ARLINGTON, Va., April 23, 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 $35.3 million, or $2.65 per diluted share, for the first quarter of 2013 compared to net after-tax earnings of $0.4 million, or $0.03 per diluted share, in the first quarter of 2012 and net after-tax earnings of $32.1 million, or $2.40 per diluted share, for the most recent quarter ended December 31, 2012.
- Investment banking revenue was $101.3 million compared to $16.2 million in the first quarter of 2012 and $44.8 million in the fourth quarter of 2012. This revenue was generated from 18 client transactions with contributions from each of our industry groups. It is important to note that included in those transactions was one capital raise which generated $38.3 million of revenue that was executed in the second quarter of 2012, but where the revenue was not able to be recognized until final regulatory approvals this quarter.
- Institutional brokerage generated net revenue of $13.7 million compared to $16.1 million in the first quarter of 2012 and $12.8 million in the fourth quarter of 2012. Significantly lower market volatility during the quarter resulted in lower equity-linked product revenues versus a year ago. Equity commissions were essentially flat in the first quarter of 2013 compared to the first quarter of 2012, but importantly, were up for the second consecutive quarter.
- The Company earned $2.1 million of net investment income from principal investing activities during the quarter.
- A 1-for-4 reverse stock split was completed effective on February 28, 2013. Shares outstanding on March 31, 2013 were 12.3 million, and all historical per share amounts have been adjusted to give effect to the completed reverse split.