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Piper Jaffray Companies Announces 2013 Second Quarter Results

Stocks in this article: PJC

Piper Jaffray Companies (NYSE: PJC) today announced that for the quarter ended June 30, 2013, net income from continuing operations was $4.4 million, or $0.25 per diluted common share. These results compared to net income from continuing operations of $10.8 million, or $0.58 per diluted common share, in the year-ago period. The year-ago results included a $7.1 million, or $0.35 per diluted common share, tax benefit resulting from the resolution of a state income tax matter and a $2.2 million after-tax, or $0.12 per diluted common share, restructuring charge for severance and occupancy-related charges. In the first quarter of 2013, net income from continuing operations was $10.7 million, or $0.60 per diluted common share.

For the second quarter of 2013, net revenues from continuing operations were $99.8 million, compared to $103.1 million in the year-ago period and $109.5 million in the first quarter of 2013.

For the quarter ended June 30, 2013, net income, including continuing and discontinued operations, was $2.5 million, or $0.15 per diluted common share, compared to net income of $6.9 million, or $0.37 per diluted common share, in the year-ago period, and $10.1 million, or $0.57 per diluted common share, in the first quarter of 2013. Discontinued operations includes the operating results of our Hong Kong capital markets business, which we have shut down, and FAMCO, a division of our asset management segment. On April 30, 2013, the firm completed the sale of FAMCO under a previously announced definitive agreement.

“We experienced extremely challenging conditions in the fixed income markets this quarter which adversely impacted our Fixed Income Brokerage business and our results for the quarter. Outside of that business, most of our businesses performed well this quarter led by Asset Management and capital raising in Public Finance and Equities” said Andrew S. Duff, chairman and chief executive officer. “We made significant strategic progress during the quarter with our acquisitions of Seattle Northwest in public finance, and Edgeview Partners in M&A, both of which closed in the past week.”

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