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BGC PARTNERS, INC. Reports Operating Results (10-Q)

November 09, 2010 | About:
10qk

10qk

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BGC PARTNERS, INC. (BGCP) filed Quarterly Report for the period ended 2010-09-30.

Bgc Partners, Inc. has a market cap of $723.1 million; its shares were traded at around $7.96 with a P/E ratio of 16.6 and P/S ratio of 0.6. The dividend yield of Bgc Partners, Inc. stocks is 7%.BGCP is in the portfolios of Paul Tudor Jones of The Tudor Group, Bruce Kovner of Caxton Associates, Jim Simons of Renaissance Technologies LLC.

Highlight of Business Operations:

As of September 30, 2010, our front-office headcount was up by 18.0% year-on-year to 1,721 brokers and salespeople. For the three months ended September 30, 2010, average revenue generated per broker or salesperson was approximately $163,600, down approximately 7.0% from the three months ended September 30, 2009 when it was approximately $175,400.

Total revenues were $326.5 million and $289.4 million for the three months ended September 30, 2010 and 2009, respectively, representing a 12.8% increase. Total revenues were $1,009.4 million and $865.5 million for the nine months ended September 30, 2010 and 2009, respectively, representing a 16.6 % increase. The main factors contributing to these increases were:

For the three months ended September 30, 2010, we had net income available to common stockholders of $6.2 million compared to $2.2 million for the three months ended September 30, 2009. For the nine months ended September 30, 2010, we had net income of $9.4 million compared to $18.3 million for the nine months ended September 30, 2009. Compensation and employee benefits expense decreased by $1.6 million or 0.9% for the three months ended September 30, 2010 as compared to the three months ended September 30, 2009. Compensation and employee benefits expense increased by $121.2 million or 22.5%, for the nine months ended September 30, 2010 as compared to the nine months ended September 30, 2009.

The increase in compensation and employee benefits expense arose primarily from the completion in the first quarter of 2010 of a global compensation restructuring program related to the modification of pre-merger employee contractual arrangements which resulted in a $41.3 million one-time, non-recurring charge recorded in the first quarter, and a $40.9 million charge recorded in the nine months ended September 30, 2010 relating to the granting of exchangeability of certain limited partnership units as part of our global redemption and compensation restructuring program. Also contributing to this increase in compensation expense was our year-on-year growth in brokerage revenues, which increased $130.8 million to $930.9 million for the nine months ended September 30, 2010.

Read the The complete Report

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