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GAIN Capital Reports 2011 Fourth Quarter & Full-Year Results
Confluence of market factors impacted quarterly results;
key operating metrics demonstrate progress made in 2011
For full-year 2011:
Total retail trading volume increased 18.8% to $1.6 trillion
Client assets increased 20.9% to $310.4 million
EBITDA margin of 20.1%; net income margin of 8.7%
BEDMINSTER, N.J., February 28, 2012 GAIN Capital Holdings, Inc. (GAIN) (NYSE: GCAP), a leading global provider of online trading services, announced its results for the fourth quarter and twelve months ended December 31, 2011.
Fourth quarter market conditions reflected an unusual confluence of factors that caused us to report a loss for the period. There was a drop-off in market volatility, spikes of market uncertainty, and very tight trading ranges in major currencies such as the Euro and Yen. These dynamics, which contributed to a 18.2% sequential decrease in retail trading volumes, altered the composition of our order flow and impacted our ability to optimize spread capture. Throughout the quarter, we nonetheless continued to invest in being the best service provider in our asset class. We are confident that our ongoing focus on customers will enable us to continue to drive growth of a loyal client base going forward, said Glenn Stevens, Chief Executive Officer.
Despite these exceptional factors, we achieved a 20.1% EBITDA margin for the full year, and the underlying business remained strong. Retail trading volume was up 18.8% for the full-year, while our institutional business continued to gain momentum and delivered 298.5% trading volume growth in 2011. GAIN GTX is now at an inflection point, and we expect it to become a meaningful contributor in 2012. We continue to pursue several opportunities to further expand GAINs geographic reach and product offerings in order to drive long-term growth, Mr. Stevens concluded.
(Comparisons below are referenced to FY 2010)
Net revenue of $181.5 million, compared to $189.1 million
EBITDA* of $36.6 million, compared to adjusted EBITDA* of $58.5 million; EBITDA margin of 20.1%
Net income of $15.7 million, compared to $37.8 million; net income margin of 8.7%
Adjusted net income* of $21.7 million, compared to $33.9 million
Diluted EPS of $0.40, compared to $1.00
Adjusted diluted EPS* of $0.56, compared to $0.90
Total retail trading volume up 18.8% to $1.6 trillion
Total institutional trading volume up 298.5% to $953.6 billion
Client assets up by 20.9% to $310.4 million as of December 31, 2011
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The following information was filed by Gain Capital Holdings, Inc. (GCAP) on Tuesday, February 28, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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