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Piper Jaffray Companies (NYSE: PJC) today announced that for the quarter ended Sept. 30, 2012, net income from continuing operations was $13.5 million, or $0.72 per diluted common share. These results compared to $3.8 million, or $0.22 per diluted common share, in the year-ago period and $11.3 million, or $0.58 per diluted common share, in the second quarter of 2012. For the third quarter of 2012, net revenues from continuing operations were $133.0 million, compared to $95.9 million in the third quarter of 2011 and $104.5 million in the second quarter of 2012.
The firm announced on July 25
th that it would exit the Hong Kong capital markets business and further disclosed on Aug. 24
th that the exit would be effected through a shutdown of the business. The results from this business are reported as discontinued operations for all periods presented.
“In the third quarter, our continuing operations performed well and we are pleased with our results,” said Andrew S. Duff, chairman and chief executive officer. “Our performance reflects robust fixed income institutional brokerage revenues—particularly strategic trading, our decision to exit the Hong Kong capital markets business, additional cost reductions taking effect, and solid market share in public finance and public equity offerings.”
For the quarter ended Sept. 30, 2012, net income, including continuing and discontinued operations, was $19.7 million, or $1.11 per diluted common share, an improvement from a net loss of $3.6 million, or $0.23 per diluted common share, for the quarter ended Sept. 30, 2011, and up from $6.9 million, or $0.37 per diluted common share, in the second quarter of 2012.
For the first nine months of 2012, net income, including continuing and discontinued operations, was $29.4 million, or $1.60 per diluted common share, up from $14.3 million, or $0.74 per diluted common share, in the first nine months of last year.