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JMP Group Reports Third Quarter 2012 Financial Results

Stocks in this article: JMP

JMP Group Inc. (NYSE: JMP), an investment banking and alternative asset management firm, reported financial results today for the quarter and nine months ended September 30, 2012.

  • Operating net income was $3.0 million, or $0.13 per diluted share, compared to $2.7 million, or $0.12 per share, for the third quarter of 2011. For the nine months ended September 30, 2012, operating net income was $10.6 million, or $0.46 per share, compared to $13.9 million, or $0.61 per share, for the nine months ended September 30, 2011.
  • Excluding the financial impact of gains recognized by JMP Credit Corporation on the sale or payoff of loans initially acquired in April 2009, adjusted operating net income was $0.13 per diluted share, an increase of 30.0% from $0.10 per share for the third quarter of 2011. For the nine months ended September 30, 2012, adjusted operating net income was a record $0.44 per share, an increase of 7.3% from $0.41 per share for the nine months ended September 30, 2011. For more information on operating net income and adjusted operating net income, including a reconciliation to net income, please see the section below titled “Non-GAAP Financial Measures.”
  • The net loss attributable to JMP Group under generally accepted accounting principles, or GAAP, was $1.7 million, or $0.07 per diluted share, compared to a net loss of $1.6 million, or $0.07 per share, for the third quarter of 2011. For the nine months ended September 30, 2012, the net loss was $2.9 million, or $0.13 per share, compared to net income of $3.4 million, or $0.15 per share, for the nine months ended September 30, 2011.
  • Adjusted net revenues, which exclude certain non-cash items and non-controlling interests, were $28.8 million, compared to $28.1 million for the third quarter of 2011. For the nine months ended September 30, 2012, adjusted net revenues were $91.7 million, compared to $109.6 million for the nine months ended September 30, 2011. Further excluding net gains or losses on the sale or payoff of acquired loans, adjusted net revenues would have been $28.4 million and $90.7 million for the quarter and nine months ended September 30, 2012, respectively, and $27.1 million and $96.7 million for the quarter and nine months ended September 30, 2011, respectively. For more information on adjusted net revenues, including a reconciliation to net revenues, please see the section below titled “Non-GAAP Financial Measures.”
  • Total net revenues on a GAAP basis were $18.1 million and $76.1 million for the quarter and nine months ended September 30, 2012, respectively, compared to $17.4 million and $91.7 million for the quarter and nine months ended September 30, 2011, respectively.

“We had a better-than-expected third quarter as a result of increased equity capital markets activity and good overall performance in our hedge funds,” said Chairman and Chief Executive Officer Joe Jolson. “JMP Group posted adjusted operating EPS—which excludes profits on the sale of acquired loans—of $0.13, up 30% from the third quarter of last year. Despite depressed institutional equity underwriting and trading volumes that have persisted across Wall Street for much of 2012, JMP remains on track to produce a second consecutive year of record earnings, generating $0.44 of adjusted operating EPS for the first nine months of 2012, compared to $0.41 for the same period in 2011. We continue to be cautiously optimistic heading into the fourth quarter, with increased ECM market share, a healthy backlog of advisory revenues, and growth initiatives underway at our three operating platforms.”

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