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Piper Jaffray Companies Announces 2012 Fourth Quarter And Year-end Results

Piper Jaffray Companies (NYSE: PJC) today announced that for the quarter ended Dec. 31, 2012, net income from continuing operations was $15.6 million, or $0.88 per diluted common share. These results compared to non-GAAP net income from continuing operations of $2.4 million (1) or $0.13 (1) per diluted common share, in the year-ago period. The references to non-GAAP figures in the year-ago period exclude the effects of a $118.4 million after tax goodwill impairment charge. On a GAAP basis, net loss from continuing operations in the year-ago period was $116.0 million, or $7.35 per diluted common share. In the third quarter of 2012, net income from continuing operations was $14.5 million, or $0.82 per diluted common share.

For the fourth quarter of 2012, net revenues from continuing operations were $140.9 million, compared to $93.1 million in the fourth quarter of 2011, and $131.5 million in the third quarter of 2012.

For the quarter ended Dec. 31, 2012, net income, including continuing and discontinued operations, was $11.8 million, or $0.67 per diluted common share, compared to non-GAAP net income of $2.1 million (2), or $0.11 (2) per diluted common share, in the year-ago period, and $19.7 million, or $1.11 per diluted common share in the third quarter of 2012. On a GAAP basis, net loss from continuing and discontinued operations in the year-ago period was $116.4 million, or $7.38 per diluted common share. Discontinued operations includes the operating results of the Hong Kong capital markets business, which we have shut down, and FAMCO, a division of the asset management segment. The firm is actively pursuing a sale of the FAMCO business.

For the year ended Dec. 31, 2012, net income from continuing operations was $47.1 million, or $2.58 per diluted common share, compared to non-GAAP net income of $27.7 million (1), or $1.44 (1) per diluted common share in the prior year (and a net loss of $90.8 million, or $5.79 per diluted common share in the prior year on a GAAP basis). For 2012, net revenues from continuing operations were $489.0 million up 13% compared to 2011, due to higher revenues across our fixed income and advisory services businesses.

“We produced solid results for the quarter and the year despite adverse market conditions facing several of our businesses,” said Andrew S. Duff, chairman and chief executive officer. “Compared to the prior quarter, strong performance in M&A and public finance, and improved results in equities, more than offset weaker results in our fixed income trading businesses, while our equity capital raising and asset management businesses were flat sequentially.”

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