Greenhill & Co., Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2014. The Firm's fourth quarter total revenues were $76.6 million compared to total revenues of $76.3 million for the fourth quarter of 2013, an increase of $0.3 million. Income before tax was $24.0 million compared to income before tax of $21.2 million in the fourth quarter of 2013, an increase of $2.8 million, or 13%. Net income allocated to common stockholders was $15.2 million compared to net income allocated to common stockholders of $15.8 million, a decrease of $0.6 million, or 4%. Diluted earnings per share were $0.51 compared to $0.53 for the fourth quarter of 2013, a decrease of $0.02 per share, or 4%. The Firm's revenues, income before tax and net income can fluctuate materially depending on the number and size of completed transactions on which it advised, the size of investment gains (or losses), the level of expenses, the tax rate and other factors. For the fourth quarter of 2014, the Firm recorded investment revenues of $0.3 million compared with investment revenues of $0.9 million in the fourth quarter of 2013. The investment revenues in the fourth quarter of 2014 related to interest income.

For the year ended December 31, 2014, the Firm recorded an investment loss of $5.2 million compared to an investment gain of $0.2 million for the year ended December 31, 2013. The investment loss for 2014 principally resulted from the sale at a loss of portfolio company investments in previously sponsored merchant banking fund investments. Total revenue was $275,234,000 compared to $287,152,000 a year ago. Income before taxes was $67,470,000 compared to $71,206,000 a year ago. Net income allocated to common stockholders was $43,388,000 or $1.43 per diluted share compared to $46,682,000 or $1.55 per diluted share a year ago. Net income and earnings per share for the full year 2014 lower due to modest revenue decline and slightly higher tax rate. Total revenue for the year was down slightly more, due to a loss early in the year, as the company liquidated some of the last pieces of investment portfolio.