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GFIG: Cash merger; GFIG acquired by BGC Partners, Inc. (NASDAQ: BGCP); for every 1 share of GFIG shareholders have the right to receive $6.10 in cash.
FINRA deleted symbol:
http://otce.finra.org/DLDeletions
GFIG delisted from NYSE to the OTC:
http://otce.finra.org/DailyList
i wonder what cash offer is?
Tricky trading here gaps, shakes and jumps.
GFIG Video Chart 8/14/2013
http://www.missionir.com/videos.html
~ $GFIG ~ Daily Par Sar Buy Signal ~ Criteria alert triggered during a recent trading session!
$GFIG has just triggered the "Parabolic SAR Buy Signals" scan criteria at Stockcharts.com
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c
Today's the day to ride the Waive! Grab your board cuz here comes the swell!
~ Monday! $GFIG ~ Earnings posted, pending or coming soon! In Charts and Links Below!
~ $GFIG ~ Earnings expected on Monday *
Want more like this? Search Keyword: MACMONEY >>> http://tinyurl.com/MACMONEY <<<
One or more of many earnings sites has alerted this security has or will be posting earnings on or around the day of this message.
http://stockcharts.com/h-sc/ui?s=GFIG&p=D&b=3&g=0&id=p88783918276&a=237480049
http://stockcharts.com/h-sc/ui?s=GFIG&p=W&b=3&g=0&id=p54550695994
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~ Yahoo! Finance ~ Stats: http://finance.yahoo.com/q/ks?s=GFIG+Key+Statistics
~ Yahoo! Finance ~ Profile: http://finance.yahoo.com/q/pr?s=GFIG
Finviz: http://finviz.com/quote.ashx?t=GFIG
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*If the earnings date is in error please ignore error. I do my best.
GFI Group Inc. to Acquire The Kyte Group Limited and Kyte Capital Management Limited, Providers of Clearing, Broking, Investment Services and Seed Capital to Financial Market Traders
Acquisition Strengthens GFI's Position Within Exchange-Traded Markets and Enhances Its Service Offerings
NEW YORK, NY, Jun 21, 2010 (MARKETWIRE via COMTEX) -- GFI Group Inc. (NASDAQ: GFIG) ("GFI") announced today that it has agreed to acquire The Kyte Group Limited ("KGL") and Kyte Capital Management ("KCM") (together "Kyte"). Kyte, which is a member of leading exchanges including NYSE Euronext, NYSE LIFFE and Eurex, provides clearing, broking, settlement and back-office services to proprietary traders, brokers, market makers and hedge funds. In addition, Kyte provides seed capital to start-up trading groups, small hedge funds, market-makers and individual sole traders.
Kyte, a privately held company, was established in London in 1985 by David Kyte. For Kyte's fiscal year ended March 31, 2009, the combined Kyte companies had £115.4 million in revenues, £22.5 million in gross profit and £11.7 million in pre-tax profit, on a UK GAAP basis, excluding noncontrolling interests. For Kyte's fiscal year ended March 31, 2010, pre-tax profit is preliminarily expected to be between £6.0 and £7.0 million on a UK GAAP basis after excluding noncontrolling interests.
Kyte has established a reputation as one of the leading providers of clearing, risk management and settlement services in its target markets. Kyte's customers are able to use Kyte's exchange memberships in order to trade exchange listed, traditional and alternative investment instruments including financial futures and options, cash stocks, cash bonds, warrants, foreign exchange and commodity derivatives.
Upon the closing of the transaction, GFI expects to pay approximately GBP 38.3 million, subject to the adjustments described below, to acquire a 70% equity ownership interest in Kyte. The purchase price will be made up of approximately £22.4 million in cash, financed from GFI's internal cash resources, and shares of GFI common stock with an approximate value of £15.9 million. The final purchase price will be subject to various adjustments, based on the price of GFI stock and the amount of Kyte's surplus capital at closing and the satisfaction of certain legal, financial and other criteria. In addition, GFI will acquire the residual 30% equity interest in Kyte and its affiliates for a further cash payment, which will be calculated based on the performance of Kyte during the three year period ending June 30, 2013. GFI anticipates the transaction will be accretive to non-GAAP earnings in the calendar year of 2010.
Michael Gooch, Chairman and Chief Executive Officer of GFI, commented: "We believe the acquisition of Kyte and, in particular, its expertise in the listed derivatives markets and its proven risk management and clearing platforms, will position GFI well in an environment favoring standardized, exchange traded products. David Kyte is a highly respected entrepreneur in the London trading community and we are delighted to be bringing his innovative business into the GFI group of companies."
David Kyte, Founder of Kyte, said: "Teaming up with GFI will allow Kyte to benefit from GFI's greater scale and resources and position Kyte to profit from attractive growth opportunities in its core markets in the future."
The transaction, which has been approved by the Financial Services Authority (FSA), is expected to close in July 2010 upon satisfaction of certain customary conditions.
About GFI Group Inc. www.gfigroup.com
GFI Group Inc. (NASDAQ: GFIG) is a leading provider of wholesale brokerage, electronic execution and trading support products for global financial markets. GFI Group Inc. provides brokerage services, market data, trading platform and analytics software products to institutional clients in markets for a range of fixed income, financial, equity and commodity instruments.
Headquartered in New York, GFI was founded in 1987 and employs more than 1,700 people with additional offices in London, Paris, Hong Kong, Seoul, Tokyo, Singapore, Sydney, Cape Town, Santiago, Dubai, Dublin, Tel Aviv, Calgary, Englewood (NJ) and Sugar Land (TX). GFI Group Inc. provides services and products to over 2,400 institutional clients, including leading investment and commercial banks, corporations, insurance companies and hedge funds. Its brands include GFI(SM), GFInet(R), CreditMatch(R), GFI ForexMatch(R), EnergyMatch(R), FENICS(R), Starsupply(R), Amerex(R), and Trayport(R).
About Kyte
KGL (www.kytegroup.com) provides clearing and settlement services to professional 'expert' traders who transact business on the world's leading exchanges. KGL offers clearing services, risk management, financing and direct market access to proprietary traders, brokers, market makers and hedge funds. KGL provides comprehensive market access to exchange-listed, traditional and alternative investment instruments including financial futures and options, cash stocks, cash bonds, warrants, Forex and commodity derivatives. KGL consistently ranks in the top 5 companies on NYSE LIFFE and in the top 20 on Eurex by volume traded.
KGL and its subsidiaries, Kyte Broking Limited and Kyte Capital Advisors LLP, are separately authorised and regulated by the Financial Services Authority.
KCM (www.kytecapital.com) is an investment vehicle that provides seed capital to start-up trading groups, small hedge funds, market-makers, individual sole traders and developers of algorithmic trading systems.
Forward-looking statement
Certain matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "might," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of GFI Group Inc. (the "Company") and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: economic, political and market factors affecting trading volumes; securities prices or demand for the Company's brokerage services; competition from current and new competitors; the Company's ability to attract and retain key personnel, including highly-qualified brokerage personnel; the Company's ability to identify and develop new products and markets; changes in laws and regulations governing the Company's business and operations or permissible activities; the Company's ability to manage its international operations; financial difficulties experienced by the Company's customers or key participants in the markets in which the Company focuses its brokerage services; the Company's ability to keep up with technological changes; uncertainties relating to litigation and the Company's ability to assess and integrate acquisition prospects. Further information about factors that could affect the Company's financial and other results is included in the Company's filings with the Securities and Exchange Commission. The Company does not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
= IR =
Investor Relations Contact:
Christopher Giancarlo
Executive Vice President - Corporate Development
212-968-2992
Email Contact
Chris Ann Casaburri
Investor Relations Manager
212-968-4167
Email Contact
Patricia Gutierrez
Vice President - Public Relations
212-968-2964
Email Contact
SOURCE: GFI Group
CONTACT: http://www2.marketwire.com/mw/emailprcntct?id=2A380EE6ED108E23
http://www2.marketwire.com/mw/emailprcntct?id=F84CB65746B71C2F
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Copyright 2010 Marketwire, Inc., All rights reserved.
-0-
SUBJECT CODE: Computers and Software:Software
Financial Services
DRUB HOWLETY INC. INVESTMENT GROuP BEGINS MONITORING OF GFI GROUP
Reno, Nevada (M2 Presswire June 22, 2010)-- Drub Howlety Inc., a private investment group, today issued the following excerpts from the securities it is following. Today, DHI is monitoring GFI Group, Inc. (NASDAQ: GFIG).
GFI Group, Inc. shocked the trading industry when it announced it agreed to purchase the Kyte Group Limited and Kyte Capital Management, a company that provides clearing, broking, settlement, and back-office services to proprietary traders, brokers, market makers, and hedge funds. GFI said it expects to pay approximately over $56 million, subject to the adjustments described below, to acquire a 70% equity ownership interest in Kyte. GFI anticipates the transaction will be accretive to non-GAAP earnings in the calendar year of 2010.
From time to time, Drub Howlety Inc. and its affiliates trade in the securities we discuss. We buy and sell stock on the open market at any time. We may be buying or selling the stocks we mention. We were not compensated for this news summary.
It sure is dark, any good news about. At least I think they are still paying a dividend.
When its dark is usually a good time to come in. Especially with the break up of a lot of big boys.
thanks for the heads-up. Back on radar.
Super Tank!
April 28, 2008 - 4:15 PM EDT
GFI Group Inc. Announces Record First Quarter 2008 Results; Declares Quarterly Cash Dividend
- GAAP Revenues: Up 31% to $314.6 Million
- GAAP Net Income: Up 46% to $36.0 Million or $0.30 per Diluted Share
- Non-GAAP Net Income: Up 51% to $38.1 Million or $0.32 per Diluted Share
- Board of Directors Declares Quarterly Cash Dividend of $0.03 per Share
NEW YORK, April 28 /PRNewswire-FirstCall/ -- GFI Group Inc. (Nasdaq: GFIG), an inter-dealer brokerage, market data, trading platform and analytical software provider for global cash and derivative markets, today announced financial results for the first quarter ended March 31, 2008.
Highlights
* Total revenues for the first quarter of 2008 increased 31% to a record
of $314.6 million. In the first quarter of 2007, total revenues were
$240.3 million.
* Brokerage revenues for the first quarter of 2008 rose 28% over the
first quarter of 2007, with strong growth in all product categories --
credit, financial, equity and commodity, which increased 31%, 16%, 40%
and 22%, respectively. Brokerage revenues year over year for the first
quarter increased in all geographic regions, with growth particularly
strong in Europe and Asia-Pacific, which rose 39% and 60%,
respectively, with an increase in North America of 11%.
* There were 1,048 brokerage personnel at the end of the first quarter of
2008, representing a net increase of 58 brokerage personnel from the
first quarter of 2007.
* Compensation and employee benefits expense was 61.4% of total revenues
in the first quarter of 2008 compared with 63.0% in the first quarter
of 2007.
* Non-compensation expense as a percentage of revenues was 20.3% for the
first quarter of 2008 compared with 19.8% in first quarter of 2007. On
a non-GAAP basis, non-compensation expense as a percentage of revenues
was 19.2% in the first quarter of 2008 compared with 19.4% in the first
quarter of 2007.
* Net income for the first quarter of 2008 increased 46% to $36.0
million, or $0.30 per diluted share, compared with $24.7 million, or
$0.21 per diluted share, in the first quarter of 2007. On a non-GAAP
basis, net income for the first quarter of 2008 rose 51% to $38.1
million, or $0.32 per diluted share, compared with $25.3 million, or
$0.21 per diluted share, for the first quarter of 2007. Per share
amounts have been adjusted to reflect the Company's 4-for-1 stock split
effective March 31, 2008.
Michael Gooch, Chairman and Chief Executive Officer of GFI, commented: 'The first quarter was a record for GFI. GFI performed well in all product areas. Equity markets remained active in the first quarter of 2008, leading to a 40% year-over-year increase in our revenues from equity products following their record growth in the fourth quarter. This was accompanied by a 31% increase in credit product revenues over the first quarter of 2007, which reached a record $111 million, and demonstrated a 52% increase sequentially. Our European desks made a major contribution to the increases in both product categories, supported by growth from other regions.
'Commodity product revenues increased 22% over the first quarter of 2007. We saw continued strong growth in dry freight derivatives in Europe and Asia-Pacific and metals in Europe. This was accompanied by increases in electric power and natural gas products in North America.
'Financial product revenues rose 16% from the first quarter of 2007, with the Asia-Pacific region leading the growth due to increases in emerging market currency and interest rate derivatives. Recently we have expanded our presence in the Middle East with the addition of our new offices in Dubai and Tel Aviv.
'Our electronic trading initiatives continue to be a focus of management, as we continue to add functionality and scale to our ForexMatch(TM), CreditMatch(R) and EnergyMatch(R) platforms. Our trading platforms continue to gain traction with increased electronic trading activity year over year. We remain committed to fostering customer relationships through our hybrid strategy of 'melding man and machine,' as well as introducing electronic trading, STP and analytics wherever possible with a goal of increasing market share and broker productivity.
'Looking forward, we expect our growth to continue in the second quarter of 2008, with brokerage revenues expected to increase between 18% and 23% compared with the second quarter of 2007. Our forecast takes into account the competitive forces we are confronting for our brokerage personnel amidst the departure of a number of credit product brokers from our New York office.'
Mr. Gooch concluded: 'Ultimately, we believe that our economic and strategic model is the only viable course for success in our markets over the longer term. We will continue to execute our plan to provide our brokerage personnel with sophisticated technology to further their success and that of our customers. We also will remain fully focused on building shareholder value and are pleased to declare a cash dividend of 3 cents a share for the quarter.'
Revenues
For the first quarter of 2008, total revenues increased 31% to $314.6 million compared with $240.3 million in the first quarter of 2007.
Brokerage revenues rose 28% to $298.2 million in the first quarter of 2007 and included a 31% increase in credit products, a 16% increase in financial products, a 40% increase in equity products and a 22% increase in commodity products compared, in each case, with the first quarter of 2007.
Revenues from analytics, trading platform and data products for the first quarter of 2008 more than doubled to $11.3 million from $5.3 million in the same period of 2007 and included two months of revenues from Trayport, acquired by GFI on January 31, 2008, totaling $5.5 million.
By geographic region, first quarter 2008 brokerage revenue growth increased 11% in North America, 39% in Europe and 60% in Asia-Pacific over the first quarter of 2007.
Expenses
For the first quarter of 2008, compensation and employee benefit expense was $193.2 million, or 61.4% of total revenues, compared with $151.5 million, or 63.0% of total revenues in the first quarter of 2007 and $151.0 million, or 61.1% of total revenues, in the fourth quarter of 2007.
Non-compensation expense for the first quarter of 2008 was $63.8 million or 20.3% of total revenues. This compares with $47.7 million, or 19.8% of total revenues, in the first quarter of 2007 and $61.0 million or 24.7% of total revenues in the fourth quarter of 2007. On a non-GAAP basis, non-compensation expense for the first quarter of 2008 was 19.2% of total revenues compared with 19.4% in the first quarter of 2007 and 23.5% in the fourth quarter of 2007.
Earnings
On a GAAP basis, net income for the first quarter of 2008 increased 46% to $36.0 million, or $0.30 per diluted share, compared with $24.7 million or $0.21 per diluted share in the first quarter of 2007. On a non-GAAP basis, net income for the first quarter of 2008 rose 51% to $38.1 million, or $0.32 per diluted share, compared with $25.3 million or $0.21 for the first quarter of 2007. Per share amounts have been adjusted to reflect the Company's 4-for-1 stock split effective March 31, 2008.
Non-GAAP Financial Measures
To supplement GFI's unaudited financial statements presented in accordance with GAAP, the Company uses certain non-GAAP measures of financial performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP, and may be different from non-GAAP financial measures used by other companies. In addition, these non-GAAP measures have limitations in that they do not reflect all of the amounts associated with the Company's results of operations as determined in accordance with GAAP. The non-GAAP financial measures used by GFI include non-GAAP revenues, non-GAAP net income and non-GAAP diluted earnings per share. These non-GAAP financial measures currently exclude amortization of acquired intangibles and certain other items that management views as non-operating or non-recurring from the Company's statement of income as detailed below.
In addition, GFI may consider whether other significant non-operating or non-recurring items that arise in the future should also be excluded in calculating the non-GAAP financial measures it uses. The non-GAAP financial measures also take into account income tax adjustments with respect to the excluded items.
GFI believes that these non-GAAP financial measures, when taken together with the corresponding GAAP financial measures, provide meaningful supplemental information regarding the Company's performance by excluding certain items that may not be indicative of the Company's core business, operating results or future outlook. GFI's management uses, and believes that investors benefit from referring to these non-GAAP financial measures in assessing the Company's operating results, as well as when planning, forecasting and analyzing future periods. These non-GAAP financial measures also facilitate comparisons of the Company's performance to prior periods.
In addition to the reasons stated above, which are generally applicable to each of the items GFI excludes from its non-GAAP financial measures, the Company believes it is appropriate to exclude amortization of acquired intangibles because when analyzing the operating performance of an acquired business, GFI's management focuses on the total return provided by the investment (i.e., operating profit generated from the acquired entity as compared to the purchase price paid) without taking into consideration any charges for allocations made for accounting purposes. Further, because the purchase price for an acquisition necessarily reflects the accounting value assigned to intangible assets, when analyzing the operating performance of an acquisition in subsequent periods, the Company's management excludes the GAAP impact of acquired intangible assets on its financial results. GFI's presentation of non-GAAP financial measures does include interest charges related to financing of acquisitions when analyzing the operating performance of an acquisition in subsequent periods. GFI believes that such an approach is useful in understanding the long-term return provided by an acquisition and that investors benefit from a supplemental non-GAAP financial measure that excludes the accounting expense associated with acquired intangible assets.
Set forth below is specific detail regarding items excluded in our non-GAAP financial measures. A reconciliation of the non-GAAP to GAAP figures follows this press release.
In the first quarter of 2008, there was no difference between GAAP and non-GAAP revenues. The difference between GAAP and non-GAAP net income was $2.1 million and reflected for non-GAAP purposes:
* The exclusion of $1.2 million of amortization on all acquired
intangible assets.
* The exclusion of items related to the planned relocation of the
Company's New York offices to larger premises scheduled for the second
and third quarter of 2008, including:
-- $0.8 million of duplicate rent expense;
-- $1.4 million of accelerated depreciation expense related to assets
to be abandoned.
* The effect of adjusting for these items would increase the Company's
income tax expense by $1.3 million.
In the first quarter of 2007, there was no difference between GAAP and non-GAAP revenues. The difference between GAAP and non-GAAP net income was $0.6 million and reflected for non-GAAP purposes:
* The exclusion of $1.0 million of amortization on all acquired
intangible assets.
* The effect of adjusting for this item would increase the Company's
income tax expense by $0.4 million.
Dividend Declaration
The Board of Directors of GFI Group has declared a quarterly cash dividend of $0.03 per share payable on May 15, 2008 to shareholders of record on May 1, 2008.
Conference Call
GFI has scheduled an investor conference call at 8:30 a.m. (Eastern Time) on Tuesday, April 29, 2008 to review its first quarter 2008 financial results and business outlook. Those wishing to listen to the live conference call via telephone should dial 866.356.4281 in North America, passcode 14180147 and +1 617.597.5395 in Europe, same passcode. A live audio web cast of the conference call will be available on the Investor Relations section of GFI's Web site. For web cast registration information, please visit the Investor Relations page at http://www.gfigroup.com. Following the conference call, an archived recording will be available at the same site.
Supplementary Financial Information
GFI Group has posted details of its historical monthly brokerage revenues on the Investor Relations page of its web site under the heading Supplementary Financial Information. The Company currently plans to post this information quarterly in conjunction with its announcement of earnings, but does not undertake a responsibility to continue to provide or update such information.
About GFI Group Inc.
GFI Group Inc. (http://www.GFIgroup.com) is a leading inter-dealer broker specializing in over-the-counter derivatives products and related securities. GFI Group Inc. provides brokerage services, market data, trading platform and analytics software products to institutional clients in markets for a range of credit, financial, equity and commodity instruments.
Headquartered in New York, GFI was founded in 1987 and employs more than 1,700 people with additional offices in London, Paris, Hong Kong, Seoul, Tokyo, Singapore, Sydney, Cape Town, Dubai, Tel Aviv, Calgary, Englewood (NJ) and Sugar Land (TX). GFI provides services and products to over 2,200 institutional clients, including leading investment and commercial banks, corporations, insurance companies and hedge funds. Its brands include GFI(TM), GFInet(R), CreditMatch(R), GFI ForexMatch(TM), EnergyMatch(R), FENICS(R), Starsupply(R), Amerex(R), and Trayport(R).
Forward-looking statements
Certain matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words 'anticipate,' 'believe,' 'estimate,' 'may,' 'might,' 'intend,' 'expect' and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: acquisitions by us of businesses or technologies; economic, political and market factors affecting trading volumes, securities prices or demand for the Company's brokerage services; competition from current and new competitors; the Company's ability to attract and retain key personnel, including highly-qualified brokerage personnel; the Company's ability to identify and develop new products and markets; changes in laws and regulations governing the Company's business and operations or permissible activities; the Company's ability to manage its international operations; financial difficulties experienced by the Company's customers or key participants in the markets in which the Company focuses its brokerage services; the Company's ability to keep up with technological changes; and uncertainties relating to litigation. Further information about factors that could affect the Company's financial and other results is included in the Company's filings with the Securities and Exchange Commission. The Company does not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
GFI Group Inc. and Subsidiaries
Consolidated Statements of Income (unaudited)
(In thousands except share and per share data)
Three Months Ended
March 31,
2008 2007
REVENUES:
Brokerage revenues:
Agency commissions $239,089 $184,525
Principal transactions 59,094 48,377
Total brokerage revenues 298,183 232,902
Analytics and market data 11,259 5,326
Contract revenue 13 -
Interest income 2,683 2,102
Other income (loss) 2,462 (13)
Total revenues 314,600 240,317
EXPENSES:
Compensation and employee benefits 193,198 151,508
Communications and market data 11,181 10,456
Travel and promotion 11,723 8,836
Rent and occupancy 6,614 5,561
Depreciation and amortization 7,922 5,227
Professional fees 5,012 3,569
Clearing fees 11,202 7,529
Interest 3,085 1,849
Other expenses 7,086 4,649
Contract costs 6 -
Total expenses 257,029 199,184
INCOME BEFORE PROVISION FOR
INCOME TAXES 57,571 41,133
PROVISION FOR INCOME TAX 21,589 16,453
NET INCOME $35,982 $24,680
Basic earnings per share $0.31 $0.21
Diluted earnings per share $0.30 $0.21
Weighted average shares outstanding
- basic 117,736,242 115,176,794
Weighted average shares outstanding
- diluted 119,975,020 118,111,251
GFI Group Inc. and Subsidiaries
Consolidated Statements of Income
As a Percentage of Total Revenues
Three Months Ended
March 31,
2008 2007
REVENUES:
Brokerage revenues:
Agency commissions 76.0% 76.8%
Principal transactions 18.8% 20.1%
Total brokerage revenues 94.8% 96.9%
Analytics and market data 3.6% 2.2%
Contract revenue 0.0% 0.0%
Interest income 0.9% 0.9%
Other income 0.8% 0.0%
Total revenues 100.0% 100.0%
EXPENSES:
Compensation and employee benefits 61.4% 63.0%
Communications and market data 3.6% 4.4%
Travel and promotion 3.7% 3.7%
Rent and occupancy 2.1% 2.3%
Depreciation and amortization 2.5% 2.2%
Professional fees 1.6% 1.5%
Clearing fees 3.6% 3.1%
Interest 1.0% 0.8%
Other expenses 2.3% 1.9%
Contract costs 0.0% 0.0%
Lease termination costs to affiliate 0.0% 0.0%
Total expenses 81.7% 82.9%
INCOME BEFORE PROVISION FOR
INCOME TAXES 18.3% 17.1%
PROVISION FOR INCOME TAX 6.9% 6.8%
NET INCOME 11.4% 10.3%
GFI Group Inc. and Subsidiaries
Selected Financial Data (unaudited)
(Dollars in thousands)
Three Months Ended
March 31,
2008 2007
Brokerage Revenues by Product Categories:
Credit $ 110,695 $ 84,811
Financial 52,020 45,001
Equity 78,716 56,383
Commodity 56,752 46,707
Total brokerage revenues $ 298,183 $ 232,902
Brokerage Revenues by Geographic Region:
North America $ 119,456 $ 107,199
Europe 149,551 107,497
Asia-Pacific 29,176 18,206
Total brokerage revenues $ 298,183 $ 232,902
March 31, December 31,
2008 2007
Consolidated Statement of Financial
Condition Data:
Cash and cash equivalents $ 268,160 $ 240,393
Total assets (1) $1,237,524 975,814
Total debt, including current portion 246,498 55,291
Stockholders' equity 467,560 452,193
Selected Statistical Data:
Brokerage personnel headcount (2) 1,048 1,037
Employees 1,734 1,599
Broker productivity for the period (3) $ 283 $ 226
(1) Total assets include receivables from brokers, dealers and clearing
organizations of $342.2 million and $317.8 million at March 31, 2008
and December 31, 2007, respectively. These receivables primarily
represent securities transactions entered into in connection with our
matched principal business which have not settled as of their stated
settlement dates. These receivables are substantially offset by
corresponding payables to brokers, dealers and clearing organizations
for these unsettled transactions.
(2) Brokerage personnel headcount includes brokers, trainees and clerks.
(3) Broker productivity is calculated as brokerage revenues divided by
average monthly brokerage personnel headcount for the quarter.
GFI Group Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Financial Measures (unaudited)
(In thousands except per share data)
Three Months Ended
March 31,
2008 2007
Total Revenues $314,600 $240,317
GAAP expenses 257,029 199,184
Non-operating adjustments:
Amortization of intangibles (1,164) (1,024)
Duplicate rent (849) -
Accelerated depreciation (1,365) -
Total (a) (3,378) (1,024)
Non-GAAP operating expenses 253,651 198,160
GAAP income before income tax provision 57,571 41,133
Sum of reconciling items = (a) 3,378 1,024
Non-GAAP income before income tax provision 60,949 42,157
GAAP income tax provision 21,589 16,453
Income tax benefit on non-operating loss (b) 1,267 410
Non-GAAP income tax provision 22,856 16,863
GAAP net income 35,982 24,680
Sum of reconciling items = (a) - (b) 2,111 614
Non-GAAP net income $ 38,093 $ 25,294
GAAP basic net income per share $ 0.31 $ 0.21
Basic non-operating income per share $ 0.01 $ 0.01
Non-GAAP basic net income per share $ 0.32 $ 0.22
GAAP diluted net income per share $ 0.30 $ 0.21
Diluted non-operating income per share $ 0.02 $ 0.00
Non-GAAP diluted net income per share $ 0.32 $ 0.21
SOURCE GFI Group Inc.
Source: PR Newswire (April 28, 2008 - 4:15 PM EDT)
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current annual net income is 95 million / 118 million shares is annual cash dividend @ 15% of 80 cents per share.
(taking no consideration for quarterly yoy rev growth of 27% and net income growth of 88%)
@ 15/sh dividend yield would be 80c/sh or 5.3%
I agree see you at 30 this year. mutual funds will buy this aggressively.
RonnieD- The next major upward move will be when the Co. declares the dividend they are going to start. I believe it was to be 15% of net profits & this will attract a whole new set of buyers. REGARDS
great grab.. the drop was overdone, as was the drop on others in this sector. Today we saw the beginning of a recovery for the sector and I believe GFI is making room for more institutional investment which is the reason for the 4-1 instead of a 2-1.
I see 18 in May for starters.
great fundamentals and a possible takeover/merger target also.
Insiders bought pre-split:
March 19, 2008 - 12:54 PM EDT
GFI Group Inc. Directors Purchase Shares
NEW YORK, March 19 /PRNewswire-FirstCall/- GFI Group Inc. (Nasdaq: GFIG) reported today that all six members of its Board of Directors have individually purchased GFI shares in the open market in the past three trading days. The aggregate number of shares purchased was approximately 30,800 shares and the amount invested totalled approximately $1.75 million.
About GFI Group Inc.
GFI Group Inc. (http://www.GFIgroup.com) is a leading inter-dealer broker specializing in over-the-counter derivatives products and related securities. GFI Group Inc. provides brokerage services, market data and analytics software products to institutional clients in markets for a range of credit, financial, equity and commodity instruments.
Headquartered in New York, GFI was founded in 1987 and employs more than 1,600 people with additional offices in London, Paris, Hong Kong, Seoul, Tokyo, Singapore, Sydney, Cape Town, Calgary, Englewood (NJ) and Sugar Land (TX). GFI provides services and products to over 2,200 institutional clients, including leading investment and commercial banks, corporations, insurance companies and hedge funds. Its brands include GFI(TM), GFInet(R), CreditMatch(R), GFI ForexMatch(TM), EnergyMatch(R), FENICS(R), Starsupply(R), Amerex(R), and Trayport(R).
Forward-looking statements
Certain matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words 'anticipate,' 'believe,' 'estimate,' 'may,' 'might,' 'intend,' 'expect' and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward- looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: economic, political and market factors affecting trading volumes, securities prices or demand for the Company's brokerage services; competition from current and new competitors; the Company's ability to attract and retain key personnel, including highly- qualified brokerage personnel; the Company's ability to identify and develop new products and markets; changes in laws and regulations governing the Company's business and operations or permissible activities; the Company's ability to manage its international operations; financial difficulties experienced by the Company's customers or key participants in the markets in which the Company focuses its brokerage services; the Company's ability to keep up with technological changes; and uncertainties relating to litigation. Further information about factors that could affect the Company's financial and other results is included in the Company's filings with the Securities and Exchange Commission. The Company does not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE GFI Group Inc.
Source: PR Newswire (March 19, 2008 - 12:54 PM EDT)
News by QuoteMedia
www.quotemedia.com
I bought some at $70 & when it made that big drop to $32 I bought a load at $39 & have been smiling since. The split at under $15 was amazing & I see $30 at years end.
i picked up some stock and calls here last Thursday, today it splits 4-1. Hope it holds 15 I see 20-25 by summer
Got beat up with the banking "crisis" ala BSC.
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