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|Contact:||Richard J. Lieb,|
|Chief Financial Officer|
|Greenhill & Co., Inc.|
For Immediate Release
GREENHILL & CO. REPORTS FOURTH QUARTER
AND FULL YEAR 2011 RESULTS
Messages of support following the tragic death of two Managing Directors in December gratefully acknowledged
Advisory revenues up 51% for the fourth quarter and 20% for the full year compared to same periods in prior year, primarily driven by increase in client base
Annual advisory revenues of $303 million were second highest in history of the Firm and highest since 2007
Total revenue for quarter impacted by $14 million gain on our interest in Iridium Communications Inc. (NASDAQ: IRDM), partially offset by a $6 million write down in the value of our remaining fund investments
Compensation ratio for the fourth quarter at 50% of total revenues, for the year at 53% of total revenues, in each case before the accelerated amortization of compensation expense relating to the tragic loss of the two Managing Directors1
Pre-tax profit margin of 34% for the quarter and 26% for year, each before the accelerated compensation expense
Repurchased 258,902 shares of our common stock during the fourth quarter in open market transactions; for the full year 2011 repurchased 1,352,493 shares of our common stock and common stock equivalents2
Share repurchase authority increased to $100 million for 2012
Refers to a pre-tax charge in the fourth quarter of 2011 to compensation and benefits expense of $7.0 million for the accelerated vesting of restricted stock awards previously granted to two Managing Directors who died in an airplane accident in December 2011.
Includes 283,774 restricted stock units repurchased from employees at the time of vesting to settle tax liabilities.
The following information was filed by Greenhill Co Inc (GHL) on Wednesday, January 25, 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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