This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

JMP Group Reports Third Quarter 2012 Financial Results

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.”

1 of 16

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,678.23 -40.31 -0.23%
S&P 500 2,056.15 -4.90 -0.24%
NASDAQ 4,863.3620 -13.1570 -0.27%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs