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FBR Reports Fourth Quarter And Full Year 2012 Financial Results

Stocks in this article: FBRC

2012 Overview

  • Investment banking revenue was $90.7 million in 2012 compared to $58.1 million in 2011. These revenues result from the completion of 56 transactions representing a total of $8.7 billion in transaction volume.
  • Institutional brokerage generated net revenue of $52.5 million for 2012 compared to $78.5 million in 2011 as industry-wide pressures continued throughout the year in this part of the Company's business. 
  • Non-compensation fixed expenses for 2012 were $45.1 million compared to $57.2 million in 2011, reflecting the Company's ongoing focus on reducing fixed costs.
  • The Company ended 2012 with 256 employees in its continuing operations, down from 278 at the beginning of the year.
  • As of December 31, 2012, shareholders' equity totaled $239.9 million, with $174.9 million held in cash, and the Company's tangible book value per share was $4.80, up from $3.95 from the end of 2011.

The Company periodically repurchased shares of its common stock throughout the year. For the year ended, December 31, 2012, the Company repurchased 7.5 million shares at an average price of $2.80 per share. Subsequent to year end 2012, the Company has repurchased an additional 1.9 million shares at an average price of $4.00 per share. Following these recent purchases, the Company continues to have Board authorization to purchase an additional 4.1 million shares.

Earlier today, the Company's Board of Directors approved a 1-for-4 reverse stock split effective February 28, 2013. Details surrounding this corporate action will be covered in a separate release. 

"In 2012, we were able to clearly demonstrate the unique strengths and thought leadership of our franchise by completing a number of large, cutting edge transactions across several industry sectors," said Richard J. Hendrix, Chairman and Chief Executive Officer of FBR. "I want to thank everyone on our team for their commitment and hard work on behalf of our clients in 2012. Through these efforts we were able to return to full-year profitability and establish great momentum upon which to build in 2013."    

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