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Piper Jaffray Companies Announces 2012 Second Quarter Results

Piper Jaffray Companies (NYSE: PJC) today announced that for the quarter ended June 30, 2012, net income was $6.9 million, or $0.37 per diluted common share. These results compared to $10.7 million, or $0.55 per diluted common share, in the year-ago period and $2.9 million, or $0.15 per diluted common share, in the first quarter of 2012. For the second quarter of 2012, net revenues were $106.4 million, compared to $132.9 million in the second quarter of 2011 and $116.9 million in the first quarter of 2012.

Also, the firm is announcing that it is exiting the Hong Kong market by Sept. 30, 2012. The exit would occur through a shut down or sale of the operation. In either scenario, the firm expects to realize net cash proceeds of $13 to $18 million, primarily related to a U.S. tax benefit. For the second quarter of 2012, business results for this operation are reported as continuing operations. They will be reported as discontinued operations in the third quarter of 2012.

Three significant items impacted the second quarter 2012 financial results:
  • A $7.1 million, or $0.39 per diluted share, tax benefit resulting from the resolution of a state income tax matter.
  • A $3.9 million after-tax loss, or $0.21 per diluted share, ($3.9 million pre-tax) related to the Hong Kong capital markets business. Attached with this earnings release is a supplemental schedule providing the financial results of the Hong Kong capital markets business.
  • A $2.2 million after-tax, or $0.12 per diluted share, ($3.6 million pre-tax) restructuring charge for severance and occupancy-related charges.

“Results in Asia continued to weigh on our financial performance. However, our main operations performed reasonably well in the second quarter given the more difficult operating conditions. Total investment banking revenues increased compared to the sequential first quarter led by strong public finance activity and improved M&A revenues,” said Andrew S. Duff, chairman and chief executive officer. “Asset management fees held relatively steady but equity financings and institutional brokerage revenues were weaker due to the more difficult environment.”

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