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JMP Group Reports Fourth Quarter And Fiscal Year 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 full fiscal year ended December 31, 2012.

  • Operating net income was $6.0 million, or $0.26 per diluted share, for the quarter, compared to $3.2 million, or $0.15 per share, for the fourth quarter of 2011. For the year, operating net income was $16.5 million, or $0.72 per share, compared to $17.1 million, or $0.76 per share, for 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 $0.24 per share for the quarter, an increase of 71.4% from $0.14 per share for the fourth quarter of 2011. For the year, adjusted operating net income was a record $0.68 per share, an increase of 21.4% from $0.56 per share for 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.”
  • Net income attributable to JMP Group under generally accepted accounting principles, or GAAP, was $5.5 million, or $0.24 per share, for the quarter, compared to a net loss of $5.9 million, or $0.26 per share, for the fourth quarter of 2011. For the year, net income was $2.8 million, or $0.12 per share, compared to a net loss of $2.5 million, or $0.11 per share, for 2011.
  • Adjusted net revenues, which exclude certain non-cash items and non-controlling interests, were $33.5 million for the quarter, compared to $25.9 million for the fourth quarter of 2011. For the year, adjusted net revenues were $125.2 million, compared to $135.5 million for 2011. Further excluding net gains on the sale or payoff of acquired loans, adjusted net revenues would have been $31.8 million and $122.6 million for the quarter and year ended December 31, 2012, respectively, and $25.8 million and $122.4 million for the quarter and year ended December 31, 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 $24.7 million and $101.9 million for the quarter and year ended December 31, 2012, respectively, compared to $19.6 million and $111.4 million for the quarter and year ended December 31, 2011, respectively.
  • In January 2013, the company completed a $46.0 million offering of 8.00% senior notes due 2023, successfully accessing the longer-term debt markets for the first time. The proceeds are intended to be used for general corporate purposes.

“JMP Group posted record adjusted operating EPS—which excludes profits on the sale of acquired loans—of $0.24 for the quarter, up more than 70% from the fourth quarter of 2011, thanks to increased public equity underwriting and private placement fee revenues, good overall performance in our hedge funds and credit strategies, and an adjustment to the compensation ratio applied to net investment income for the period,” said Chairman and Chief Executive Officer Joe Jolson. “Despite depressed institutional equity underwriting and trading volumes across Wall Street for much of 2012, JMP delivered its second consecutive year of record earnings, generating $0.68 of adjusted operating EPS, compared to $0.56 for 2011.”

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