ARLINGTON, Va., Feb. 5, 2013 (GLOBE NEWSWIRE) -- FBR & Co. (Nasdaq:FBRC) ("FBR" or the "Company"), a leading investment bank serving the middle market, today reported net after-tax earnings of $32.1 million, or $0.60 per diluted share, for the quarter ended December 31, 2012. These results compare to a net after-tax loss of $18.9 million, or $0.33 per diluted share, in the fourth quarter of 2011 and a net after-tax loss of $3.4 million, or $0.07 per diluted share, in the third quarter of 2012. Pretax income from continuing operations for the quarter ended December 31, 2012 was $9.2 million compared to a $19.8 million pretax loss in the fourth quarter of 2011.
For the year ended December 31, 2012, FBR reported net after-tax earnings of $29.7 million, or $0.54 per diluted share, compared to a net after-tax loss of $49.6 million, or $0.82 per diluted share in 2011. Pretax income from continuing operations for the year ended December 31, 2012 was $3.9 million on revenue of $151.5 million compared with a $51.3 million pre-tax loss on revenue of $132.2 million in 2011.
As previously announced, the Company completed the sale of the assets related to the FBR Funds business in October and as a result, FBR recognized income from discontinued operations, net of taxes, of $23.1 million in the fourth quarter.Fourth quarter 2012 revenue was $58.9 million compared to $24.2 million for the fourth quarter of 2011 and $23.9 million for the third quarter of 2012. The year-over-year and quarter-over-quarter increases were the result of significantly higher investment banking revenues. Fourth quarter 2012 total expenses were $49.7 million, compared to $44.0 million in the fourth quarter of 2011 and $29.5 million in the third quarter of 2012. The increase in total expense quarter over quarter was primarily due to higher compensation expense as a result of higher revenues. Excluding non-recurring real estate consolidation expenses, non-compensation fixed expenses from continuing operations in the fourth quarter of 2012 totaled $10.9 million, compared to $12.8 million in the fourth quarter of 2011 and $10.2 million in the third quarter of 2012.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV