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Actionable news in GCAP: GAIN CAPITAL HOLDINGS Inc,

Gain Capital Reports Third Quarter 2015 Results Third Quarter Highlights

The following excerpt is from the company's SEC filing.

-Net revenue of $127.9 million (up from $111.6 million)

-Net income of $7.8 million (up from a loss of $8.8 million)

-Adjusted EBITDA

of $29.8 million (up from $9.2 million)

-Earnings per share of $0.19 (up from a loss of $0.23 per share)

-Adjusted earnings per share

of $0.31 (up from $0.01 per share)

BEDMINSTER, N.J., November 3, 2015 /PRNewswire/ -- GAIN Capital Holdings, Inc. ("GAIN") (NYSE: GCAP), a leading global provider of online trading services, announced today that its net revenue for the third quarter of 2015 was $127.9 million, up from $111.6 million i n the second quarter of 2015. Adjusted earnings per share

for the quarter was $0.31, up from $0.01 per share in the second quarter of 2015. GAIN’s financial highlights for the three and nine months ended September 30, 2015 are included in the chart below.

Three Months Ended September 30

Nine Months Ended September 30,

% Change

9 Months

Operating Expenses

Adjusted EBITDA Margin %

(4 pts)

Net Income


Adjusted EPS

Cash EPS

“This quarter reflects GAIN’s continued success in executing its strategy, particularly relating to the scaling and diversification of our retail business,” commented Glenn Stevens, CEO of GAIN Capital. “Reflecting the increased diversification of our retail revenue, four product groups contributed significantly to our total retail revenue for the quarter, with each achieving in excess of $10 million in revenue,” continued Mr. Stevens. “Non-FX products represented 50% of retail revenue year-to-date, which further illustrates GAIN’s progress on its diversification strategy. Third quarter average daily OTC volume of $15.6

1 Comparisons in highlights to Q2 2015.

2 See below for reconciliation of non-GAAP financial measures.

billion represents an increase of 30% over the same period last year and reflects the impact of GAIN’s acquisition of City Index, as well as its ability to grow active accounts,” continued Mr. Stevens.

“The integration of City Index is on track to achieve $40-$45 million in run-rate cost synergies by Q4 2016, with several significant milestones achieved during the quarter. We believe achievement of the targeted synergies and continued cost rationalization provide GAIN with a significant opportunity to continue to expand our margins,” continued Mr. Stevens.

Retail Business

In the third quarter of 2015, GAIN’s retail business generated net revenue of $118.8 million, up from $90.4 million in the third quarter of 2014 (down 5% on a pro forma

basis). The retail OTC business contributed $100.9 million of net revenue, up 55% from $64.9 million in the third quarter 2014 (up 3% on a pro forma

basis). For the quarter, GAIN’s futures business generated $12.5 million of net revenue. Other retail revenue was $5.4 million in the quarter.

Average daily retail OTC trading volume was $15.6 billion, up 70% from $9.2 billion in the third quarter of 2014 (up 25% on a pro forma basis). Average daily futures contracts were 34,429, up 29% from 26,736 in the third quarter of 2014.

Institutional Business

In the third quarter of 2015, net revenue from the GTX business was $8.3 million, compared to $8.5 million in the prior year quarter. Average daily volume for GTX was $16.7 billion in the quarter, an increase of 1% from the prior year quarter.


GAIN’s Board of Directors declared a quarterly cash dividend of $0.05 per share of the Company’s common stock. The dividend is payable on December 22, 2015 to shareholders of record as of the close of business December 11, 2015.

Conference Call

GAIN will host a conference call November 3, 2015 at 8.00 a.m. ET. Participants may access the live call by dialing +1.888.349.0112 (US Domestic), or +1.412.317.6001 (International). Please let the operator know you would like to join the GAIN Capital call.

A live audio webcast of the call, as well as a PDF copy of the earnings presentation, will be available on the Investor Relations section of the GAIN Capital website (

An audio replay will be made available for one month starting approximately one hour after the call by dialing +1.877.344.7529 from the U.S. or +1.412.317.0088 from abroad, and entering the passcode 10074437#.

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About GAIN

GAIN Capital...