Broadpoint Gleacher Announces First Quarter
Results with Net Revenues of $79.3 Million
May 04, 2010 07:03 AM Eastern Daylight Time
NEW YORK--(EON: Enhanced Online News)--Broadpoint Gleacher Securities Group, Inc. (NASDAQ: BPSG),
to be renamed Gleacher & Company, Inc., reported today financial results for the first quarter ended March 31,
2010. The Company will hold a conference call this morning, May 4, 2010, at 10:00 A.M. (EDT) (See Conference
Call Information below) to discuss these results.
Highlights for the first quarter ended March 31, 2010 and March 31, 2009
Highlights of the first quarter include:
l Net revenues of $79.3 million for the first quarter of 2010, compared to $70.6 million for the first quarter of
2009. Revenue growth in the first quarter was driven principally by increased investment banking revenues.
l The pre-tax loss of $2.1 million includes $13.3 million in compensation expense associated with the
resignations of the former Chief Executive Officer and the former Chief Financial Officer.
l Annualized net revenue per employee of $0.9 million.
l Served as joint book-running manager on two notes offerings totaling $605 million and as sole dealer manager
on a $150 million debt exchange transaction.
l Eric Gleacher assumed the additional role of Chief Executive Officer.
l Announced the consolidation of the Company’s branding to Gleacher & Company.
Eric Gleacher, Chairman and Chief Executive Officer, said, “The long term growth potential of the Company was
demonstrated in the first quarter by our work on the successful Appleton and Reddy Ice note offerings. These
transactions show the strength of the full service investment banking model---attractive financing terms and strategic
advice for our corporate clients and quality investment opportunities for our institutional investor clients.”
Peter McNierney, President and Chief Operating Officer, said, “We are very pleased to have unified the branding of
the firm to Gleacher & Company and cons