GAIN Capital Reports Results for the Second Quarter
BEDMINSTER, N.J., July 28, 2011 /PRNewswire/ -- GAIN Capital Holdings, Inc. (NYSE: GCAP), a leading global provider of online trading services, today announced its results for the second quarter ended June 30, 2011."We are pleased to report solid financial and operating results for the second quarter. Improved revenue capture enabled us to increase net revenue by 38% sequentially, and our second quarter adjusted net income margin of 20% demonstrates the significant operating leverage inherent in GAIN's business model," commented Glenn Stevens, Chief Executive Officer.
"We remain confident in our plan for the second half of the year. GAIN operates in an industry with an average daily turnover of $4 trillion whose fundamentals remain strong, and we will continue to build upon our leadership position. To do this, we are actively investing in geographic expansion, with a focus on increasing our presence in the high-growth EMEA and Asian markets. The new release of our retail platform, FOREXTrader PRO, provides customers with automated trading capabilities, while our growing mobile offering includes solutions for Android and iPhone devices, with our iPad application due for release in the third quarter. At the same time, we are continuously evolving our institutional product offerings, and recently launched new products and features on GAIN GTX. We also have a strong pipeline of complementary M&A opportunities and strategic alliances under review," Mr. Stevens concluded.
Financial Highlights
Net revenue up 2% to $55.6 million, compared to $54.7 million in Q2 2010; up 38% compared to Q1 2011 Adjusted net income* and net income of $11.2 million and $10.0 million, respectively, compared to $2.5 million and $1.4 million in Q1 2011. Year-over-year comparisons to $13.0 million and $13.8 million, respectively, in Q2 2010 reflected increased investment in institutional business, indirect sales channel and new geographies in Q2 2011 Adjusted diluted EPS* of $0.29 compared to $0.06 in Q1 2011 and $0.35 in Q2 2010 Diluted EPS of $0.26 compared to $0.04 in Q1 2011 and $0.37 in Q2 2010
Operating Highlights
Traded retail accounts of 36,868 in Q2 2011, up 8% compared to Q2 2010 Funded retail accounts of 78,395 at June 30, 2011, up 20% compared to June 30, 2010 Client assets of $293.
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