Greenhill & Co., Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2012. The Firm's fourth quarter revenues were $92.3 million, which compares to revenues of $94.5 million for the fourth quarter of 2011, representing a decrease of $2.2 million, or 2%. The Firm's fourth quarter income before tax was $28.2 million, which compares to income before tax of $25.1 million in the fourth quarter of 2011, representing an increase of $3.1 million, or 12%. Net income allocated to common stockholders for the fourth quarter of 2012 was $15.1 million, which compares to net income allocated to common stockholders of $16.1 million in the fourth quarter of 2011, representing a decrease of $1.0 million, or 6%. Diluted earnings per share for the fourth quarter of 2012 were $0.50, which compares with $0.53 for the fourth quarter of 2011, representing a decrease of $0.03 per share, or 6%. Net income allocated to common stockholders was negatively impacted by the fourth quarter non-deductible loss recognized on the sale of European investments. For the quarter, the company's advisory revenue was up approximately 17% over the fourth quarter of 2011, improving its full year results to a modest decline of approximately 4% compared to 2011.

The company reported revenues of $285.1 million, income before tax of $70.5 million and net income allocated to common stockholders of $42.1 million for the year ended December 31, 2012. Diluted earnings per share were $1.38 for the year ended December 31, 2012. The Firm's 2012 revenues compare with revenues of $294.0 million for 2011, which represents a decrease of $8.9 million, or 3%. The company's total revenue was down even less at 3% on a full year basis, benefiting from slightly better performance relative to 2011, in terms of the revenue impact of its remaining principal investments. 2012 net income was impacted by an increase in effective tax rate from 35% in 2011 to 40% in 2012 due in part to the one-time effect of non-deductible capital losses recognized on the sale of European investments.

The Firm also announced certain management changes in Australia designed to position the Firm for continued global growth and further develop its next generation of leadership. Following many years of successfully running the Australian business and overseeing the integration, Ron Malek and Simon Mordant have each been appointed Vice Chairman of the Firm globally and will remain Managing Directors. In this new role they each will focus entirely on advising clients not only domestically in Australia, but in cross border transactions and selectively in other markets. They each have already been helpful with clients in the U.S., South Africa and elsewhere, and these new appointments both recognize that contribution and seek to build on it as the firm continue to develop the Firm's business globally. With Mr. Malek and Mr. Mordant moving to Vice Chairman and Managing Director roles, the management of Greenhill Australia is now assumed by Roger Feletto and Jamie Garis, both of whom joined the Firm as part of the Australian acquisition, who each take on the titles of Co-Head of Greenhill Australia. Effective January 1, 2013, longtime Managing Director Ken Crews elected to transition to a Senior Advisor role at the Firm, continuing to focus on the utilities space in his new role. In conjunction with Mr. Crews' transition to Senior Advisor the firm will close its Dallas office, where he was the sole Managing Director.