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Piper Jaffray Companies Announces 2013 Third Quarter Results

Stocks in this article: PJC

Piper Jaffray Companies (NYSE: PJC) today announced that for the quarter ended September 30, 2013, net income from continuing operations was $6.9 million, or $0.42 per diluted common share. The results for the quarter were reduced by $0.15 per diluted common share, due to a $2.3 million after-tax charge ($3.8 million pre-tax), related to restructuring and integration costs associated with the acquisitions of Seattle-Northwest and Edgeview. Excluding these costs, net income from continuing operations would have been $9.2 million, or $0.57 per diluted common share. These results compared to net income from continuing operations of $14.5 million, or $0.82 per diluted common share, in the year-ago period. In the second quarter of 2013, net income from continuing operations was $4.4 million, or $0.25 per diluted common share.

For the third quarter of 2013, net revenues from continuing operations were $128.3 million, compared to $131.5 million in the year-ago period and $99.8 million in the second quarter of 2013.

For the quarter ended September 30, 2013, net income, including continuing and discontinued operations, was $5.3 million, or $0.33 per diluted common share, compared to net income of $19.7 million, or $1.11 per diluted common share, in the year-ago period, and $2.5 million, or $0.15 per diluted common share, in the second quarter of 2013. Discontinued operations in the current quarter principally include expenses related to FAMCO, an asset management subsidiary we sold in the second quarter.

“The diversification in our mix of businesses contributed to our solid performance for the quarter. Our equity-related businesses, led by equity capital raising and asset management, registered strong performance and third quarter M&A revenue surpassed the revenue generated in the first half of the year. In Fixed Income, we rebounded from a challenging second quarter, while the results in our Public Finance business reflected soft market conditions,” said Andrew S. Duff, chairman and chief executive officer.

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