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0000950136-06-006062.txt : 20060727
0000950136-06-006062.hdr.sgml : 20060727
20060727133806
ACCESSION NUMBER: 0000950136-06-006062
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 5
CONFORMED PERIOD OF REPORT: 20060727
ITEM INFORMATION: Results of Operations and Financial Condition
ITEM INFORMATION: Financial Statements and Exhibits
FILED AS OF DATE: 20060727
DATE AS OF CHANGE: 20060727
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: GREENHILL & CO INC
CENTRAL INDEX KEY: 0001282977
STANDARD INDUSTRIAL CLASSIFICATION: FINANCE SERVICES [6199]
IRS NUMBER: 510500737
FILING VALUES:
FORM TYPE: 8-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-32147
FILM NUMBER: 06983881
BUSINESS ADDRESS:
STREET 1: 300 PARK AVENUE
STREET 2: 23RD FLOOR
CITY: NEW YORK
STATE: NY
ZIP: 10022
BUSINESS PHONE: 212-389-1500
MAIL ADDRESS:
STREET 1: 300 PARK AVENUE
CITY: NEW YORK
STATE: NY
ZIP: 10022
8-K
1
file1.htm
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT REPORT
Pursuant to Section
13 or 15(d) of
the Securities Exchange Act of 1934
Date of
Report (Date of Earliest Event Reported): July 27,
2006
GREENHILL & CO.,
INC.
(Exact name of registrant as specified in
its charter)
Commission file number 001-32147
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Delaware |
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51-0500737 |
(State
or other jurisdiction of incorporation or
organization) |
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(I.R.S. Employer Identification
No.) |
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300 Park
Avenue, 23rd floor New York, New York
10022 10022 |
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(Address of principal executive
offices) |
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(ZIP Code) |
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Registrant’s
telephone number, including area code: (212)
389-1500
Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing
obligation of the registrant under any of the following
provisions:
Written communications pursuant to
Rule 425 under the Securities Act (17 CFR
230.425)
Soliciting material pursuant to Rule
14a-12 under the Exchange Act (17 CFR
240.14a-12)
Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Section
2. Financial Information.
Item
2.02. Results of Operations and Financial
Condition.
Attached hereto as Exhibit 99.1
and incorporated by reference is a copy of the press release, dated
July 27, 2006, issued by Greenhill & Co., Inc.
announcing its financial results for the fiscal quarter ended
June 30, 2006.
Section 9. Financial Statements and
Exhibits
Item 9.01. Financial Statements and
Exhibits.
(c) Exhibits. The
following exhibit is being furnished as part of this Report.
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Exhibit
Number |
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Description |
99.1 |
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Press
Release of Greenhill & Co., Inc. dated July 27,
2006. |
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2
SIGNATURES
Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrants
have duly caused this report to be signed on their behalf by the
undersigned thereunto duly authorized.
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Greenhill & Co.,
Inc. |
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Date: July
28, 2006 |
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By: |
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/s/
John D. Liu |
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Name: John D.
Liu Title: Chief Financial
Officer |
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3
EXHIBIT
INDEX
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Exhibit
Number |
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Description |
99.1 |
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Press Release of Greenhill & Co., Inc. dated
July 27,
2006. |
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E-1
EX-99.1
2
file2.htm
PRESS RELEASE DATED JULY 17, 2006
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Contact: |
John D. Liu, Chief
Financial Officer Greenhill & Co., Inc. (212)
389-1800 |
For Immediate
Release
GREENHILL & CO. REPORTS SECOND
QUARTER
EARNINGS PER SHARE OF
$0.45
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• |
Record Quarterly Advisory
Revenues |
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• |
Share Repurchase Authority
Increased to $40 million |
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• |
Canadian
Acquisition Completed July 2006 |
NEW YORK,
July 27, 2006 — Greenhill & Co., Inc. (NYSE:
GHL) today reported revenues of $59.3 million and net income of
$13.3 million for the quarter ended June 30, 2006.
Diluted earnings per share were $0.45 per share for the
quarter.
The Firm’s second quarter revenues compare
with revenues of $29.5 million for the second quarter of 2005,
which represents an increase of $29.8 million or 101%. On
a year-to-date basis, revenue through June 30, 2006 was
$160.3 million, compared to $73.4 million for the
comparable period in 2005, representing an increase of $86.9
million or 118%.
The Firm’s second quarter
net income and diluted earnings per share in 2006 compare with net
income of $6.3 million and diluted earnings per share of $0.20
per share in the second quarter of 2005, which represents increases of
111% and 125%, respectively. On a year-to-date basis, net
income was $41.5 million through June 30, 2006,
compared to net income of $17.0 million for the comparable
period in 2005, which represents an increase of
144%.
The Firm’s quarterly revenues and
net income can fluctuate materially depending on the number and size of
completed transactions on which it advised, the number and size of
merchant banking gains (or losses) and other factors. Accordingly, the
revenues and net income in any particular quarter may not be indicative
of future results.
‘‘The breadth and
diversity of our sources of revenue are evident in this quarter's
results. While in recent quarters our merchant banking business was a
major contributor of revenue, in this quarter it was a record level of
advisory revenue that allowed us to post strong results. Meanwhile, our
profitability and returns on equity remain high as we have controlled
expenses despite significant growth in personnel,’’
Robert F. Greenhill, Chairman and CEO, said.
Revenues
Revenues By
Source
The following provides a breakdown of total
revenues by source for the three-month and six-month periods ended
June, 2006 and 2005, respectively:
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Three Months
Ended |
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June 30,
2006 |
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June 30,
2005 |
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Amount |
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%
of Total |
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Amount |
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% of Total |
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(in millions,
unaudited) |
Financial
Advisory |
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$ |
53.8 |
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91% |
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$ |
16.3 |
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55% |
Merchant
Banking Fund Management &
Other |
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5.5 |
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9% |
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13.2 |
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45% |
Total
Revenues |
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$ |
59.3 |
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100% |
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$ |
29.5 |
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100% |
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Six Months
Ended |
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June 30,
2006 |
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June 30,
2005 |
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Amount |
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%
of Total |
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Amount |
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% of Total |
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(in millions,
unaudited) |
Financial
Advisory |
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$ |
103.1 |
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64% |
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$ |
55.8 |
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76% |
Merchant
Banking Fund Management &
Other |
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57.2 |
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36% |
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17.6 |
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24% |
Total
Revenues |
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$ |
160.3 |
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100% |
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$ |
73.4 |
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100% |
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Financial
Advisory Revenues
Financial advisory revenues were
$53.8 million in the second quarter of 2006 compared to
$16.3 million in the second quarter of 2005, which represents an
increase of 230%. For the six months ended June
30, 2006, Financial Advisory Revenues were $103.1 million
compared to $55.8 million for the comparable period in 2005,
representing an increase of 85%.
Completed
assignments in the second quarter of 2006 included:
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the sale by Akzo Nobel N.V. of its Ink and
Adhesive Resins business to Hexion Specialty Chemicals
Inc.; |
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• |
the acquisition by Bayer AG of
Schering AG; |
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• |
the sale by Ciba Specialty
Chemicals Holding AG of its Textile Effects business to Huntsman
Corporation; and |
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• |
the sale by Daily Mail
and General Trust plc of Aberdeen Journals Limited to D.C. Thomson
& Co Limited. |
The Firm also benefited from a high
level of retainer and other advisory fees unrelated to transaction
completions.
The increase in our financial advisory
revenues in the second quarter of 2006 reflected our continuing
business development efforts and generally high levels of M&A
volume.
The Firm also announced the following personnel
additions during the second quarter of 2006: the recruitment of a new
advisory managing director, Philip Meyer-Horn (Frankfurt-based former
head of corporate finance activities for BNP Paribas) and the
acquisition of Beaufort Partners, a Toronto-based investment banking
firm led by Bradley J. Crompton (the former President of Morgan Stanley
Canada) and George C. Estey (the former Chairman and CEO of Goldman
Sachs Canada). The acquisition of Beaufort Partners, which now operates
under the Greenhill name, closed on July 7,
2006.
‘‘We are pleased to report another
strong quarter of advisory revenue. We continue to benefit from a very
active M&A market and from an increasing demand for truly
independent financial advice on important transactions. Meanwhile, we
continue to focus on the longer term expansion of our global franchise
by recruiting senior bankers in important industry sectors and new
geographic regions,’’ Scott L. Bok and Simon A. Borrows,
Co-Presidents, commented.
Merchant Banking Fund Management
& Other
The following table sets forth additional
information relating to our merchant banking fund management and other
income:
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Three Months Ended
June 30, |
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Six Months Ended June
30, |
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2006 |
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2005 |
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2006 |
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2005 |
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(in millions,
unaudited) |
Management
fees |
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$ |
3.8 |
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$ |
3.5 |
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$ |
7.2 |
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$ |
4.5 |
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Net
realized and unrealized gains on investments in
GCP |
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0.2 |
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5.4 |
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19.3 |
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6.6 |
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Merchant
banking
overrides |
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1.0 |
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3.3 |
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29.3 |
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4.8 |
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Other
unrealized investment
income |
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(0.1 |
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0.2 |
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0.1 |
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0.3 |
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Interest
income |
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0.6 |
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0.8 |
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1.3 |
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1.4 |
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Merchant
banking & other income
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$ |
5.5 |
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$ |
13.2 |
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$ |
57.2 |
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$ |
17.6 |
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The
Firm earned $5.5 million in merchant banking fund management
& other revenues in the second quarter of 2006 compared to
$13.2 million in the second quarter of 2005, representing a
decrease of 58%. This decrease is primarily due to lower
realized and unrealized principal investment gains in the Greenhill
Capital Partners (‘‘GCP’’) portfolio, a
decrease in the recognized amounts of profit overrides associated with
gains in the GCP portfolio and a decrease in interest income, offset
partially by higher asset management fees resulting from greater assets
under management.
During the second
quarter of 2006, one GCP portfolio company completed a secondary public
offering, one portfolio company was recapitalized and GCP received
quarterly dividends from several of its portfolio companies. In April
2006, Hercules Offshore (NASDAQ: HERO) completed a secondary
public offering. GCP sold 32% of its original position in this
secondary offering. Including proceeds from the sale of a portion of
GCP’s stock in the initial public offering of Hercules, GCP has
returned cash significantly in excess of its invested capital in
Hercules. In total, GCP (and the Firm) earned revenue related to 5
portfolio companies and incurred losses relating to 4 portfolio
companies in the second quarter of 2006.
In terms of new
investment activity during the second quarter of 2006, GCP invested an
additional $13 million (11% of which was Firm capital)
(consisting of add-on investments in existing portfolio companies)
compared to $74 million (11% of which was Firm capital)
invested in the same period of 2005.
For the first six
months of 2006, the Company earned $57.2 million in Merchant
Banking Fund Management & Other Revenues compared to $17.6
million in the first six months of 2005, an increase of 225%.
The increase is primarily due to realized and unrealized investment
gains, profit overrides and higher asset management
fees.
‘‘We are pleased that after three very
strong quarters of merchant banking revenue we were able to achieve
modest further gains in our portfolio despite a very difficult stock
market environment. Looking back, we are pleased with the timing of
many of our recent IPO and other realization events. Looking forward,
we are hopeful that the recent correction in markets will improve the
opportunities to make new investments after a period of relatively high
valuations,’’ Robert H. Niehaus, Chairman of Greenhill
Capital Partners, commented.
Expenses
Operating
Expenses
Our total operating expenses for the second
quarter of 2006 were $37.6 million, which compares to
$19.5 million of total operating expenses for the second quarter
of 2005. This represents an increase in total operating expenses of
$18.1 million or 93%, which relates principally to an
increase in compensation expense and is described in more detail below.
The pre-tax income margin was 37% in the second quarter
of 2006 compared to 33% for the second quarter of
2005.
For the six months ended June
30, 2006, total operating expenses were $91.4 million,
which compares to total operating expenses of $46.2 million for
the comparable period in 2005. The increase of $45.2 million or
98% relates principally to an increase in compensation expense
and is described in more detail below. The pre-tax income margin for
the six months ended June 30, 2006 was 42%
compared to 37% for the comparable period in
2005.
The following table sets forth information relating
to our operating expenses, which are reported net of
reimbursements:
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Three Months Ended
June 30, |
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Six Months Ended June
30, |
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2006 |
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2005 |
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2006 |
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2005 |
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(in millions,
unaudited) |
Employee Compensation & Benefits
Expense |
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$ |
26.4 |
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$ |
11.7 |
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$ |
73.6 |
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$ |
31.7 |
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%
of
Revenues |
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45 |
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40 |
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46 |
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43 |
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Non-Compensation
Expense |
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11.2 |
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7.8 |
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17.8 |
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14.5 |
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%
of
Revenues |
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19 |
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26 |
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11 |
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20 |
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Total
Operating
Expense |
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37.6 |
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19.5 |
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91.4 |
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46.2 |
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%
of
Revenues |
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63 |
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66 |
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57 |
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63 |
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Minority
Interest in Net Income of
Affiliates |
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0.0 |
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0.1 |
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1.7 |
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0.2 |
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Total
Income Before
Tax |
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21.7 |
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9.8 |
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67.2 |
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27.0 |
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Pre-tax
Income
Margin |
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37 |
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33 |
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42 |
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37 |
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Compensation
and Benefits
Our employee compensation and benefits
expense in the second quarter of 2006 was $26.4 million, which
reflects a 45% ratio of compensation to revenues. This amount
compares to $11.7 million for the second quarter of 2005, which
reflected a 40% ratio of compensation to revenues. The increase
of $14.7 million or 126% is primarily due to the higher
level of revenues in the second quarter of 2006 and a higher ratio of
compensation to revenues as well as the impact of increased
amortization of previously issued restricted stock units. For the six
months ended June 30, 2006, our employee compensation and
benefits expense was $73.6 million, which compares against
$31.7 million of compensation and benefits expense for the six
months ended June 30, 2005. The increase of $41.9
million or 132% is primarily due to the higher level of revenues
in the first six months of 2006 compared to the comparable period in
2005 and a higher ratio of compensation to revenues as well as the
impact of increased amortization of previously issued restricted stock
units. For the six months ended June 30, 2006, the ratio
of compensation to revenues was 46%, compared to a 43%
ratio of compensation to revenues for the comparable period in
2005.
Non-Compensation Expense
Our
non-compensation expenses were $11.2 million in the second
quarter of 2006, which compared to $7.8 million in the second
quarter of 2005, representing an increase of 44%. The increase
is related principally to increases in expenses and provisions for
legal contingencies, increases in occupancy and other costs associated
with new office space in London and New York, and increases in
information services, travel and communications primarily as a result
of additional personnel and business development activities, offset in
part by the absence of the third-party fee related to fundraising for
GCP II in the second quarter of 2006 as compared to the same period in
2005.
For the first six months of 2006, our
non-compensation expenses were $17.8 million, which compared to
$14.5 million in the first six months of 2005, representing an
increase of 23%. The increase is related principally to
increases in expenses and provisions for legal contingencies, increases
in occupancy and other costs associated with new office space in
London, New York and Dallas, and greater information services, travel
and communications primarily as a result of additional personnel and
business development activities, offset in part by the absence of the
third-party fee related to fundraising for GCP II in 2006 as compared
to the same period in 2005 and the absence of uncollectible accounts in
2006 as compared to the same period of 2005.
Non-compensation expense as a
percentage of revenue in the three and six months ended June
30, 2006 were 19% and 11%, respectively, compared
to 26% and 20% for the three and six months ended
June 30, 2005. The decrease in these non-compensation
expenses as a percentage of revenue in the three and six months ended
June 30, 2006 as compared to the same period in 2005
reflects a modest increase in non-compensation expenses compared to
significantly greater revenue.
The Firm’s
non-compensation expense as a percentage of revenue can vary as a
result of a variety of factors including fluctuation in revenue
amounts, the amount of recruiting and business development activity,
the amount of reimbursement of engagement-related expenses by clients,
currency movements and other factors. Accordingly, the non-compensation
expense as a percentage of revenue in any particular period may not be
indicative of the non-compensation expense as a percentage of revenue
in future periods.
Provision for Income
Taxes
The provision for taxes in the second quarter of
2006 was $8.4 million, which reflects an effective tax rate of
approximately 39%. This compares to a provision for taxes in the
second quarter of 2005 of $3.6 million based on an effective tax
rate of approximately 36% for the period. The increase in the
provision for taxes is primarily due to higher pre-tax income in the
period and a higher effective tax rate primarily due to the fact that a
greater proportion of our income was earned in higher tax rate
jurisdictions in the second quarter of 2006 compared to the second
quarter of 2005.
For the six months ended June
30, 2006, the provision for taxes was $25.8 million,
which reflects an effective tax rate of approximately 38%. This
compares to a provision for taxes for the six months ended June
30, 2005 of $10.0 million based on an effective tax rate
of approximately 37% for the period. The increase in the
provision for taxes is primarily due the higher pre-tax income in the
period and a higher effective tax rate primarily due to the fact that a
greater proportion of our income was earned in higher tax rate
jurisdictions in the period.
The effective tax rate
can fluctuate as a result of variations in the relative amounts of
advisory and merchant banking income earned in the tax jurisdictions in
which the Firm operates and invests. Accordingly, the effective tax
rate in any particular quarter may not be indicative of the effective
tax rate in future periods.
Liquidity and Capital
Resources
As of June 30, 2006, our cash
totaled $53.4 million, our investments totaled $95.7
million and we had $3.0 million in short-term debt. Our
stockholders’ equity as of June 30, 2006 was
$123.6 million.
We had total commitments (not
reflected on our balance sheet) relating to future investments in
Greenhill Capital Partners, Greenhill SAVP and other merchant banking
activities of $93.5 million as of June 30,
2006. These commitments are expected to be drawn on from time to
time over a period of up to five years from the relevant commitment
dates.
The Firm repurchased 420,850 shares of its common
stock in open market purchases at an average price of $64.43 during the
second quarter of 2006. The Board of Directors of Greenhill & Co.,
Inc. has increased the authorization to repurchase of up to $40
million of common stock in open market transactions in the next twelve
months.
Dividend
The Board of Directors of
Greenhill & Co., Inc. has declared a dividend of $0.19 per share to
be paid on September 13, 2006 to common stockholders of
record on August 23,
2006.
Greenhill &
Co., Inc. is an independent investment banking firm that (i) provides
financial advice on significant mergers, acquisitions, restructurings
and similar corporate finance matters and (ii) manages merchant banking
funds and commits capital to those funds. Greenhill acts for clients
located throughout the world from offices in New York, London,
Frankfurt, Toronto and Dallas.
Cautionary Note Regarding
Forward-Looking Statements
The preceding
discussion should be read in conjunction with our condensed
consolidated financial statements and the related notes that appear
below. We have made statements in this discussion that are
forward-looking statements. In some cases, you can identify these
statements by forward-looking words such as
‘‘may’’,
‘‘might’’,
‘‘will’’,
‘‘should’’,
‘‘expect’’,
‘‘plan’’,
‘‘anticipate’’,
‘‘believe’’,
‘‘estimate’’,
‘‘predict’’,
‘‘potential’’ or
‘‘continue’’, the negative of these terms
and other comparable terminology. These forward-looking statements,
which are subject to risks, uncertainties and assumptions about us, may
include projections of our future financial performance, based on our
growth strategies and anticipated trends in our business. These
statements are only predictions based on our current expectations and
projections about future events. There are important factors that could
cause our actual results, level of activity, performance or
achievements to differ materially from the results, level of activity,
performance or achievements expressed or implied by the forward-looking
statements. These factors include, but are not limited to, those
discussed in our Report on Form 10-K under the caption
‘‘Risk Factors’’.
Greenhill
& Co., Inc. and Subsidiaries
Condensed Consolidated Statements
of Income
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
the Three Months Ended June 30, |
|
|
For the Six Months
Ended June
30, |
|
|
|
2006 |
|
|
2005 |
|
|
2006 |
|
|
2005 |
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
Financial
advisory
fees |
|
|
|
$ |
53,805,027 |
|
|
|
|
$ |
16,316,783 |
|
|
|
|
$ |
103,120,543 |
|
|
|
|
$ |
55,787,498 |
|
Merchant
banking
revenue |
|
|
|
|
4,894,220 |
|
|
|
|
|
12,328,021 |
|
|
|
|
|
55,841,349 |
|
|
|
|
|
16,262,628 |
|
Interest
income |
|
|
|
|
644,857 |
|
|
|
|
|
817,834 |
|
|
|
|
|
1,303,183 |
|
|
|
|
|
1,340,019 |
|
Total
Revenues |
|
|
|
|
59,344,104 |
|
|
|
|
|
29,462,638 |
|
|
|
|
|
160,265,075 |
|
|
|
|
|
73,390,145 |
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee
compensation and
benefits |
|
|
|
|
26,408,125 |
|
|
|
|
|
11,732,768 |
|
|
|
|
|
73,576,399 |
|
|
|
|
|
31,653,161 |
|
Occupancy
and equipment
rental |
|
|
|
|
2,324,013 |
|
|
|
|
|
1,631,539 |
|
|
|
|
|
4,250,239 |
|
|
|
|
|
2,963,745 |
|
Depreciation
and
amortization |
|
|
|
|
622,022 |
|
|
|
|
|
646,038 |
|
|
|
|
|
1,192,825 |
|
|
|
|
|
1,274,161 |
|
Information
services |
|
|
|
|
1,335,528 |
|
|
|
|
|
940,560 |
|
|
|
|
|
2,166,352 |
|
|
|
|
|
1,808,306 |
|
Professional
fees |
|
|
|
|
906,316 |
|
|
|
|
|
1,651,947 |
|
|
|
|
|
1,653,470 |
|
|
|
|
|
2,275,815 |
|
Travel
related
expenses |
|
|
|
|
1,577,849 |
|
|
|
|
|
1,413,937 |
|
|
|
|
|
2,660,877 |
|
|
|
|
|
2,404,384 |
|
Other
operating
expenses |
|
|
|
|
4,460,912 |
|
|
|
|
|
1,504,300 |
|
|
|
|
|
5,856,683 |
|
|
|
|
|
3,781,577 |
|
Total
Expenses |
|
|
|
|
37,634,765 |
|
|
|
|
|
19,521,089 |
|
|
|
|
|
91,356,845 |
|
|
|
|
|
46,161,149 |
|
Income
before Tax and Minority
Interest |
|
|
|
|
21,709,339 |
|
|
|
|
|
9,941,549 |
|
|
|
|
|
68,908,230 |
|
|
|
|
|
27,228,996 |
|
Minority
interest in net income of
affiliate |
|
|
|
|
43,190 |
|
|
|
|
|
130,717 |
|
|
|
|
|
1,662,530 |
|
|
|
|
|
228,975 |
|
Income
before
Tax |
|
|
|
|
21,666,149 |
|
|
|
|
|
9,810,832 |
|
|
|
|
|
67,245,700 |
|
|
|
|
|
27,000,021 |
|
Provision
for
taxes |
|
|
|
|
8,388,704 |
|
|
|
|
|
3,557,565 |
|
|
|
|
|
25,757,776 |
|
|
|
|
|
9,995,017 |
|
Net
Income |
|
|
|
$ |
13,277,445 |
|
|
|
|
$ |
6,253,267 |
|
|
|
|
$ |
41,487,924 |
|
|
|
|
$ |
17,005,004 |
|
Average
common shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
|
29,494,257 |
|
|
|
|
|
30,986,722 |
|
|
|
|
|
29,545,870 |
|
|
|
|
|
30,950,653 |
|
Diluted |
|
|
|
|
29,729,213 |
|
|
|
|
|
31,080,138 |
|
|
|
|
|
29,757,056 |
|
|
|
|
|
31,021,351 |
|
Earnings
per
share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
$ |
0.45 |
|
|
|
|
$ |
0.20 |
|
|
|
|
$ |
1.40 |
|
|
|
|
$ |
0.55 |
|
Diluted |
|
|
|
$ |
0.45 |
|
|
|
|
$ |
0.20 |
|
|
|
|
$ |
1.39 |
|
|
|
|
$ |
0.55 |
|
|
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end
-----END PRIVACY-ENHANCED MESSAGE-----