BGC Partners Updates Its Outlook for the Second Quarter of 2015

-- GFI Groups' Results Will Be Consolidated with Those of BGC

NEW YORK, June 30, 2015 /PRNewswire/ -- BGC Partners, Inc. (NASDAQ: BGCP) ("BGC Partners," "BGC," or the "Company,") a leading global brokerage company servicing the financial and real estate markets, today announced that it has updated its outlook for the quarter ending June 30, 2015. The results will include the consolidation of those for BGC's majority-owned division, GFI Group Inc. (OTC: GFIG) ("GFI Group" or "GFI"), a leading intermediary and provider of trading technologies and support services to the global OTC and listed markets.

BGC expects both its quarterly distributable earnings revenues and its pre-tax distributable earnings to be around the mid-point of the range of its previously stated guidance. BGC's second quarter 2015 outlook was originally published in a press release dated April 29, 2015, and was as follows:

Original Second Quarter 2015 Outlook Compared with Second Quarter 2014 Results¹

• The Company had expected distributable earnings revenues to increase by between approximately 51 percent and 58 percent and to have been between approximately $650 million and $680 million, compared with $430.3 million.
• BGC Partners had anticipated pre-tax distributable earnings to increase by between approximately 32 percent and 51 percent and to have been in the range of $70 million to $80 million, versus $53.0 million.
• The Company had expected its effective tax rate for distributable earnings to remain approximately 15 percent.

The Company's original outlook for second quarter of 2015 revenues would have been at least $18 million higher but for the strengthening of the U.S. dollar compared with the year earlier period.

With respect to BGC's consolidated results, approximately 33 percent of GFI's post-tax distributable earnings are expected to be attributable to noncontrolling interest in subsidiaries, while the remaining approximately 67 percent are expected to be attributable to the Company's fully diluted shareholders.

Distributable Earnings Defined

BGC Partners uses non-GAAP financial measures including "revenues for distributable earnings," "pre-tax distributable earnings" and "post-tax distributable earnings," which are supplemental measures of operating performance that are used by management to evaluate the financial performance of the Company and its consolidated subsidiaries. BGC Partners believes that distributable earnings best reflect the operating earnings generated by the Company on a consolidated basis and are the earnings which management considers available for distribution to BGC Partners, Inc. and its common stockholders, as well as to holders of BGC Holdings partnership units during any period.