAQ: BGCP) ("BGC Partners," "BGC," or "the Company"), a leading global brokerage company primarily servicing the wholesale financial and real estate markets, today announced that it has updated its outlook for the quarter ending
December 31, 2013
The Company expects its financial results for the fourth quarter of 2013 to be around the high-end of the range of its previously stated guidance for revenues and earnings. The Company's fourth quarter outlook was first published in its financial results press release dated
October 31, 2013
, and was as follows:
Fourth Quarter 2013 Outlook Compared with Fourth Quarter 2012 Results
- The Company expected to generate distributable earnings revenues of between approximately $400 million and $425 million compared with $436.3 million.
- BGC Partners expected pre-tax distributable earnings to be between approximately $36 million and $44 million versus $35.1 million.
- The Company anticipated its effective tax rate for distributable earnings to remain unchanged at approximately 14.5 percent.
BGC's fourth quarter and full year 2013 financial results announcement is currently expected to be issued before the market open on
Wednesday, February 12
, 2014. Confirmation of this date and details of the related conference call will be forthcoming in a later press release.
Distributable Earnings Defined
BGC Partners uses non-GAAP financial measures including "revenues for distributable earnings," "pre-tax distributable earnings" and "post-tax distributable earnings," which are supplemental measures of operating performance that are used by management to evaluate the financial performance of the Company and its subsidiaries. BGC Partners believes that distributable earnings best reflect the operating earnings generated by the Company on a consolidated basis and are the earnings which management considers available for distribution to BGC Partners, Inc. and its common stockholders, as well as to holders of BGC Holdings partnership units during any period.
As compared with "income (loss) from operations before income taxes," "net income (loss) for fully diluted shares," and "fully diluted earnings (loss) per share," all prepared in accordance with GAAP, distributable earnings calculations primarily exclude certain non-cash compensation and other expenses which generally do not involve the receipt or outlay of cash by the Company, which do not dilute existing stockholders, and which do not have economic consequences, as described below. In addition, distributable earnings calculations exclude certain gains and charges that management believes do not best reflect the ordinary operating results of BGC.