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|Director of Investor Relations|
|Greenhill & Co., Inc.|
GREENHILL & CO. REPORTS THIRD QUARTER LOSS PER SHARE OF $0.18
|||Total quarterly revenues of $48.1 million, down 37% from prior years third quarter due to fewer large transaction completion fees|
|||Total year to date revenues of $172.3 million, down 26% from prior year primarily due to reduced merger and acquisition revenues, particularly from non-U.S. based clients|
|||Compensation ratio for the quarter and year to date higher than our historic norm as a result of lower revenues|
|||Non-compensation costs for the quarter negatively impacted by a non-cash adjustment to the Cogent earnout and a foreign exchange loss related to our foreign operation|
|||Initiated plan for recapitalization and share repurchase plan designed to enhance long term shareholder value|
|||Completed borrowing of $350 million Term Loan B facility on October 12, 2017 to fund share repurchase of up to $285 million through a tender offer for up to 12 million common shares at $17.25 per share and additional repurchases|
|||Declared a reduced quarterly dividend of $0.05 per share in order to focus future cash flow on debt repayment|
|||Chairman and Chief Executive Officer each to purchase $10 million in newly issued common stock in connection with recapitalization plan|
NEW YORK, NEW YORK, October 18, 2017 Greenhill & Co., Inc. (NYSE: GHL) today reported revenues of $48.1 million, a net loss allocated to common stockholders of $5.9 million and a diluted loss per share of $0.18 for the quarter ended September 30, 2017.
The Firms third quarter 2017 revenues compare to revenues of $76.6 million for the third quarter of 2016, which represents a decrease of $28.5 million, or 37%. The Firms third quarter net loss allocated to common stockholders and diluted loss per share compare to net income of $13.1 million and diluted earnings per share of $0.41 for the third quarter of 2016.
For the nine months ended September 30, 2017, revenues of $172.3 million compare to $233.9 million for the comparable period in 2016, a decrease of $61.6 million, or 26%. For the nine months ended September 30, 2017, a net loss allocated to common stockholders of $0.4 million and a diluted loss per share of $0.01 compare to net income allocated to common stockholders of $37.1 million and diluted earnings per share of $1.16 for the same period in 2016.
The following information was filed by Greenhill Co Inc (GHL) on Wednesday, October 18, 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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