Greenhill & Co. Inc. (GHL, Financial) filed Quarterly Report for the period ended 2011-09-30.
Greenhill & Co Inc has a market cap of $1.1 billion; its shares were traded at around $37.78 with a P/E ratio of 38.6 and P/S ratio of 4. The dividend yield of Greenhill & Co Inc stocks is 4.8%.
Our revenues of $60.4 million for the third quarter of 2011 compare with revenues of $84.1 million for the third quarter of 2010, which represents a decrease of $23.7 million, or 28%. Advisory revenues for the third quarter of 2011 were $83.2 million compared to $97.0 million for the same period in 2010, representing a decrease of $13.8 million, or 14%. The decline in total revenues for the third quarter was significantly impacted by a mark to market loss of $23.6 million from our investment in Iridium. On a year-to-date basis, revenues were $199.5 million compared to $216.4 million for the comparable period in 2010, representing a decrease of $16.9 million, or 8%. Advisory revenues for the nine months ended September 30, 2011 were $217.3 million compared to $195.5 million, up 11% over the same year-to-date period in 2010. Total year-to-date 2011 revenues declined due to the recognition of a mark to market loss in the value of Iridium as compared to the recognition of a mark to market gain in Iridium in the same period in 2010.
Our third quarter 2011 net income allocable to common stockholders of $8.6 million and diluted earnings per share of $0.28 compare to net income allocable to common stockholders of $14.5 million and diluted earnings per share of $0.47 in the third quarter of 2010. For the nine months ended September 30, 2011 we earned net income available to common stockholders of $28.5 million and diluted earnings per share of $0.92 as compared to net income available to common stockholders of $32.5 million and diluted earnings per share of $1.06, respectively for the same period in 2010.
In the first nine months of 2011, our cash and cash equivalents decreased by $16.1 million from December 31, 2010. We generated $75.7 million from operating activities, as we used $81.0 million generated from earnings (after giving effect to the non-cash items) to fund a net decrease in working capital of $5.2 million principally from the annual payment of bonuses. We generated $50.2 million from investing activities, primarily from the sale of our interests in two merchant banking funds for $49.4 million and distributions from other merchant banking funds $4.2 million which was used in part to fund $0.9 million for capital calls on our remaining merchant banking fund investments and $2.5 million for the build-out of new office space. We used $140.5 million in financing activities, including $41.7 million of net repayments on our revolving loan facility, $42.6 million for the payment of dividends, $36.7 million for open market repurchases of our common stock, $18.5 million for the repurchase of our common stock from employees in conjunction with the payment of tax liabilities in settlement of restricted stock units (net of $0.4 million of tax benefits from the delivery of restricted stock units), and $1.0 million of distributions of excess 2010 profits to GCP Capital.
In the first nine months of 2010, our cash and cash equivalents decreased by $17.7 million from December 31, 2009. We generated $41.5 million in operating activities, as we used $73.9 million generated from earnings (after giving effect to the non-cash items) to fund a net decrease in working capital of $32.4 million (principally from the payments of year-end bonuses and an increase in accounts receivable). We used $11.5 million in investing activities, including $11.7 million in new investments in our merchant banking funds and other investments, $3.8 million for the build-out of new office space and $3.0 million for the payment of post closing distributions of accrued profits prior to the acquisition date to the founders of Caliburn, partially offset by distributions from
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Greenhill & Co Inc has a market cap of $1.1 billion; its shares were traded at around $37.78 with a P/E ratio of 38.6 and P/S ratio of 4. The dividend yield of Greenhill & Co Inc stocks is 4.8%.
Highlight of Business Operations:
Our advisory revenues decreased by 14% to $83.2 million in the third quarter of 2011 compared to $97.0 million in the third quarter of 2010. For the nine months ended September 30, 2011 advisory revenues were $217.3 million compared to $195.5 million for the comparable period in 2010, representing an increase of 11%. During the nine months ended September 30, 2011 as compared to the same period in the prior year, worldwide completed M&A volume increased by 30%, from $1,360.7 billion to $1,763.5 billion. 1Our revenues of $60.4 million for the third quarter of 2011 compare with revenues of $84.1 million for the third quarter of 2010, which represents a decrease of $23.7 million, or 28%. Advisory revenues for the third quarter of 2011 were $83.2 million compared to $97.0 million for the same period in 2010, representing a decrease of $13.8 million, or 14%. The decline in total revenues for the third quarter was significantly impacted by a mark to market loss of $23.6 million from our investment in Iridium. On a year-to-date basis, revenues were $199.5 million compared to $216.4 million for the comparable period in 2010, representing a decrease of $16.9 million, or 8%. Advisory revenues for the nine months ended September 30, 2011 were $217.3 million compared to $195.5 million, up 11% over the same year-to-date period in 2010. Total year-to-date 2011 revenues declined due to the recognition of a mark to market loss in the value of Iridium as compared to the recognition of a mark to market gain in Iridium in the same period in 2010.
Our third quarter 2011 net income allocable to common stockholders of $8.6 million and diluted earnings per share of $0.28 compare to net income allocable to common stockholders of $14.5 million and diluted earnings per share of $0.47 in the third quarter of 2010. For the nine months ended September 30, 2011 we earned net income available to common stockholders of $28.5 million and diluted earnings per share of $0.92 as compared to net income available to common stockholders of $32.5 million and diluted earnings per share of $1.06, respectively for the same period in 2010.
In the first nine months of 2011, our cash and cash equivalents decreased by $16.1 million from December 31, 2010. We generated $75.7 million from operating activities, as we used $81.0 million generated from earnings (after giving effect to the non-cash items) to fund a net decrease in working capital of $5.2 million principally from the annual payment of bonuses. We generated $50.2 million from investing activities, primarily from the sale of our interests in two merchant banking funds for $49.4 million and distributions from other merchant banking funds $4.2 million which was used in part to fund $0.9 million for capital calls on our remaining merchant banking fund investments and $2.5 million for the build-out of new office space. We used $140.5 million in financing activities, including $41.7 million of net repayments on our revolving loan facility, $42.6 million for the payment of dividends, $36.7 million for open market repurchases of our common stock, $18.5 million for the repurchase of our common stock from employees in conjunction with the payment of tax liabilities in settlement of restricted stock units (net of $0.4 million of tax benefits from the delivery of restricted stock units), and $1.0 million of distributions of excess 2010 profits to GCP Capital.
In the first nine months of 2010, our cash and cash equivalents decreased by $17.7 million from December 31, 2009. We generated $41.5 million in operating activities, as we used $73.9 million generated from earnings (after giving effect to the non-cash items) to fund a net decrease in working capital of $32.4 million (principally from the payments of year-end bonuses and an increase in accounts receivable). We used $11.5 million in investing activities, including $11.7 million in new investments in our merchant banking funds and other investments, $3.8 million for the build-out of new office space and $3.0 million for the payment of post closing distributions of accrued profits prior to the acquisition date to the founders of Caliburn, partially offset by distributions from
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