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04.05.2017 22:05
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PR Newswire
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GAIN Capital Reports First Quarter 2017 Results
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PR Newswire
BEDMINSTER, N.J., May 4, 2017
BEDMINSTER, N.J., May 4, 2017 /PRNewswire/ --
Key Results and Highlights for the First Quarter
- Reported GAAP net loss of $18.9 million, or $0.39 per share
- Completed acquisition and integration of FXCM U.S. client assets, resulting in the transfer of over $140 million in client assets to the FOREX.com platform and nearly 13,000 active accounts in the quarter
- Grew retail client assets by 18% year-over-year
- Increased institutional average daily volume by approximately 36% year-over-year
- Repurchased 612,423 shares for a gross value of $4.7 million
GAIN Capital Holdings, Inc. ("GAIN") (NYSE: GCAP), a leading global provider of online trading services, announced financial results for the first quarter of 2017.
Net revenue for the quarter was $59.6 million, down from $115.6 million in the first quarter of 2016. GAAP Net Loss of $18.9 million for the quarter compared to $8.4 million of net income in the first quarter of 2016. Adjusted EBITDA for the quarter was $(13.4) million, down from $31.7 million in the first quarter of 2016. GAIN's financial highlights are included in the chart below.
| | Three Months Ended | ||||||
| | 2017 | | 2016 | ||||
| Net Revenue | $ | 59.6 | | | $ | 115.6 | |
| Operating Expenses | (73.0) | | | (83.9) | | ||
| Adjusted EBITDA(1) | $ | (13.4) | | | $ | 31.7 | |
| | | | | ||||
| Net (Loss)/Income | $ | (18.9) | | | $ | 8.4 | |
| Adjusted Net (Loss)/Income(1) | $ | (18.6) | | | $ | 16.9 | |
| | | | | ||||
| Diluted GAAP EPS | $ | (0.39) | | | $ | 0.17 | |
| Adjusted EPS(1) | $ | (0.39) | | | $ | 0.35 | |
| | |
| Note: Dollars in millions, except per share amounts and where noted otherwise. Columns may not add due to rounding. | |
| 1See below for reconciliation of non-GAAP financial measures. | |
"Although the first two months of the year presented challenging market fundamentals for our business, characterized by low volatility and narrow average trading ranges, we remain optimistic about the growth prospects for the company," commented Glenn Stevens, CEO of GAIN Capital. "Market conditions improved in March and have continued to improve in April, with revenue capture returning to a normalized level consistent with our trailing twelve month average of $107 per million. Strong Q1 retail operating metrics, highlighted by 18 percent growth in client assets, reflect the opportunity for market share gains as we optimize our position as the #1 provider of retail FX in the U.S. As we look at ways to reduce costs and more efficiently allocate capital, we continue to focus on our organic growth strategy, investing in product enhancements and customer acquisition and retention initiatives to drive increased engagement and expand our global reach."
Quarterly Operating Metrics
| | Q1 17 | Q1 16 | Year-over-year | |||||
| Retail Segment | | | | |||||
| OTC Trading Volume (1) | $ | 619.3 | | $ | 861.7 | | (28.1) | % |
| OTC Average Daily Volume | $ | 9.5 | | $ | 13.5 | | (29.6) | % |
| Active OTC Accounts (2)(3) | 136,829 | | 132,452 | | 3.3 | % | ||
| | | | | |||||
| Institutional Segment | | | | |||||
| ECN Volume (1) | $ | 759.6 | | $ | 531.6 | | 42.9 | % |
| ECN Average Daily Volume | $ | 11.7 | | $ | 8.3 | | 41.0 | % |
| Swap Dealer Volume (1) | $ | 225.5 | | $ | 186.6 | | 20.8 | % |
| Swap Dealer Average Daily Volume | $ | 3.5 | | $ | 2.9 | | 20.7 | % Werbung Mehr Nachrichten zur Gain Capital Holdings Aktie kostenlos abonnieren
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