Eric Gleacher, Chairman, added, “Our pipeline is strong and we continue to see opportunities in the market for our Investment Banking franchise. I believe we are poised to take advantage of these opportunities and I look forward to our doing so.”

   
Three Months Ended

March 31,
(In thousands, except for per share amounts) 2012     2011
   
Net revenues $ 64,743 $ 89,389
Pre-tax (loss)/income from continuing operations (5,282 ) 14,728
Net (loss)/income from continuing operations (4,716 ) 8,599
Discontinued operations, net of taxes 32 (1,394 )
 
Non-GAAP pre-tax (loss)/income from continuing operations * (3,632 ) 12,398
Non-GAAP net (loss)/income from continuing operations * (3,769 ) 6,269
 
Earnings per share:
Diluted – continuing operations $ (0.04 ) $ 0.07
Diluted – continuing operations (Non-GAAP) * (0.03 ) 0.05
 

*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.”
 

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:
  • severance expense recorded during the first quarter of 2012, 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.

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