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Director of Investor Relations
Greenhill & Co., Inc.
GREENHILL & CO. REPORTS FIRST QUARTER LOSS PER SHARE OF $0.02
|||Total quarterly revenues of $56.9 million, down 15% from prior years first quarter as completion fees for the quarter related to relatively small transactions|
|||Compensation costs similar to last years first quarter, but compensation ratio elevated as a result of lower revenues|
|||Earnings negatively impacted by tax charge of $2.1 million related to mandatory new accounting for tax effect of vesting of restricted stock awards, which resulted in reported net loss|
|||Repurchased 423,556 shares of our common stock equivalents during the quarter from our employees in settlement of tax liabilities upon vesting of restricted stock units|
|||Recruited 6 Managing Directors, including 2 who extend our reach into the Spanish market|
NEW YORK, NEW YORK, April 27, 2017 Greenhill & Co., Inc. (NYSE: GHL) today reported revenues of $56.9 million, a net loss allocated to common stockholders of $0.7 million and a diluted loss per share of $0.02 for the quarter ended March 31, 2017.
The Firms first quarter earnings results were negatively impacted by a tax charge of $2.1 million, which was required under new accounting guidance effective for 2017 related to the tax effect, at the time of the vesting of restricted stock awards, of the difference between the grant price value and the market price value of the awards. Prior to this accounting change, we reported the tax effect of the vesting of restricted stock awards as an adjustment to equity and not to the provision for income taxes. Excluding this charge, and if we had reported under accounting guidance prior to 2017, the Firms first quarter 2017 net income allocated to common stockholders would have been $1.4 million and diluted earnings per share would have been $0.04.
The Firms first quarter 2017 revenues compare to revenues of $66.9 million for the first quarter of 2016, which represents a decrease of $10.0 million, or 15%. The Firms first quarter net loss allocated to common stockholders and diluted loss per share compare to net income of $4.4 million and diluted earnings per share of $0.14 for the first quarter of 2016.
The Firms revenues and net income can fluctuate materially depending on the number, size and timing of completed transactions on which it advised and other factors. Accordingly, the revenues and net income in any particular period may not be indicative of future results.
The following information was filed by Greenhill Co Inc (GHL) on Thursday, April 27, 2017 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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