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KCG Announces Consolidated Earnings Of $0.08 Per Diluted Share For The Second Quarter Of 2014

Consolidated revenues of $314.1 million and pre-tax earnings from continuing operations of $14.5 million during the quarterPre-tax earnings includes expenses of $7.0 million unrelated to core operatio... (August 01, 2014)

JERSEY CITY, N.J., Aug. 1, 2014 /PRNewswire/ --KCG Holdings, Inc. (NYSE: KCG) today reported consolidated earnings of $8.9 million, or $0.08 per diluted share, for the second quarter of 2014.

Net income for the second quarter of 2014 included income from continuing operations, net of tax, of $9.0 million, or $0.08 per diluted share. Pre-tax income from continuing operations for the quarter of $14.5 million included $3.1 million in compensation related to a reduction in workforce, a $2.0 million write down of capitalized debt costs related to the principal repayment of debt, and lease loss accruals of $1.9 million. Excluding these items, pre-tax income from continuing operations for the second quarter was $21.5 million. A reconciliation of GAAP to non-GAAP results is included in Exhibit 4.

KCG was formed July 1, 2013 as a result of the merger between Knight Capital Group, Inc. and GETCO Holding Company, LLC. Financial results for the periods prior to the third quarter of 2013 contained herein solely represent the results of GETCO Holding Company, LLC as the accounting acquirer.



Select Financial Results




From Continuing Operations ($ in thousands, except EPS)

2Q14


1Q14

Revenues

314,133


383,657

Trading revenues, net

206,780


258,297

Commissions and fees

104,776


112,257

GAAP pre-tax income

14,507


59,384

GAAP EPS

0.08


0.30

Non-GAAP pre-tax income

21,512


57,563

Second Quarter Highlights

  • Posted strong revenue capture per U.S. equity dollar value traded in market making despite the deterioration in market conditions
  • Modest market share gains in market making, agency execution and trading venues
  • Added quantitative-based trading strategy and analysis to the client offering
  • Combined the primary U.K. broker dealers into KCG Europe Limited
  • Completed a $50 million principal repayment on the Company's $535 million first lien term loan and terminated the facility ahead of its December 5, 2017 maturity date
  • Repurchased 4.5 million shares for approximately $52.9 million under the Company's initial $150 million stock repurchase program

Daniel Coleman, Chief Executive Officer of KCG, said, "During the second quarter, KCG made further progress in strengthening the firm's operations, technology and finances. We grew market share in an environment marked by contracting trade volumes and declining volatility across asset classes. We made further headway in rationalizing the client offering as well as reducing headcount from select teams and support functions. In addition, we reached our target debt level and began to return capital to stockholders through share repurchases."

He added, "While KCG is still in a period of transformation, our financial standing is considerably improved. In the first full year of operation, KCG released $200 million in excess capital from the integration of the predecessor firms and sale of assets. Amid the demands of integration, we generated over $185 million in free cash flow from operating income since the merger close and reduced corporate debt by $793 million."

Starting in the first quarter of 2014, the Company began to charge the Market Making and Global Execution Services segments for the cost of aggregate debt interest. The interest amount charged to each of the segments is determined based on capital limits and requirements. Historically, debt interest was included within the Corporate and Other segment. This change in the measurement of segment profitability has no impact to the consolidated results, will only be reported prospectively and, therefore, will not be reflected in the financial results for any period prior to January 1, 2014.

Market Making

The Market Making segment encompasses direct-to-client and non-client, exchange-based market making across multiple asset classes and is an active participant in all major cash, options and futures markets in the U.S. and Europe. During the second quarter of 2014, the segment generated total revenues of $218.4 million and pre-tax income of $36.0 million, which included a debt interest charge of $5.9 million. In the first quarter of 2014, the segment reported total revenues of $277.3 million and pre-tax income of $76.0 million, which included a debt interest charge of $7.2 million.

The decline in segment revenues was primarily due to a 13 percent decrease in consolidated U.S. equity share volume quarter on quarter and an approximate 20 percent decrease market wide in retail U.S. equity share volume. In addition, realized volatility for the S&P 500 averaged just 9.2 during the quarter. Nonetheless, KCG recorded strong revenue capture and grew market share of both consolidated and retail volume during the quarter. Revenues from market making in global equities, fixed income, currencies and commodities were impacted by broad declines in market volumes and related volatility benchmarks.

Select Trade Statistics: U.S. Equity Market Making


2Q14


1Q14

Average daily dollar volume traded ($ millions)

25,143


27,321

Average daily trades (thousands)

3,620


3,958

Average daily shares traded (millions)

10,820


14,907

NYSE and NASDAQ shares traded

758


862

OTC Bulletin Board and OTC Market shares traded

10,061


14,045

Average revenue capture per U.S. equity dollar value traded (bps)

1.07


1.26

Global Execution Services

The Global Execution Services segment comprises agency execution services and trading venues. During the second quarter of 2014, the segment generated total revenues of $85.9 million and pre-tax income of $0.7 million, which included a debt interest charge of $1.8 million. The results also included compensation related to a reduction in workforce of $1.9 million. Excluding this item, Global Execution Services generated pre-tax income of $2.6 million in the second quarter. In the first quarter of 2014, the segment reported total revenues of $87.2 million and pre-tax income of $2.0 million, which included a debt interest charge of $2.4 million.

The segment revenues largely withstood the deterioration in market conditions due to the more effective alignment of institutional equities sales and improved performance of the global ETF team. KCG algorithmic services gained market share in both U.S and European equities quarter on quarter. KCG BondPoint continued to steadily gain market share in corporate and municipal bonds.

Select Trade Statistics: Agency Execution and Trading Venues


2Q14


1Q14

Average daily KCG algorithmic services and EMS U.S. equity shares traded (millions)

265.3


281.0

Average daily KCG Hotspot notional foreign exchange dollar value traded ($ billions)

26.2


32.2

Average daily KCG BondPoint fixed income par value traded

($ millions)

133.7


144.2

Corporate and Other

The Corporate and Other segment includes strategic investments and corporate overhead expenses. During the second quarter of 2014, the segment recorded total revenues of $9.8 million and a pre-tax loss of $22.2 million. Included in the results was a $2.0 million writedown of capitalized debt costs related to the principal repayment of debt, $0.8 million in compensation related to a reduction in workforce, and a lease loss accrual of $1.5 million. Excluding these items, the Corporate and Other segment's pre-tax loss for the second quarter was $17.9 million. In the first quarter of 2014, the segment recorded total revenues of $19.1 million and a pre-tax loss of $18.7 million. Included in the results was revenue of $9.6 million resulting from the merger of BATS and Direct Edge, a $7.6 million write down of capitalized debt costs related to the principal repayment of debt and a lease loss accrual. Excluding these items, the Corporate and Other segment's pre-tax loss for the first quarter was $20.8 million.

Financial Condition

As of June 30, 2014, KCG had approximately $600.9 million in cash and cash equivalents. Total outstanding debt was approximately $422.3 million, of which $117.3 million is due in March 2015. The Company had $1.5 billion in stockholders' equity equivalent to a book value of $12.66 per share and tangible book value of $11.04 per share.

KCG's headcount at June 30, 2014 was 1,207 full-time employees as compared to 1,230 full-time employees at March 31, 2014.

During the second quarter of 2014, KCG repurchased 4.5 million shares for approximately $52.9 million under the Company's initial $150.0 million stock repurchase program. As of June 30, 2014, KCG had approximately $97.1 million available to repurchase additional shares under the program. The Company cautions that there are no assurances that any further repurchases may actually occur.

Conference Call

KCG will hold a conference call to discuss second quarter 2014 financial results starting at 9:00 a.m. Eastern Time today, August 1, 2014. To access the call, dial 888-778-8861 (domestic) or 913-312-1450 (international) and enter passcode 7106907. In addition, the call will be webcast at http://www.media-server.com/m/acs/41fae90442d481b1589c479d3013dbef. Following the conclusion of the call, a replay will be available by dialing 888-203-1112 (domestic) or 719-457-0820 (international) and entering passcode 7106907.

Additional information for investors, including a presentation of the second quarter financial results, can be found at http://investors.kcg.com.

Non-GAAP Financial Presentations

KCG believes that certain non-GAAP financial presentations, when taken into consideration with the corresponding GAAP financial presentations, are important in understanding operating results. Selected financial information is included in the non-GAAP financial presentations for the three months ended June 30, 2014, March 31, 2014 and June 30, 2013 and for the six months ended June 30, 2014 and 2013. KCG believes the presentations provide a meaningful summary of results of operations for each of the three and six month periods. Reconciliations of GAAP to non-GAAP results are included in the schedules in Exhibit 4.

About KCG

KCG is a leading independent securities firm offering investors and clients a range of services designed to address trading needs across asset classes, product types and time zones. The firm combines advanced technology with exceptional client service across market making, agency execution and venues. KCG has multiple access points to trade global equities, fixed income, currencies and commodities via voice or automated execution. www.kcg.com

Certain statements contained herein may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by words such as "believe," "expect," "anticipate," "intend," "target," "estimate," "continue," "positions," "prospects" or "potential," by future conditional verbs such as "will," "would," "should," "could" or "may," or by variations of such words or by similar expressions. These "forward-looking statements" are not historical facts and are based on current expectations, estimates and projections about KCG's industry, management's beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Any forward-looking statement contained herein speaks only as of the date on which it is made. Accordingly, readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict including, without limitation, risks associated with: (i) the strategic business combination (the "Mergers") of Knight Capital Group, Inc. ("Knight") and GETCO Holding Company, LLC ("GETCO"), including, among other things, (a) difficulties and delays in integrating the Knight and GETCO businesses or fully realizing cost savings and other benefits, (b) the inability to sustain revenue and earnings growth, and (c) customer and client reactions to the Mergers; (ii) the August 1, 2012 technology issue that resulted in Knight's broker-dealer subsidiary sending numerous erroneous orders in NYSE-listed and NYSE Arca securities into the market and the impact to Knight's capital structure and business as well as actions taken in response thereto and consequences thereof; (iii) the sale of KCG's reverse mortgage origination and securitization business and the departure of the managers of KCG's listed derivatives group; (iv) changes in market structure, legislative, regulatory or financial reporting rules, including the increased focus by regulators, the New York Attorney General, Congress and the media on market structure issues, and in particular, the scrutiny of high frequency trading, alternative trading systems, market fragmentation, colocation, access to market data feeds, and remuneration arrangements such as payment for order flow and exchange fee structures; (v) past or future changes to organizational structure and management; (vi) KCG's ability to develop competitive new products and services in a timely manner and the acceptance of such products and services by KCG's customers and potential customers; (vii) KCG's ability to keep up with technological changes; (viii) KCG's ability to effectively identify and manage market risk, operational and technology risk, legal risk, liquidity risk, reputational risk, counterparty and credit risk, international risk, regulatory risk, and compliance risk; (ix) the cost and other effects of material contingencies, including litigation contingencies, and any adverse judicial, administrative or arbitral rulings or proceedings; and (x) the effects of increased competition and KCG's ability to maintain and expand market share. The list above is not exhaustive. Readers should carefully review the risks and uncertainties disclosed in KCG's reports with the SEC, including, without limitation, those detailed under "Risk Factors" in KCG's Annual Report on Form 10-K for the year-ended December 31, 2013, under "Certain Factors Affecting Results of Operations" in KCG's Quarterly Report on Form 10-Q for the period ended March 31, 2014, and other reports or documents KCG files with, or furnishes to, the SEC from time to time.

KCG HOLDINGS, INC.


Exhibit 1

CONSOLIDATED STATEMENTS OF OPERATIONS(1)



(Unaudited)










For the three months ended





June 30, 2014



March 31, 2014



June 30, 2013




(In thousands, except per share amounts)












Revenues










Trading revenues, net

$

206,780


$

258,297


$

98,260


Commissions and fees


104,776



112,257



29,813


Interest, net


(289)



948



(672)


Investment income (loss) and other, net


2,866



12,155



(7,768)



Total revenues


314,133



383,657



119,633












Expenses










Employee compensation and benefits


103,430



122,319



75,143


Execution and clearance fees


73,242



75,501



45,951


Communications and data processing


38,279



36,796



21,301


Depreciation and amortization


19,823



20,103



7,746


Payments for order flow


18,076



22,032



448


Occupancy and equipment rentals


8,235



8,285



3,259


Debt interest expense


7,497



9,524



2,172


Professional fees


7,337



5,402



23,125


Collateralized financing interest


6,395



6,162



-


Business development


2,609



1,683



16


Writedown of capitalized debt costs


1,995



7,557



-


Writedown of assets and lease loss accrual, net


1,941



266



1,074


Other


10,767



8,643



14,234



Total expenses


299,626



324,273



194,469












Income (loss) from continuing operations before income taxes


14,507



59,384



(74,836)

Income tax expense


5,520



22,467



3,315

Income (loss) from continuing operations, net of tax


8,987



36,917



(78,151)

Loss from discontinued operations, net of tax


(67)



(1,253)



-












Net income (loss)

$

8,920


$

35,664


$

(78,151)












Net loss allocated to preferred and participating units

$

-


$

-


$

(21,535)












Net income (loss) attributable to common shareholders

$

8,920


$

35,664


$

(56,616)












Basic earnings (loss) per share from continuing operations

$

0.08


$

0.32


$

(1.24)












Diluted earnings (loss) per share from continuing operations

$

0.08


$

0.31


$

(1.24)












Basic earnings (loss) per share from discontinued operations

$

-


$

(0.01)


$

-












Diluted earnings (loss) per share from discontinued operations

$

-


$

(0.01)


$

-












Basic earnings (loss) per share

$

0.08


$

0.31


$

(1.24)












Diluted earnings (loss) per share

$

0.08


$

0.30


$

(1.24)












Shares used in computation of basic earnings (loss) per share


114,859



115,569



45,576












Shares used in computation of diluted earnings (loss) per share


117,601



117,898



45,576























(1)Three months ended June 30, 2014 and March 31, 2014 includes the results of KCG Holdings, Inc.




Three months ended June 30, 2013 reflects solely the results of GETCO Holding Company, LLC.





































KCG HOLDINGS, INC.





Exhibit 1




CONSOLIDATED STATEMENTS OF OPERATIONS(1)



(Continued)




(Unaudited)












For the six months ended








June 30, 2014



June 30, 2013







(In thousands, except per share amounts)















Revenues










Trading revenues, net

$

465,077


$

185,025





Commissions and fees


217,033



55,312





Interest, net


659



(793)





Investment income (loss) and other, net


15,021



(4,919)






Total revenues


697,790



234,625















Expenses










Employee compensation and benefits


225,749



107,352





Execution and clearance fees


148,743



86,908





Communications and data processing


75,075



41,995





Depreciation and amortization


39,926



15,913





Payments for order flow


40,108



1,037





Occupancy and equipment rentals


16,520



6,555





Debt interest expense


17,021



2,645





Professional fees


12,739



29,850





Collateralized financing interest


12,557



-





Business development


4,292



41





Writedown of capitalized debt costs


9,552



-





Writedown of assets and lease loss accrual, net


2,207



3,312





Other


19,410



18,711






Total expenses


623,899



314,319















Income (loss) from continuing operations before income taxes


73,891



(79,694)




Income tax expense


27,987



5,289




Income (loss) from continuing operations, net of tax


45,904



(84,983)




Loss from discontinued operations, net of tax


(1,320)



-















Net income (loss)

$

44,584


$

(84,983)















Net loss allocated to preferred and participating units

$

-


$

(21,535)















Net income (loss) attributable to common shareholders

$

44,584


$

(63,448)















Basic earnings (loss) per share from continuing operations

$

0.40


$

(1.39)















Diluted earnings (loss) per share from continuing operations

$

0.39


$

(1.39)















Basic loss per share from discontinued operations

$

(0.01)


$

-















Diluted loss per share from discontinued operations

$

(0.01)


$

-















Basic earnings (loss) per share

$

0.39


$

(1.39)















Diluted earnings (loss) per share

$

0.38


$

(1.39)















Shares used in computation of basic earnings (loss) per share


115,282



45,514















Shares used in computation of diluted earnings (loss) per share


118,170



45,514















(1) Six months ended June 30, 2014 includes the results of KCG Holdings, Inc.







Six months ended June 30, 2013 reflects solely the results of GETCO Holding Company, LLC.




KCG HOLDINGS, INC.

Exhibit 2

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(Unaudited)











June 30, 2014



December 31, 2013




(In thousands)

ASSETS








Cash and cash equivalents


$

600,865


$

674,281


Cash and cash equivalents segregated under federal and other regulations



234,350



183,082


Financial instruments owned, at fair value:









Equities



2,620,427



2,298,785



Listed options



178,598



339,798



Debt securities



90,782



83,256


Total financial instruments owned, at fair value



2,889,807



2,721,839


Collateralized agreements:









Securities borrowed



1,602,467



1,357,387


Receivable from brokers, dealers and clearing organizations



1,588,926



1,257,251


Fixed assets and leasehold improvements,









less accumulated depreciation and amortization



138,546



146,668


Investments



92,143



125,413


Goodwill and Intangible assets, less accumulated amortization



196,642



208,806


Deferred tax asset, net



175,363



175,639


Other assets



143,365



146,638










Total assets


$

7,662,474


$

6,997,004









LIABILITIES & EQUITY







Liabilities








Financial instruments sold, not yet purchased, at fair value:









Equities


$

2,011,591


$

1,851,006



Listed options



158,942



252,282



Debt securities



230,821



57,198



Other financial instruments



758



5,014


Total financial instruments sold, not yet purchased, at fair value



2,402,112



2,165,500


Collateralized financings:









Securities loaned



824,663



733,230



Financial instruments sold under agreements to repurchase



950,110



640,950


Total collateralized financings



1,774,773



1,374,180










Payable to brokers, dealers and clearing organizations



647,120



474,108


Payable to customers



622,364



481,041


Accrued compensation expense



84,060



149,430


Accrued expenses and other liabilities



166,850



175,910


Capital lease obligations



9,222



10,039


Debt



422,259



657,259










Total liabilities



6,128,760



5,487,467









Equity









Class A Common Stock



1,257



1,233



Additional paid-in capital



1,328,105



1,306,549



Retained earnings



256,262



211,678



Treasury stock, at cost



(53,570)



(11,324)



Accumulated other comprehensive income



1,660



1,401


Total equity



1,533,714



1,509,537









Total liabilities and equity


$

7,662,474


$

6,997,004

KCG HOLDINGS, INC.









Exhibit 3

PRE-TAX EARNINGS (LOSS) FROM CONTINUING OPERATIONS BY BUSINESS SEGMENT*

(In thousands)










(Unaudited)






















For the three months ended




June 30, 2014



March 31, 2014



June 30, 2013

Market Making










Revenues


$

218,446


$

277,346


$

113,501

Expenses



182,442



201,314



111,579

Pre-tax earnings



36,004



76,032



1,922











Global Execution Services










Revenues



85,903



87,220



13,060

Expenses



85,167



85,204



16,181

Pre-tax earnings (loss)



736



2,016



(3,121)











Corporate and Other










Revenues



9,784



19,091



(6,928)

Expenses



32,017



37,755



66,709

Pre-tax loss



(22,233)



(18,664)



(73,637)











Consolidated










Revenues



314,133



383,657



119,633

Expenses



299,626



324,273



194,469

Pre-tax earnings (loss)


$

14,507


$

59,384


$

(74,836)











* Totals may not add due to rounding.

Three months ended June 30, 2014 and March 31, 2014 includes the results of KCG Holdings, Inc.

Three months ended June 30, 2013 reflects solely the results of GETCO Holding Company, LLC.












KCG HOLDINGS, INC.









Exhibit 3

PRE-TAX EARNINGS (LOSS) FROM CONTINUING OPERATIONS BY BUSINESS SEGMENT*

(Continued)

(In thousands)










(Unaudited)






















For the six months ended







June 30, 2014



June 30, 2013




Market Making










Revenues


$

495,792


$

215,568




Expenses



383,756



207,759




Pre-tax earnings



112,036



7,809














Global Execution Services










Revenues



173,123



22,334




Expenses



170,371



27,282




Pre-tax earnings (loss)



2,752



(4,948)














Corporate and Other










Revenues



28,875



(3,277)




Expenses



69,772



79,278




Pre-tax loss



(40,897)



(82,555)














Consolidated










Revenues



697,790



234,625




Expenses



623,899



314,319




Pre-tax earnings (loss)


$

73,891


$

(79,694)














* Totals may not add due to rounding.

Six months ended June 30, 2014 includes the results of KCG Holdings, Inc.

Six months ended June 30, 2013 reflects solely the results of GETCO Holding Company, LLC.

KCG HOLDINGS, INC.


Exhibit 4

Regulation G Reconciliation of Non-GAAP financial measures (Continuing operations)(1)

(in thousands)










Three months ended June 30, 2014


Market Making


Global
Execution
Services


Corporate and
Other


Consolidated










Reconciliation of GAAP Pre-Tax to Non-GAAP Pre-Tax:









GAAP Income (Loss) from continuing operations before income taxes


$ 36,004


$ 736


$ (22,233)


$ 14,507

Writedown of capitalized debt costs


-


-


1,995


1,995

Compensation related to reduction in workforce


383


1,886


800


3,069

Writedown of assets and lease loss accrual, net


452


-


1,489


1,941

Non GAAP Income (Loss) from continuing operations before income taxes


$ 36,839


$ 2,622


$ (17,949)


$ 21,512










Three months ended March 31, 2014


Market Making


Global
Execution
Services


Corporate and
Other


Consolidated










Reconciliation of GAAP Pre-Tax to Non-GAAP Pre-Tax:









GAAP Income (Loss) from continuing operations before income taxes


$ 76,032


$ 2,016


$ (18,664)


$ 59,384

Writedown of capitalized debt costs


-


-


7,557


7,557

Income resulting from the merger of BATS and Direct Edge, net


-


-


(9,644)


(9,644)

Writedown of assets and lease loss accrual, net


359


-


(93)


266

Non GAAP Income (Loss) from continuing operations before income taxes


$ 76,391


$ 2,016


$ (20,844)


$ 57,563










Three months ended June 30, 2013


Market Making


Global
Execution
Services


Corporate and
Other


Consolidated










Reconciliation of GAAP Pre-Tax to Non-GAAP Pre-Tax:









GAAP Income (Loss) from continuing operations before income taxes


$ 1,922


$ (3,121)


$ (73,637)


$ (74,836)

Professional and other fees related to Mergers


-


-


33,299


33,299

Compensation and other expenses related to Mergers


-


-


22,031


22,031

Compensation and other expenses related to reduction in workforce


1,852


335


-


2,187

Impairment of strategic asset


-


-


9,184


9,184

Writedown of assets and lease loss accrual


-


-


1,074


1,074

Non GAAP Income (Loss) from continuing operations before income taxes


$ 3,774


$ (2,786)


$ (8,049)


$ (7,061)










* Totals may not add due to rounding









(1) Three months ended June 30, 2014 and March 31, 2014 includes the results of KCG Holdings, Inc.







Three months ended June 30, 2013 reflects solely the results of GETCO Holding Company, LLC.

























KCG HOLDINGS, INC.


Exhibit 4

Regulation G Reconciliation of Non-GAAP financial measures (Continuing operations)(1)


(Continued)

(in thousands)










Six months ended June 30, 2014


Market Making


Global
Execution
Services


Corporate and
Other


Consolidated










Reconciliation of GAAP Pre-Tax to Non-GAAP Pre-Tax:









GAAP Income (Loss) from continuing operations before income taxes


$ 112,036


$ 2,752


$ (40,897)


$ 73,891

Writedown of capitalized debt costs


-


-


9,552


9,552

Income resulting from the merger of BATS and Direct Edge, net


-


-


(9,644)


(9,644)

Compensation related to reduction in workforce


383


1,886


800


3,069

Writedown of assets and lease loss accrual, net


811


-


1,396


2,207

Non GAAP Income (Loss) from continuing operations before income taxes


$ 113,230


$ 4,638


$ (38,793)


$ 79,075










Six months ended June 30, 2013


Market Making


Global
Execution
Services


Corporate and
Other


Consolidated










Reconciliation of GAAP Pre-Tax to Non-GAAP Pre-Tax:









GAAP Income (Loss) from continuing operations before income taxes


$ 7,809


$ (4,948)


$ (82,555)


$ (79,694)

Professional and other fees related to Mergers


-


-


38,875


38,875

Compensation and other expenses related to Mergers


-


-


22,031


22,031

Compensation and other expenses related to reduction in workforce


3,963


865


378


5,206

Impairment of strategic asset


-


-


9,184


9,184

Writedown of assets and lease loss accrual


-


-


3,312


3,312

Non GAAP Income (Loss) from continuing operations before income taxes


$ 11,772


$ (4,083)


$ (8,775)


$ (1,086)










* Totals may not add due to rounding

(1) Six months ended June 30, 2014 includes the results of KCG Holdings, Inc.

Six months ended June 30, 2013 reflects solely the results of GETCO Holding Company, LLC.

SOURCE KCG Holdings, Inc.

Copyright 2014 PR Newswire. All Rights Reserved


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