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Piper Jaffray Companies Announces 2013 Fourth Quarter And Year-end Results

Piper Jaffray Companies (NYSE: PJC) today announced its financial results for the quarter ended December 31, 2013.

Financial Highlights

  • Adjusted net income from continuing operations (1) was $30.5 million, or $1.91 per diluted common share (1), in the fourth quarter of 2013, compared to $16.8 million, or $0.95 per diluted common share, in the fourth quarter of 2012, and $11.6 million, or $0.72 per diluted common share, in the third quarter of 2013.
  • Record adjusted net revenues from continuing operations (1) of $182.6 million in the fourth quarter of 2013. Adjusted net revenues were $140.6 million and $125.0 million in the fourth quarter of 2012 and the third quarter of 2013, respectively.
  • Adjusted pre-tax operating margin (1) was 23.1% in the fourth quarter of 2013, compared to 17.8% and 13.9% in the fourth quarter of 2012 and the third quarter of 2013, respectively.
  • Assets under management were $11.2 billion at December 31, 2013, compared to $9.1 billion in the year-ago period and $10.6 billion at the end of the third quarter of 2013.
  • We returned $55.9 million of capital to shareholders during 2013 by repurchasing 1,720,000 shares, representing 11% of our outstanding common stock at an average price of $32.52 per share.
  • Book value per share increased 6.0% from December 31, 2012 to $51.08 a share at December 31, 2013.
       
Three Months Ended Percent Inc/(Dec) Twelve Months Ended

(Amounts in thousands, except per share data)

Dec. 31,   Sept. 30,   Dec. 31, 4Q '13   4Q '13 Dec. 31,   Dec. 31, Percent
2013 2013 2012 vs. 3Q '13 vs. 4Q '12 2013 2012 Inc/(Dec)
As Adjusted (1)
Net revenues $ 182,643 $ 125,023 $ 140,605 46.1% 29.9% $ 516,401 $ 484,778 6.5%
Net income from continuing operations $ 30,453 $ 11,646 $ 16,822 161.5% 81.0% $ 59,547 $ 54,328 9.6%
Earnings per diluted common share from continuing operations $ 1.91 $ 0.72 $ 0.95 163.9% 100.4% $ 3.56 $ 2.98 19.5%
 
U.S. GAAP
Net revenues $ 187,576 $ 128,314 $ 140,911 46.2% 33.1% $ 525,195 $ 488,952 7.4%
Net income from continuing operations $ 27,952 $ 6,851 $ 15,565 308.0% 79.6% $ 49,829 $ 47,075 5.9%
Earnings per diluted common share from continuing operations $ 1.75 $ 0.42 $ 0.88 316.7% 98.9% $ 2.98 $ 2.58 15.5%
Earnings per diluted common share $ 1.70 $ 0.33 $ 0.67 415.2% 153.7% $ 2.70 $ 2.26 19.5%
Pre-tax operating margin from continuing operations 22.4 % 9.4 % 16.2 % 14.4 % 14.1 %
 

(1) A non-U.S. GAAP ("non-GAAP") measure. For a detailed explanation of the adjustments made to the corresponding U.S. GAAP measures, see "Reconciliation of U.S. GAAP to Selected Summary Financial Information." We believe that presenting our results and measures on an adjusted basis in conjunction with U.S. GAAP measures provides the most meaningful basis for comparison of our operating results across periods.

 

For the fourth quarter of 2013, net revenues from continuing operations on a U.S. GAAP basis were $187.6 million. Net income from continuing operations on a U.S. GAAP basis was $28.0 million, or $1.75 per diluted common share, for the quarter ended December 31, 2013.

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