Net loss of $5.2M or $0.13 per share vs. income of $17.2M and $0.44 one year ago. Adjusted EBITDA loss of $1.6M vs. gain of $26.9M a year ago.
Retail OTC trading volume of $522.2B up 13% Y/Y. Institutional trading volume of $1.3T up 27%. Average daily futures contracts of 26,322 up 19%. Total client assets of $840M up 76%.
Retail OTC segment revenue of $36.4M vs. $57.5M a year ago as FX volatility vanished. "Difficult trading conditions persist with currency volatility at levels not seen in over ten years."
Institutional sales and trading segment revenue of $23.5M vs. $7.8M.
Futures segment revenue of $8.9M vs. $6.4M.
Q1 earnings are restated to include $4.2M of additional revenue, with the net effect of boosting pre-tax earnings by $3M and EPS by $0.05 (see pg. 10 of investor presentation).
Conference call at 5 ET
GCAP -9.8% AH