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GFI Group Inc. Announces Third Quarter 2012 Results; Declares Quarterly Cash Dividend

Oct 25, 2012 (04:10 PM EDT)
URL: http://www.techweb.com/show-press-release/X930201/gfi-group-inc-announces-third-quarter-2012-results-declares-quarterly-cash-dividend.html

- GAAP Total Revenues: $219.4 Million; Non-GAAP Total Revenues: $219.6 Million

- GAAP Net Revenues: $184.2 Million; Non-GAAP Net Revenues: $184.4 Million

- GAAP Net Loss: $8.7 Million or a loss of $0.08 per Diluted Share

- Non-GAAP Net Income: $0.7 Million or $0.01 per Diluted Share

- Cash Earnings: $21.0 Million or $0.17 per Diluted Share

- Quarterly Cash Dividend Declared of $0.05 per Share

NEW YORK, Oct. 25, 2012 /PRNewswire/ -- GFI Group Inc. (NYSE: GFIG), a leading provider of wholesale brokerage services, clearing services, and electronic execution and trading support products for global financial markets, reported today its financial results for the third quarter ended September 30, 2012.

Highlights

  • GAAP net revenues were $184.2 million for the third quarter of 2012, a decrease of 22.8% from $238.5 million in the third quarter of 2011.  On a non-GAAP basis, net revenues decreased 21.7% to $184.4 million in the third quarter of 2012, from $235.4 million in the third quarter of 2011.
  • Brokerage revenues for the third quarter of 2012 declined 23.8% to $162.5 million compared with $213.2 million in the third quarter of 2011.
  • Revenues from trading software, analytics and market data products for the third quarter of 2012 were $21.2 million, up 12.6% from the third quarter of 2011.
  • Compensation and employee benefits expense in the third quarter of 2012 was 70.9% and 70.7% of net revenues on a GAAP and non-GAAP basis, respectively.  This compares with 67.1% and 68.0% of net revenues on a GAAP and non-GAAP basis, respectively, in the third quarter of 2011.
  • Non-compensation expenses were 33.0% of net revenues on a GAAP basis and 29.7% on a non-GAAP basis in the third quarter of 2012.  This compares with 29.1% of net revenues on a GAAP basis and 24.7% on a non-GAAP basis in the third quarter of 2011.
  • Net loss for the third quarter of 2012 was $8.7 million on a GAAP basis, or a loss of $0.08 per diluted share, compared with net income of $6.1 million, or $0.05 per diluted share, in the third quarter of 2011.  On a non-GAAP basis, net income was $0.7 million, or $0.01 per diluted share, for the third quarter of 2012, compared with net income of $11.6 million, or $0.09 per diluted share, in the third quarter of 2011.
  • Cash earnings for the three month period ended September 30, 2012 were $21.0 million, or $0.17 per diluted share, compared with $32.0 million, or $0.26 per diluted share, for the same period in 2011.
  • For the nine months ended September 30, 2012, GAAP net revenues were $613.6 million, down 9.3%, compared with $676.2 million for the same period in 2011.  Net income on a GAAP basis for the nine months of 2012 was $1.4 million, or $0.01 per diluted share, compared to $19.0 million, or $0.15 per diluted share, in the first nine months of 2011.  On a non-GAAP basis, net revenues for the nine months ended September 30, 2012 were $606.6 million, down 11.0%, compared with $681.9 million for the same period in 2011, while non-GAAP basis net income for the first nine months of 2012 was $11.8 million, or $0.10 per diluted share, compared with $34.0 million, or $0.27 per diluted share, for the first nine months of 2011.

Michael Gooch, Chairman and Chief Executive Officer of GFI, commented: "Trading conditions remained challenging due to sluggish global economic conditions, regulatory, fiscal, tax, political and market uncertainty and the ongoing sovereign debt issues in the Eurozone.  The risk averse trading environment and broad uncertainty continue to depress trading volumes.  We believe that markets will remain subdued into 2013 until there is greater regulatory certainty, the problems in Europe dissipate and/or investor risk appetite improves.   

GFI's software, analytics and market data revenues, which are largely subscription based and are less immediately affected by trading volumes, were up 12.6% in the third quarter of 2012 over the same period in the prior year, with growth from both Trayport and FENICS.  We continue to see growth opportunities in these subscription-based, higher margin software businesses.    

"Despite the slow trading conditions, we remained focused on enhancing and expanding GFI's electronic execution capabilities with approximately 61% of third quarter brokerage revenues, excluding Kyte, supported with GFI proprietary trading technology.  Revenues from matching sessions have notably increased year-to-date in fixed income derivatives globally, and we have made significant progress in our cash bond businesses in the Americas, with over 30% of third quarter revenues derived from electronic matching sessions.  We have significant electronic capabilities across all regions which, we believe, positions GFI well in the face of global financial regulatory reform.   

"In addition to expanding GFI's technology footprint, we also continued to adjust GFI's front and back office cost structure with $21 million in cost savings year-to-date, largely related to compensation expense, and we expect to reach our goal of $50 million in cumulative cost savings in 2013, as compared to 2011 expense levels.  We are committed to delivering profitable, technology enhanced brokerage services.

"We are two weeks into the migration of the U.S. OTC energy swaps markets to listed energy futures products.  We were prepared for this change and, as of now, have seen no immediate diminishment in our client service or North American energy brokerage revenues.  We are monitoring the situation and intend to be similarly prepared for further regulatory changes to come.

"Looking at October activity to-date, GFI's preliminary total revenues are tracking down approximately 3% compared with total revenues for the same month last year.  We believe that GFI's October performance is within the range of volume declines reported in the broader exchange-traded markets and is consistent with a lower volatility environment.

Mr. Gooch concluded: "We are pleased to declare a quarterly cash dividend of $0.05 per share to GFI shareholders."

Revenues

Net revenues were $184.2 million and $184.4 million on a GAAP and non-GAAP basis, respectively, in the third quarter of 2012, as compared with $238.5 million and $235.4 million on a GAAP and non-GAAP basis, respectively, in the third quarter of 2011. 

Brokerage revenues in the third quarter of 2012 were $162.5 million compared with $213.2 million in the third quarter of 2011. Revenues from fixed income, equity, commodity and financial product revenues were down 30.0%, 32.6%, 18.6% and 13.8%, respectively, compared with the third quarter of 2011.  By geographic region, brokerage revenues for the third quarter of 2012 declined 25.3% in the Americas, 22.4% in Europe, Middle East and Africa and 24.5% in Asia-Pacific, as compared with the same quarter of 2011.

Revenues from trading software, analytics and market data products for the third quarter of 2012 were $21.2 million, up 12.6% from the third quarter of 2011.

Expenses

For the third quarter of 2012, compensation and employee benefits expense was $130.5 million on a GAAP basis and $130.4 million on a non-GAAP basis.  This compares with $160.0 million on a GAAP and non-GAAP basis in the third quarter of 2011.  Compensation and employee benefits expense was 70.9% and 70.7% of net revenues on a GAAP and non-GAAP basis, respectively, in the third quarter of 2012 compared with 67.1% and 68.0% of net revenues on a GAAP and non-GAAP basis, respectively, in the third quarter of 2011.

On a GAAP basis, non-compensation expenses for the third quarter of 2012 were $60.8 million, or 33.0% of net revenues, compared with $69.5 million, or 29.1% of net revenues, in the third quarter of 2011.  On a non-GAAP basis, non-compensation expenses for the third quarter of 2012 were $54.7 million, or 29.7% of net revenues, compared with $58.1 million, or 24.7% of net revenues, in the third quarter of 2011.

Earnings

Net loss on a GAAP basis for the third quarter of 2012 was $8.7 million, or a loss of $0.08 per diluted share, compared with net income of $6.1 million, or $0.05 per diluted share, in the third quarter of 2011.  On a non-GAAP basis, net income for the third quarter of 2012 was $0.7 million, or $0.01 per diluted share, compared with net income of $11.6 million, or $0.09 per diluted share, for the third quarter of 2011.

Nine Month Results

Net revenues for the nine months ended September 30, 2012 were $613.6 million on a GAAP basis, compared to net revenues of $676.2 million for the nine months ended September 30, 2011.  Net income was $1.4 million on a GAAP basis, or $0.01 per diluted share, for the nine months ended September 30, 2012 compared with net income of $19.0 million, or $0.15 per diluted share, for the same period in 2011.  On a non-GAAP basis, net revenues for the nine months ended September 30, 2012 were $606.6 million compared to $681.9 million for the same period in 2011.  Non-GAAP net income was $11.8 million, or $0.10 per diluted share, for the nine months ended September 30, 2012 compared with net income of $34.0 million, or $0.27 per diluted share, for the first nine months of 2011.

The effective tax rate for the first nine months of 2012 was 82.0% on a GAAP basis, and 30.0% on a non-GAAP basis, as compared with 28.0% and 30.0% on a GAAP and non-GAAP basis, respectively, in the first nine months of 2011.  For calendar year 2011, GFI's effective tax rate was 39.0% on a non-GAAP basis.

Dividend Declaration

The Board of Directors of GFI has declared a quarterly cash dividend of $0.05 per share payable on November 30, 2012 to shareholders of record as of November 15, 2012.

Non-GAAP Financial Measures

To supplement GFI's unaudited financial statements presented in accordance with GAAP, the Company uses certain non-GAAP measures of financial performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP, and may be different from non-GAAP financial measures used by other companies.  In addition, these non-GAAP measures have limitations in that they do not reflect all of the amounts associated with the Company's results of operations as determined in accordance with GAAP. The non-GAAP financial measures used by GFI include non-GAAP total revenues, non-GAAP net revenues, non-GAAP provision for or benefit from income taxes, non-GAAP net income, non-GAAP diluted earnings per share, cash earnings and cash earnings per share. These non-GAAP financial measures currently exclude from the Company's statement of income amortization of acquired intangibles and certain other items that management views as non-operating, non-recurring or non-cash as detailed in the reconciliation included in the financial tables attached to this release.

In addition, GFI may consider whether other significant non-operating, non-recurring or non-cash items that arise in the future should also be excluded in calculating the non-GAAP financial measures it uses.  The non-GAAP financial measures also take into account estimated adjustments to income tax expense with respect to the excluded items.

GFI believes that these non-GAAP financial measures, when taken together with the corresponding GAAP financial measures, provide meaningful supplemental information regarding the Company's performance by excluding certain items that may not be indicative of the Company's core business, operating results or future outlook. GFI's management uses, and believes that investors benefit from referring to, these non-GAAP financial measures in assessing the Company's operating results, as well as when planning, forecasting and analyzing future periods. These non-GAAP financial measures also facilitate comparisons of the Company's performance to prior periods.

In addition to the reasons stated above, which are generally applicable to each of the items GFI excludes from its non-GAAP financial measures, the Company believes it is appropriate to exclude amortization of acquired intangibles because when analyzing the operating performance of an acquired business, GFI's management focuses on the total return provided by the investment (i.e., operating profit generated from the acquired entity, as compared to the purchase price paid) without taking into consideration any charges for allocations made for accounting purposes. Further, because the purchase price for an acquisition necessarily reflects the accounting value assigned to intangible assets, when analyzing the operating performance of an acquisition in subsequent periods, the Company's management excludes the GAAP impact of acquired intangible assets on its financial results. GFI believes that such an approach is useful in understanding the long-term return provided by an acquisition and that investors benefit from a supplemental non-GAAP financial measure that excludes the accounting expense associated with acquired intangible assets.

A reconciliation of these non-GAAP financial measures to GAAP is included in the financial tables attached to this release.

Conference Call

GFI has scheduled an investor conference call to discuss its third quarter results at 8:30 a.m. (Eastern Time) on Friday, October 26, 2012.  Those wishing to listen to the live conference call via telephone should dial 1-800-860-2442 in North America and +1-412-858-4600 outside of North America, and ask for "GFI".

A live audio web cast of the conference call will be available on the Investor Relations section of GFI's Website. For web cast registration information, please visit: http://www.gfigroup.com. Following the conference call, an archived recording will be available.

Supplementary Financial Information

GFI has posted details of its historical monthly brokerage revenues on the Investor Relations page of its web site under the heading Supplementary Financial Information. The Company currently plans to post this information quarterly in conjunction with its announcement of earnings, but does not undertake a responsibility to continue to provide or update such information.

About GFI Group Inc.

GFI Group Inc. (NYSE: "GFIG") is a leading provider of wholesale brokerage services, clearing services, electronic execution and trading support products for global financial markets. GFI Group Inc. provides brokerage services, market data, trading platform and analytics software products to institutional clients in markets for a range of fixed income, financial, equity and commodity instruments.

Headquartered in New York, GFI was founded in 1987 and employs more than 2,100 people with additional offices in London, Paris, Nyon, Hong Kong, Seoul, Singapore, Sydney, Cape Town, Santiago, Bogota, Buenos Aires, Dubai, Dublin, Tel Aviv, Los Angeles and Sugar Land (TX). GFI Group Inc. provides services and products to over 2,600 institutional clients, including leading investment and commercial banks, corporations, insurance companies and hedge funds. Its brands include GFISM, GFInet®, CreditMatch®, GFI ForexMatch®, EnergyMatch®, FENICS®, Starsupply®, Amerex®, Trayport® and Kyte®.

Forward-looking Statement

Certain matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "might," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of GFI Group Inc. (the "Company") and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: economic, political and market factors affecting trading volumes; securities prices or demand for the Company's brokerage services; competition from current and new competitors; the Company's ability to attract and retain key personnel, including highly-qualified brokerage personnel; the Company's ability to identify and develop new products and markets; changes in laws and regulations governing the Company's business and operations or permissible activities; the Company's ability to manage its international operations; financial difficulties experienced by the Company's customers or key participants in the markets in which the Company focuses its brokerage services; the Company's ability to keep up with technological changes; uncertainties relating to litigation and the Company's ability to assess and integrate acquisition prospects. Further information about factors that could affect the Company's financial and other results is included in the Company's filings with the Securities and Exchange Commission. The Company does not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

- FINANCIAL TABLES FOLLOW -

 

 

 


GFI Group Inc. and Subsidiaries


Consolidated Statements of Operations (unaudited)


(In thousands except share and per share data)




















Three Months Ended


Nine Months Ended




September 30,


September 30,




2012


2011


2012


2011


Revenues










Agency commissions 

$        112,239


$        151,446


$        380,276


$        435,442



Principal transactions 

50,278


61,711


164,830


186,673



 Total brokerage revenues

162,517


213,157


545,106


622,115



Clearing services revenues

30,545


31,872


88,307


87,222



Interest income from clearing services

422


606


1,325


1,618



Equity in net earnings of unconsolidated businesses

2,344


4,260


6,242


9,943



Software, analytics and market data

21,204


18,837


61,671


54,328



Other income

2,356


7,230


14,642


5,917



    Total revenues

219,388


275,962


717,293


781,143












Interest and transaction-based expenses










Transaction fees on clearing services

29,420


30,388


84,988


84,209



Transaction fees on brokerage services

5,734


6,673


18,012


19,357



Interest expense from clearing services

82


439


680


1,382



Total interest and transaction-based expenses

35,236


37,500


103,680


104,948



Revenues, net of interest and transaction-based expenses

184,152


238,462


613,613


676,195












Expenses










Compensation and employee benefits

130,499


159,980


421,927


466,300



Communications and market data

15,269


15,187


46,629


45,364



Travel and promotion

7,973


9,723


27,347


30,124



Rent and occupancy

7,083


6,322


20,759


18,183



Depreciation and amortization

9,246


9,990


27,502


29,665



Professional fees

5,925


6,866


17,470


19,641



Interest on borrowings

6,738


12,035


20,080


18,247



Other expenses

8,586


9,353


23,730


21,559



   Total other expenses

191,319


229,456


605,444


649,083












(Loss) income before provision for income taxes

(7,167)


9,006


8,169


27,112












Provision for income taxes

1,638


2,884


6,699


7,592












Net (loss) income before attribution to non-controlling stockholders

(8,805)


6,122


1,470


19,520












Less: Net (loss) income attributable to non-controlling interests

(112)


57


51


558


GFI's net (loss) income

$           (8,693)


$             6,065


$             1,419


$           18,962






















Basic (loss) earnings per share 

$              (0.08)


$               0.05


$               0.01


$               0.16


Diluted (loss) earnings per share

$              (0.08)


$               0.05


$               0.01


$               0.15












Weighted average shares outstanding - basic

115,541,373


117,717,234


116,073,488


119,187,808












Weighted average shares outstanding - diluted

115,541,373


125,420,736


123,570,110


127,052,814

 










GFI Group Inc. and Subsidiaries

Consolidated Statements of Operations (unaudited)

As a Percentage of Net Revenues



















Three Months Ended


Nine Months Ended



September 30,


September 30,



2012


2011


2012


2011

Revenues









Agency commissions 

60.9%


63.5%


62.0%


64.4%


Principal transactions 

27.3%


25.9%


26.9%


27.6%


 Total brokerage revenues

88.2%


89.4%


88.9%


92.0%


Clearing services revenues

16.6%


13.4%


14.4%


12.9%


Interest income from clearing services

0.2%


0.3%


0.2%


0.2%


Equity in net earnings of unconsolidated businesses

1.3%


1.8%


1.0%


1.5%


Software, analytics and market data

11.5%


7.8%


10.0%


8.0%


Other income

1.3%


3.0%


2.4%


0.9%


    Total revenues

119.1%


115.7%


116.9%


115.5%










Interest and transaction-based expenses









Transaction fees on clearing services

16.0%


12.7%


13.9%


12.4%


Transaction fees on brokerage services

3.1%


2.8%


2.9%


2.9%


Interest expense from clearing services

0.0%


0.2%


0.1%


0.2%


Total interest and transaction-based expenses

19.1%


15.7%


16.9%


15.5%


Revenues, net of interest and transaction-based expenses

100.0%


100.0%


100.0%


100.0%










Expenses









Compensation and employee benefits

70.9%


67.1%


68.8%


69.0%


Communications and market data

8.3%


6.4%


7.6%


6.7%


Travel and promotion

4.3%


4.1%


4.4%


4.4%


Rent and occupancy

3.8%


2.7%


3.4%


2.7%


Depreciation and amortization

5.0%


4.2%


4.5%


4.4%


Professional fees

3.2%


2.9%


2.8%


2.9%


Interest on borrowings

3.7%


5.0%


3.3%


2.7%


Other expenses

4.7%


3.9%


3.9%


3.2%


   Total other expenses

103.9%


96.3%


98.7%


96.0%










(Loss) income before provision for income taxes

-3.9%


3.7%


1.3%


4.0%










Provision for income taxes

0.9%


1.2%


1.1%


1.1%










Net (loss) income before attribution to non-controlling stockholders

-4.8%


2.5%


0.2%


2.9%










Less: Net (loss) income attributable to non-controlling interests

-0.1%


0.0%


0.0%


0.1%

GFI's net (loss) income

-4.7%


2.5%


0.2%


2.8%



















 

 


GFI Group Inc. and Subsidiaries


Selected Financial Data (unaudited)


(Dollars in thousands except per share data)
































Three Months Ended




Nine Months Ended






September 30,




September 30,






2012


2011




2012


2011
















Brokerage Revenues by Product Categories:












Fixed Income



$            43,823


$            62,585




$          149,238


$          187,276



Financial



45,303


52,571




143,435


150,673



Equity



30,868


45,785




105,046


138,147



Commodity



42,523


52,216




147,387


146,019

















   Total brokerage revenues


$         162,517


$         213,157




$          545,106


$          622,115






























Brokerage Revenues by Geographic Region:













Americas



$            62,121


$            83,175




$          215,327


$          235,780



Europe, Middle East, and Africa


81,999


105,604




269,015


310,666



Asia-Pacific



18,397


24,378




60,764


75,669

















   Total brokerage revenues


$         162,517


$         213,157




$          545,106


$          622,115






























































September 30,


December 31,












2012


2011






















Consolidated Statement of Financial Condition Data:












Cash and cash equivalents


$         209,759


$         245,879









Cash held at clearing organizations, net of customer cash

26,388


41,646









GFI's total balance sheet cash



236,147


287,525









Balance sheet cash per share


2.00


2.45























Total assets (1)



1,521,733


1,190,549









Total debt



250,000


250,000









Stockholders' equity



442,358


447,212




































Selected Statistical Data:














Brokerage personnel headcount (2)

1,214


1,271









Employees



2,101


2,176









Broker productivity for the period (3)

$                 133


$                 136
































































(1)

Total assets include receivables from brokers, dealers and clearing organizations of $604.9 million and $251.8  million at September 30, 2012 and December 31, 2011, respectively. These receivables primarily represent securities transactions entered into in connection with our matched principal business which have not settled as of their stated settlement dates, as well as balances with clearing organizations. These receivables are substantially offset by corresponding payables to brokers, dealers and clearing organizations, as well as to clearing customers, for these unsettled transactions.













(2)

Brokerage personnel headcount includes brokers, traders, trainees and clerks.













(3)

Broker productivity is calculated as brokerage revenues divided by average monthly brokerage personnel headcount for the quarter.





















 

 


GFI Group Inc. and Subsidiaries



Reconciliation of GAAP to Non-GAAP Financial Measures (unaudited)



(In thousands except share and per share data)























Three Months Ended


Nine Months Ended





September 30,


September 30,





2012


2011


2012


2011














GAAP revenues


$     219,388


$     275,962


$     717,293


$     781,143



Mark-to-market loss (gain) on forward hedges of future foreign currency revenues

608


(4,210)


287


1,726



Fair value mark-to-market (gain) loss on future purchase commitment 


(2,081)


1,175


(9,098)


2,738



Fair value mark-to-market loss on warrants on investee shares


1,709


-


1,837


-



Accounting impact of increased ownership stake in an investee 


-


-


-


1,863



Recovery of previously reserved balances


-


-


-


(609)



Total Non-GAAP Revenues


219,624


272,927


710,319


786,861














GAAP interest and transaction-based expenses


35,236


37,500


103,680


104,948














Non-GAAP revenues, net of interest and transaction-based expenses


184,388


235,427


606,639


681,913














GAAP other expenses


191,319


229,456


605,444


649,083



Amortization of intangibles


(2,922)


(3,130)


(8,762)


(9,235)



Closure of certain desks in Asia


(637)


-


(1,578)


-



Writedown of available for sale securities


(2,662)


-


(5,362)


-



Gain on settlement of pre-acquisition receivable


-


-


-


942



Debt redemption costs


-


(5,975)


-


(5,975)



Writedown of investments in unconsolidated affiliates


-


(2,255)


-


(2,255)



Non-GAAP other expenses


185,098


218,096


589,742


632,560














Non-GAAP pre-tax (loss) income 


(710)


17,331


16,897


49,353














Income tax impact on Non-GAAP items


4,987


2,796


6,265


7,214



Plus: Non-operating adjustment for the recognition of a tax benefit related to the
repatriation of international profits


(5,284)


-


(5,284)


-



Plus: Non-operating adjustment for the recognition of a tax benefit related to interest
income between international affiliates


(2,611)


-


(2,611)


-



Non-GAAP (benefit) provision for income taxes


(1,270)


5,680


5,069


14,806














Less: Net (loss) income attributable to non-controlling interests


(112)


57


51


558














GFI's Non-GAAP net income


$             672


$       11,594


$       11,777


$       33,989














Non-GAAP diluted net income per share


$            0.01


$            0.09


$            0.10


$            0.27














Pre-tax adjustments to arrive at cash earnings











Amortization of RSUs


7,751


7,777


24,633


23,186



Amortization of prepaid sign-on and retention bonuses


6,296


5,803


18,932


17,297



Depreciation and other amortization


6,324


6,860


18,740


20,430



Total pre-tax adjustments to cash earnings


20,371


20,440


62,305


60,913














Non-GAAP pre-tax cash earnings from ongoing operations


19,661


37,771


79,202


110,266














Non-GAAP (benefit) provision for income taxes


(1,270)


5,680


5,069


14,806














Less: Net (loss) income attributable to non-controlling interests


(112)


57


51


558














GFI's Non-GAAP net cash earnings from ongoing operations


$       21,043


$       32,034


$       74,082


$       94,902














Non-GAAP cash earnings per share


$            0.17


$            0.26


$            0.60


$            0.75














Weighted average shares outstanding - diluted


122,394,648


125,420,736


123,570,110


127,052,814













 

 

GFI Group Inc.














Adjusted EBITDA




























($ in '000's, except share and per share amounts)


3Q11


4Q11


1Q12


2Q12


3Q12


Last twelve
months (LTM)
















Net income (loss) per U.S. GAAP before attribution to non-controlling interests


$          6,122


$      (22,085)


$          4,940


$          5,335


$        (8,805)


















Plus: Net (income) loss attributable to non-controlling interests


(57)


(58)


(148)


(15)


112




GFI's net income (loss)


6,065